Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Found Pension Money! Who knew!
Old 06-23-2014, 07:45 AM   #1
Full time employment: Posting here.
 
Join Date: Jan 2011
Location: Just North of Boston
Posts: 519
Found Pension Money! Who knew!

Got a letter in the mail last week and it turns out I have a pension! Looks like a company I worked at from '87-'93 had a pension plan I did not know about.

I will be getting a lump sum distribution in October for about $25k (my other option would have been to receive $126/month for life). I will be rolling it over into my IRA.

That was a nice little surprise.
__________________

__________________
ChiliPepr is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-23-2014, 08:05 AM   #2
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,091
Nice.

In the summer after High School before starting college DW had a job in Manchester Town Hall trying to track down folks who were owed a pension, and she even got to make first contact with them. She said it was a great job doing low level detective work and then hearing the reaction from the subjects once she told them they were owed money.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 06-23-2014, 08:18 AM   #3
Full time employment: Posting here.
 
Join Date: Feb 2014
Posts: 731
Similar situation - I worked for a defense company right out of college for exactly 5 years before switching to a start up. That entitled me to a pension worth about $50/month or a $10K cash out.

I finally got off my duff a couple of years ago after forgetting I had this, processed the paper work and got a direct transfer into my IRA.

Nice little nugget to add to the pile!
__________________
BBQ-Nut is offline   Reply With Quote
Old 06-23-2014, 08:56 AM   #4
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 168
Quote:
Originally Posted by ChiliPepr View Post
Got a letter in the mail last week and it turns out I have a pension! Looks like a company I worked at from '87-'93 had a pension plan I did not know about.

I will be getting a lump sum distribution in October for about $25k (my other option would have been to receive $126/month for life). I will be rolling it over into my IRA.

That was a nice little surprise.
That's a 6% return on your lump sum. Don't you think that in today's low interest rate environment you should reevaluate your asset allocation plan and make the optimal choice while considering inflation and longevity Or maybe just buy a toy

Congrats on your good fortune!!!
__________________
David

I get up at 7 yeah, and I go to work at 9. Got no time for livin yes I'm workin all the time. Seems to me I could live my life a lot better than I think I am. I guess thats why they call me the Working Man.
DJRR is offline   Reply With Quote
Old 06-23-2014, 09:26 AM   #5
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
I have the opposite problem. I worked for a company that had a mass layoff in 1982. I remember getting a letter saying that I had an annuity of about $130/mo starting at age 65. I lost the letter and have made several attempts at finding it. No luck so far. I even sent a letter to the SSA which is supposed to keep track of such things and I received no reply.

The money certainly won't impact my retirement but I want it if it's mine.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 06-23-2014, 09:31 AM   #6
Full time employment: Posting here.
UnrealizedPotential's Avatar
 
Join Date: May 2014
Posts: 573
Quote:
Originally Posted by ChiliPepr View Post
Got a letter in the mail last week and it turns out I have a pension! Looks like a company I worked at from '87-'93 had a pension plan I did not know about.

I will be getting a lump sum distribution in October for about $25k (my other option would have been to receive $126/month for life). I will be rolling it over into my IRA.

That was a nice little surprise.
That is awesome.Take whatever you can get without shame.You earned it.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
UnrealizedPotential is offline   Reply With Quote
Old 06-23-2014, 09:39 AM   #7
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,429
Quote:
Originally Posted by ChiliPepr View Post
That was a nice little surprise.
Totally worth celebrating.
__________________
MichaelB is online now   Reply With Quote
Old 06-23-2014, 10:09 AM   #8
Thinks s/he gets paid by the post
Telly's Avatar
 
Join Date: Feb 2003
Posts: 1,448
ChiliPepr, that IS nice!

Quote:
Originally Posted by 2B View Post
I have the opposite problem. I worked for a company that had a mass layoff in 1982. I remember getting a letter saying that I had an annuity of about $130/mo starting at age 65. I lost the letter and have made several attempts at finding it. No luck so far. I even sent a letter to the SSA which is supposed to keep track of such things and I received no reply.

The money certainly won't impact my retirement but I want it if it's mine.
I had a small pension from a company I worked at long long ago. It was easy to forget about as the years went by. But I kept every letter they sent me. The company was bought by another, then split up and sold, sold again, spread hither and yon to the four winds, etc. I really wondered when I was "old" if I'd really get anything from it. I still had the paper trail, and it now exists as a consolidated pension plan in a F500 company I never worked for! And well-funded to boot! Along the way it was re-titled, absorbed into another pension plan, then absorbed again, etc. At age 55 I filed for it, and though small, its nice to receive a monthly transfer of $.

An approach for you could be to do research on where the company you worked for is/went to. Bought and absorbed by other companies? If so, contact their pension plan administrator and outline your case with as much info that you are sure of. They can check if you are in their plan(s), or if your holdings were passed onto another company or plan. If so, they can probably get you contact info to go on to the next company and repeat. The info probably exists, just a quest to track it. Happy hunting!
__________________
-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
Telly is offline   Reply With Quote
Old 06-23-2014, 10:16 AM   #9
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,373
Quote:
Originally Posted by ChiliPepr View Post
Got a letter in the mail last week and it turns out I have a pension! Looks like a company I worked at from '87-'93 had a pension plan I did not know about.

I will be getting a lump sum distribution in October for about $25k (my other option would have been to receive $126/month for life). I will be rolling it over into my IRA.

That was a nice little surprise.
Awesome! Nice little chunk of change!

I probably would have thought the letter was a scam and tossed it.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 06-23-2014, 03:13 PM   #10
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,242
Congrats on your "found money". No such thing as "too much fun" or "too much money." True, it's not a fortune, but what a nice surprise!
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 06-23-2014, 03:34 PM   #11
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 941
2B - is the company still in existence? If so, contact them. If not, do you know what happened to them or the plan? If it is a defined benefit plan, and the company is defunct, the plan may now be with the PBGC, in which case you can use their website to see if they have a record of your benefit - try this link: Find Unclaimed Pensions in PBGC's Missing Participant Database
__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Old 06-23-2014, 10:26 PM   #12
Dryer sheet wannabe
 
Join Date: Jun 2012
Posts: 10
I worked one summer during college for the state employment service. Since then they send me my yearly pension summary showing how it's growing and what I can expect to receive at the appropriate retirement date (some age or another). It's up to $341. No, not per month, just $341. Them paying for a nice dinner and hotel getaway won't be too bad for ten weeks of work.
__________________
JLoft is offline   Reply With Quote
Old 06-24-2014, 12:55 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
Quote:
Originally Posted by ChiliPepr View Post
That was a nice little surprise.
Great news. Enjoy the cash!
__________________
daylatedollarshort is offline   Reply With Quote
Old 06-24-2014, 06:30 AM   #14
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by Telly View Post
An approach for you could be to do research on where the company you worked for is/went to. Bought and absorbed by other companies? If so, contact their pension plan administrator and outline your case with as much info that you are sure of. They can check if you are in their plan(s), or if your holdings were passed onto another company or plan. If so, they can probably get you contact info to go on to the next company and repeat. The info probably exists, just a quest to track it. Happy hunting!
The company was bought out less than a year after I left. I've contacted the company that bought them and the company that bought them from the original company that bought them. I also contacted the company that bought the physical assets of the division that I was at when we had the mass layoff. Everybody was nice and looked into it and got back saying that I wasn't in their pension system.

Quote:
Originally Posted by kaudrey View Post
2B - is the company still in existence? If so, contact them. If not, do you know what happened to them or the plan? If it is a defined benefit plan, and the company is defunct, the plan may now be with the PBGC, in which case you can use their website to see if they have a record of your benefit - try this link: Find Unclaimed Pensions in PBGC's Missing Participant Database
I used this and didn't find anything. There's also a pension finding organization (can't remember the name) that was very thorough (and free) that also couldn't find anything.

It comes down to whether my memory is correct. The other possibility is that I had an annuity purchased in my name that is not included in any pension databases. I have to figure out which company it's with if that's the case.

Thanks to both of your for your suggestions.
__________________

__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
found a small pension fh2000 FIRE and Money 8 07-22-2013 04:59 PM
Estate Planning - wish I knew more whitestick Other topics 15 03-07-2007 02:02 PM
If I only knew! bbuzzard FIRE and Money 13 01-11-2007 08:44 AM
The Lost Pension, Found newellcr FIRE and Money 0 07-26-2005 08:31 AM
When You KNEW You Had Arrived! Tommy_Dolitte Life after FIRE 7 08-28-2004 08:16 AM

 

 
All times are GMT -6. The time now is 11:06 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.