Home appraisal fraud is costing you money

My husband worked for Newberry's Store in Oakland for about 15 years. He is supposed to have a pension through McCrory's. The store has long since been sold. How can I find out who bought the pension funds?
— Esther E., North Las Vegas, Nev.

At this late date, it’s hard to know whether you have any claim. Given the length of time your husband worked for the company, if you think the amounts involved are worth it, you may want to get a lawyer to look this over and see if you have a claim that can be pursued.

We got as far as this SEC filling, which refers to a settlement with the U.S. Labor Department over an annuity that McCrory bought when it filed for bankruptcy and terminated its workers' pension plan in 1992. Apparently, the company responsible for the annuity, Executive Life, itself ran into financial problems and was taken over by another company. At that point, the trail gets cold.

If you want to go the next step, you might want to give the federal Pension Benefit Guaranty Corp. a call and ask to speak with one of their reps. The PBGC is the government agency that is supposed to back failed pension plans. The fact that the company settled with the Labor Department means this may still be on their radar.

You can probably get further with the PBGC as the beneficiary that we can as a third party. For privacy reasons, they probably won’t want to discuss this with anyone other than a beneficiary or their legal representative.

How much total student loan debt is an acceptable or reasonable amount to carry in pursuit of a B.A.? This is loan money on top of the maximum amount for a Stafford loan.
— Susan D., Sturgis, Mich.

The average amount borrowed by undergraduates in 2003–04 was $5,800, according to the latest figures available from the U.S. Department of Education.  

That’s a little more than a third of the average tuition, fees and room and board for a four-year college.

There’s really no rule of thumb on how much borrowing is “reasonable.” A lot depends, for example, on what field you expect to end up in and how well-paid you expect to be when you’re done. A recent graduate with an engineering degree will probably expect to make more than a theater arts major — at least initially. There are also big differences in the cost of living from one part of the country to another: If you settle in a high-cost area, it’s going to take you a lot longer to pay off the debt.

But it doesn’t hurt to sit down and work out an imaginary budget. Picture yourself holding that a brand new degree: figure out how much you’ll need for rent, food, clothing, etc. and then add an amount for student loans. As for your income, you can research how much recent grads in specific fields are making when they get out of school. (Try www.salary.com)

It’s all guesswork and this point. But putting it down on paper will give you some idea where you’re headed and give you some goals to reach for along the way.

 

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