Here is my problem...Car starts and idles fine, very quiet at idle(600 rpm).
When I put the car into forward or reverse(500 rpm), I get a rattling noise that appears to be coming from the adjuster magnet( I used a long screwdriver as a stethoscope).
I can disconnect the magnet and there is no difference in the sound.
When I give it some gas, the noise goes away. It seems to only happen while stopped at a light, or anytime in gear but stopped.
I also have the check engine light on.
Any help would help...

The magnet turns on when the motor is somewhere above 2500 to 3000 RPM. It is just a coil not a plunger, the movable parts are on the camshaft.

You might have cam bolts coming loose, it would be a good idea to pull the fan belt, check for noise. If still noise, pull the valve cover and have a look.

Check your belt tensioner shock. The bushings are loose/worn.

I did check the tensioner shock last night, on the advice of another forum member(Roger), who sent me an old link that described my problem. I am going to make repairs this weekend. Thanks guys for your responses.

http://www.peachparts.com/shopforum/tech-help/26091-all-m104-engine-owners-please-read.html