Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
I think I get a pension!
Old 07-17-2017, 12:28 PM   #1
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 1,104
I think I get a pension!

I was checking my FIDO account, and a new line item called Retirement Plan B showed up.
I did some checking, and even found my papers from 1985 about my pension. Years ago, I called, and was told I did not get one.
Well, in talking to FIDO, who just took this over in April, they confirmed I was vested. They have to do some sort of manual calculation, but said I should get a lump sum of back pension from age 65 (I am now 79).
Frankly, I will believe it when I get the check.
__________________

__________________
Retired Jan 2009 Have not looked back.
AA 95%/0/5
WR 2% SI 2SS & 2 Pensions
Souschef is online now   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 07-17-2017, 12:31 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,469
Woo-hoo!
Nothing beats money out of the blue.
__________________

__________________
Pas de lieu Rhône que nous.
braumeister is offline   Reply With Quote
Old 07-17-2017, 12:32 PM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Second City Land
Posts: 24,234
Quote:
Originally Posted by braumeister View Post
Woo-hoo!
Nothing beats money out of the blue.
+1
__________________
MichaelB is offline   Reply With Quote
Old 07-17-2017, 12:40 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 9,997
That is great news !
__________________
Moemg is offline   Reply With Quote
Old 07-17-2017, 12:49 PM   #5
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 1,755
Quote:
Originally Posted by Souschef View Post
I was checking my FIDO account, and a new line item called Retirement Plan B showed up.
I did some checking, and even found my papers from 1985 about my pension. Years ago, I called, and was told I did not get one.
Well, in talking to FIDO, who just took this over in April, they confirmed I was vested. They have to do some sort of manual calculation, but said I should get a lump sum of back pension from age 65 (I am now 79).
Frankly, I will believe it when I get the check.
Gotta love it. Good on ya!
__________________
You may be whatever you resolve to be.
Huston55 is offline   Reply With Quote
Old 07-17-2017, 12:50 PM   #6
Full time employment: Posting here.
ownyourfuture's Avatar
 
Join Date: Jun 2013
Posts: 504
Congratulations
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
ownyourfuture is offline   Reply With Quote
Old 07-17-2017, 12:50 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 10,938
What took them so long?
__________________
Meadbh is offline   Reply With Quote
Old 07-17-2017, 02:42 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
Quote:
Originally Posted by Meadbh View Post
What took them so long?
As posted in another thread mom got a letter 17.5 years after she retired
she was getting $280 a month for working in the school cafeteria, she retired at 73, we get a letter 6 months ago(October 2016) they miscalculated it, they owed her 8400. and now its about 320 a month. i wonder how many people died since they retired and now the estates get the letter? glad she was alive to see the increase.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-17-2017, 03:29 PM   #9
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 1,755
Quote:
Originally Posted by Blue Collar Guy View Post
As posted in another thread mom got a letter 17.5 years after she retired
she was getting $280 a month for working in the school cafeteria, she retired at 73, we get a letter 6 months ago(October 2016) they miscalculated it, they owed her 8400. and now its about 320 a month. i wonder how many people died since they retired and now the estates get the letter? glad she was alive to see the increase.
No interest?
__________________
You may be whatever you resolve to be.
Huston55 is offline   Reply With Quote
Old 07-17-2017, 03:41 PM   #10
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 20,911
Quote:
Originally Posted by Souschef View Post
I was checking my FIDO account, and a new line item called Retirement Plan B showed up.
I did some checking, and even found my papers from 1985 about my pension. Years ago, I called, and was told I did not get one.
Well, in talking to FIDO, who just took this over in April, they confirmed I was vested. They have to do some sort of manual calculation, but said I should get a lump sum of back pension from age 65 (I am now 79).
Frankly, I will believe it when I get the check.
What a great surprise, congratulations.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 07-17-2017, 03:44 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
Quote:
Originally Posted by Huston55 View Post
No interest?
Not only did she get zero interest, But they owe her the cola on the 30 something dollars for 17.5(now 18 years)! I called her union, they blew me off, with the "we will look into it". That was about 7 months ago. I know it amounts to only a few bucks, but its her few bucks.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-18-2017, 06:16 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,589
Great. Post the amount when you learn it so we can all vicariously share in the windfall.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 07-18-2017, 10:12 AM   #13
Recycles dryer sheets
 
Join Date: Apr 2013
Location: Beach and Mountain
Posts: 230
A similar story. "A" died in 1992. Beneficiary of A's IRA was "B" who died in early 1994, before A's bank did anything. Executor of B's estate was contacted by bank in 2015. Each of B's beneficiaries received about $600 after fees. 23 years!
__________________
Z3Dreamer is offline   Reply With Quote
Old 07-18-2017, 10:51 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,975
After reading about these "many years delayed"pensions upthread , I wonder if some of these end up in a state's unclaimed funds if the heirs are not identified and/or located.

Might be worth a quick check of unclaimed funds sites in states where you know you had deceased relatives...or where you once lived? Usually, it's just a quick search by name.

omni
__________________
omni550 is offline   Reply With Quote
Old 07-18-2017, 11:13 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
Quote:
Originally Posted by omni550 View Post
After reading about these "many years delayed"pensions upthread , I wonder if some of these end up in a state's unclaimed funds if the heirs are not identified and/or located.

Might be worth a quick check of unclaimed funds sites in states where you know you had deceased relatives...or where you once lived? Usually, it's just a quick search by name.

omni
In my mothers case , it never went unclaimed ,hahaha, they just held it back for 17.5 years.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-19-2017, 12:51 AM   #16
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,234
Quote:
Originally Posted by Souschef View Post
I was checking my FIDO account, and a new line item called Retirement Plan B showed up.
I did some checking, and even found my papers from 1985 about my pension. Years ago, I called, and was told I did not get one.
Well, in talking to FIDO, who just took this over in April, they confirmed I was vested. They have to do some sort of manual calculation, but said I should get a lump sum of back pension from age 65 (I am now 79).
Frankly, I will believe it when I get the check.
Just goes to show that some surprises in FIRE are GOOD! Congrats and do let us know how it comes out. Inquiring minds want to know.
__________________
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
Bad news
Old 08-06-2017, 05:39 PM   #17
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 1,104
Bad news

I just got a letter from the pension admin. According to them I was vested, but cashed out my pension when I left in 1985
Oh well, that is life!
__________________
Retired Jan 2009 Have not looked back.
AA 95%/0/5
WR 2% SI 2SS & 2 Pensions
Souschef is online now   Reply With Quote
Old 08-06-2017, 05:43 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,469
Look at the bright side:
You would need $2.28 today to equal the purchasing power of $1.00 back in 1985. So you got the money when it was worth far more than it would be today.
__________________
Pas de lieu Rhône que nous.
braumeister is offline   Reply With Quote
Old 08-06-2017, 06:08 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
Quote:
Originally Posted by Souschef View Post
I just got a letter from the pension admin. According to them I was vested, but cashed out my pension when I left in 1985
Oh well, that is life!
Boo. But we had fun responding to the thread anyway
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 08-06-2017, 06:50 PM   #20
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,905
There does seem to be a concerted effort somewhere (government?) to help people track down pensions and other benefits. Sometime within the last year I got a letter- can't remember which government entity it came from- noting two previous employers that might owe me money. I'd left Employer A in 1978 and they had some Employee Stock Ownership Plan in which they'd deposited company stock in a retirement-type account. I called them and they said I'd liquidated mine years ago, which sounded right because I remember getting some correspondence in 1985 and getting a $2,000 check. Employer B was a place where I'd worked from 1985 to 1995 and I knew I was vested in the pension and had just filed for it- $900/month. In my case it didn't result in any found money but for people who are less obsessed with staying in touch with previous employers, it could be a nice windfall.

I'd be curious to know where untraceable beneficiaries figure into pension math. Do they have to hold a liability for X years in case the beneficiary suddenly files, or are pensions funded on the assumption that X% of beneficiaries will never file? I'd also be curious about whether unclaimed pension payments eventually revert to the state under escheat laws.
__________________

__________________
athena53 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
I think I can. I think I can. Gil24 Hi, I am... 26 01-22-2014 05:48 PM
Big-Name Investors Get Long, Get Loud and Get Richer timo2 Stock Picking and Market Strategy 2 08-16-2013 09:02 AM
I think I'm close, what do you think? erinsd Hi, I am... 6 04-08-2012 08:30 PM
55 and anxious to retire, I think I can, I think I can 56mga Hi, I am... 6 10-09-2007 05:12 PM
I think I can, I think I can, but why am I afraid? behappy Hi, I am... 30 09-26-2007 11:29 PM

 

 
All times are GMT -6. The time now is 12:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.