Pensions, Retirement and Old Age

Age Canada Old Pension The 30-plus acres on 88th Street were a diesel oasis, a teeming North Bergen truck yard that served as the base for APA Transport for decades. Now the potential sale of that land, worth up to $40 million, could provide safe haven for NY Waterway, the nation's largest commuter ferry operation.

Gordon Brown has renamed the DTI the Department for Business, Enterprise and Regulatory Reform (DBERR) to reflect its focus on the reduction of red tape and a commitment to entrepreneurship. 2006 Older employees plan to keep on working Older employees are increasingly willing to work on past the traditional retirement age, according to a new survey. called 'baby boomers' have told Heydey, profit organisation set up by Age Concern, they want to work past the state pension age.

Funds Pension The ferry company, along with dozens of other businesses linked to APA Transport, has been named in lawsuits nationwide by pension funds seeking millions of dollars owed by the now-defunct trucking company. Federal law allows the pension funds to go after not only the principal company but also its associated firms.

"Requiring compulsory contributions from businesses will hit small firms disproportionately and will be seen as another tax on them." Lord Turner led a commission on pensions for the government which published its findings last November, calling for the retirement age to be raised from 65 to 69. The report also called for the establishment of a national pensions savings scheme, a proposal which the FTSE Group today claimed could produce "massive distortions" in the FTSE 100 index.

Hancock John Pension The president of APA Transport, Fort Lee Councilman Armand Pohan, said the sale of the land would be more than enough to cover its pension debt and settle other liabilities.

Baby boomers in their peak savings years will fuel much of the investment boom. Saving for retirement is being made much easier by the government, favorable pension plans, such as the 401(k) and the Roth IRA. More women in the workforce also means higher incomes and more women qualifying for pensions. meaning that the recipient has the responsibility for investing the money. With such large amounts of money to invest, brokers and financial planners will be in demand to provide investment advice.

Pension Widow "We believe that APA has sufficient real estate assets to satisfy the outstanding liabilities so it won't get past APA," said Pohan, who also serves as chairman of the board for NY Waterway.

Some retired taxpayers receive a retirement pension or annuity, often paid in installments. But in most cases this retirement benefit does not escape taxation. In addition, quarterly tax payments may be due if withholding is not taken out of the monthly benefit. For more on this topic, please review Annuities and Pension Plan Installment Payments.

Fund Pension The pension debt is the latest in a swirl of activity involving NY Waterway, including a federal Justice Department probe, the recasting of routes, and price increases. The company has lost riders to new competitors on the river and the reconstruction of the PATH system, which returned operation to the World Trade Center Station in November.

Investment Pension Ferry rates increased in September, 11 weeks before PATH service returned to Ground Zero.

Canadian Pension Plan "Frankly, we probably should have raised the rates six months earlier than that," Pohan said during a telephone interview. "But knowing that we were going to have to raise the rates anyway, you certainly wouldn't want to do it the day the PATH opened."

Department Pension Work Pohan declined to comment when asked if another rate increase was planned or if there were any route cuts being considered.

Ibm Pension Following the Sept. 11 attacks, Waterway almost instantly doubled the number of passengers it shuttled between New Jersey and Manhattan to more than 60,000 a day. Now it handles up to 35,000 each weekday.

Benefit Corporation Guaranty "With the return of the PATH in November of last year, our ridership to downtown has dropped substantially," Pohan said. "If you were to put on 150 pounds and then drop 75 pounds, and it all happens in one instant event, it requires some readjustment."

Calculator Pension However, the company is not in financial straits, Pohan said, and is continuing to try to expand its routes where profitable. They run about 40 boats in the region's waters and offer charter service and sightseeing cruises up the Hudson.

Government Pension The Port Authority of New York and New Jersey, which manages the region's ferry routes, said it has no indication that the company is in trouble.

Pension Prague "They are current in their payments to us," said spokesman Steve Coleman. "And there was no sign of trouble in the last financial submittal to us last November in connection with the Hoboken-to-Pier 11 service, where they were given a contract through 2009."

Pension Retirement Waterway officials acknowledge that the Justice Department sought documents last April for an investigation. Some parties interviewed by investigators say the probe focuses on possibly overcharging the federal government for services provided after Sept. 11 and for alleged anti-competitive activities.

Ontario Pension Plan Teacher Pohan said the company hasn't been contacted since.

Atlanta Attorney Pension "It's over a year since we received a request for information," he said. "We've given them everything they've asked for. What they are doing after a year, I really don't know."

Benefit Canada Pension Plan Waterway commands more than 90 percent of the Hudson River ferry market and is on the verge of solidifying its stake with new ferry terminals on both sides of the river.

Pension Uk For instance, at Port Imperial in Weehawken, the state is funding a permanent ferry terminal to replace the aging temporary digs. Waterway will repay the state at least $600,000 a year through a lease agreement and will operate and maintain the terminal.

Benefit Pension The Port Authority is also spending millions to build a ferry terminal at the World Financial Center to replace the floating dock that now serves as a departure and embarking point. And NJ Transit is overseeing a $125 million project to renovate the Hoboken Ferry Terminal.

Pension State Nj Us Treasury Waterway was started nearly 20 years ago by Arthur Imperatore Sr. as an offshoot of his real estate and development businesses on the Hudson County waterfront. Those businesses were started as offshoots of his highly successful trucking company, APA Transport.

Nj Pension His stepson, Pohan, and son, Arthur Imperatore Jr., now run the operations.

Application Canada Pension The move by APA Transport to sell off its North Bergen land will provide a cash infusion to the companies run by the Imperatore family and allow them to pay off their debts.

Alimentaire Pension APA is negotiating to sell the land to Vornado Realty Trust, sources say. Vornado is a real estate investment trust that had $1.5 billion in revenue in 2003 and has more than $9 billion in assets, according to Forbes magazine.

Benefit Defined Pension Plan Pohan declined to confirm the identity of the buyer, but said the property was seriously considered for purchase last year by Home Depot. At the time, it was valued at $1 million an acre.

Canada Disability Pension "You must understand, this company has been winding down and satisfying its creditors as it has gone along," Pohan said. "We will continue to conduct an orderly process of winding down."

Crisis Finance Pension Pension At least six pension funds, most involving the Teamsters union, have filed suit against APA since it shut down in February 2002. Pohan said the company has kept current with its New Jersey pension obligations. While some cases have been resolved with plaintiffs receiving payments, others have not. The obligation APA has been sued for, according to court records reviewed by The Record, is more than $8.2 million.

Pension Second State One case that reached a verdict was brought by the New York State Teamsters Conference, which sought $1.2 million from APA.

Fund Funds Hedge Pension "Once we had obtained a judgment, we then executed on several of their bank accounts and we were successful in recovering money from their bank accounts," said Teamsters Conference attorney Vincent DeBella. "The company is currently making their interim payments of about $68,000 a month."

Pension Service Pohan said he was unsure why the pension funds took APA to court.

Division Nj Pension "You'd have to ask them what their typical procedure is," he said.

Pension Teacher DeBella was more direct.

Administration Pension "They participated and stopped contributing," he said.

Disability Pension By Daniel Sforza
Bergen Record - 5/3/2004

Topic: Transportation

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