I think I get a pension!

[Souschef]

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.

 

[braumeister]

Woo-hoo!
Nothing beats money out of the blue.

 

[MichaelB]

Woo-hoo!
Nothing beats money out of the blue.

+1

 

[Moemg]

That is great news !

 

[Huston55]

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!

 

[ownyourfuture]

Congratulations

 

[Meadbh]

What took them so long?

 

[Blue Collar Guy]

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.

 

[Huston55]

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?

 

[Alan]

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.

 

[Blue Collar Guy]

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.

 

[donheff]

Great. Post the amount when you learn it so we can all vicariously share in the windfall.

 

[Z3Dreamer]

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!

 

[omni550]

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

 

[Blue Collar Guy]

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.

 

[Koolau]

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.

 

[Souschef]

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!

 

[braumeister]

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.

 

[Blue Collar Guy]

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

 

[athena53]

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.

 

[97guns]

I think I have around $280 a month coming to me in around 20 years

 

[pb4uski]

....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.

Big Hitter will know for sure, but my guess would be that they include all beneficiaries in calculating the liability and unclaimed benefits revert to the state under escheat laws.