The Tampa Bay Times announced Monday that a federal pension agency has placed multi-million dollar liens on property owned by Times Publishing Company, the parent company of that newspaper. The liens also affect property owned by Poynter, which owns the Times Publishing Company.
The liens, which amount to more than $30 million, were placed on the organizations by the Pension Benefit Guaranty Corp, a federal agency created to ensure the viability of benefit plans, reports Times senior correspondent Susan Taylor Martin. Collectively, they constitute “the difference between the pension plan’s current assets and the calculation of all future benefits,” she writes.
Jana Jones, the vice president and CFO of Times Publishing Company, is quoted by Martin as saying the liens figure into the company’s strategy to defer contributions to its pension plans:
As we have previously acknowledged, the Times received approval to delay some of its contributions to the pension plan during the economic recession and recovery,” said Jana Jones, vice president and CFO of Times Publishing, which publishes the Tampa Bay Times.