Forgotten Pension??

[zinger1457]

Just got a letter from the SS administration stating that I have retirement benefits due from a previous employer. The letter looks legit based on the information listed. I worked as an engineer in aerospace back in the 80's and early 90's, never worked directly for the employer listed (Raytheon) on the SS form but they did take over the company I worked for shortly after I left. What I find strange is I'm certain I opted out of the defined pension plan when I started working, didn't expect to stay very long, so went the IRA/401K route for my retirement savings. Not certain why I would get the benefit and it's not a huge amount (~$110K), will have to contact Raytheon benefits office next week to get to the bottom of it. Anyone else ever run into something similar?

 

[MTB4me]

Similar situation for me. I worked for a technology company in the Midwest in the late 80s/early 90s but didn’t think I was there long enough to qualify for the pension plan. Years later I was contacted by the outfit that administers the pension plan for the company that bought out the portion of the company I worked for. Turns out I do have a small pension with them that will be worth a few hundred bucks a month, depending on when I take it and if I opt for survivor benefits. I checked it out carefully before supplying any personal info, but it turned out to be wholly legit. Was a nice surprise.

 

[MissMolly]

Somewhat similar. I received a letter the month I turned 65 telling me I was eligible for my pension - from an insurance company that managed a pension for a company I had worked at for 8 years when I was in my 20's! So, about 40 years ago. The company had been bought out by another in 1989. I had no idea I had a pension coming to me. I was given a choice of $88 monthly pension (no survivor) or a lump sum of a little more than $12,000 (after taxes). So, not nearly as nice a surprise as yours, but still a surprise.

 

[wmc1000]

I had this happen and was sure I had rolled it over when I left, they confirmed what I suspected but apparently that info doesn't pass thru, hence the letter of a possible retirement account balance

 

[MichaelB]

This is a good thing.

I recall a few years back MetLife got into trouble for not making an effort to find recipients who had pension benefits but did not know and had not filed. Alerting recipients via the SSA is smart, as it’s much more likely that the address on record with the SSA is accurate.Maybe this is a sign insurance regulators are cracking down.

 

[googily]

I had this happen and was sure I had rolled it over when I left, they confirmed what I suspected but apparently that info doesn't pass thru, hence the letter of a possible retirement account balance

I got a letter from a company my late DH worked for. He had rolled over his as well.

 

[zinger1457]

I had this happen and was sure I had rolled it over when I left, they confirmed what I suspected but apparently that info doesn't pass thru, hence the letter of a possible retirement account balance

It wouldn't surprise me if there is something similar going on with me but don't recall rolling anything over, I think I would have remembered if it was anything close to the amount listed.

 

[omni550]

I worked for my first employer for 15 years. After leaving their employment, I kept their HR department appraised of my various addresses. I also confirmed with them my dates of service. I requested a response in writing of my pension amount due and when. I filed this with all my important documents.

When I became pension eligible (age 62, perhaps?) I received a letter from SS indicating that my first employer owed me a pension of X.

So, in my case, it was not a surprise, but rather a confirmation of what I'd been tracking and counting on for about 22+ years.

omni

 

[jazz4cash]

I had this happen and was sure I had rolled it over when I left, they confirmed what I suspected but apparently that info doesn't pass thru, hence the letter of a possible retirement account balance

Same here. Mine was due to a spinoff from Megacorp. It was a very broad net being cast. I knew not to get excited and wasn’t surprised

 

[zinger1457]

As I think about it the amount listed would be fairly close to the company matching funds in my 401K at that time (1991), don't know why they would report that but it's the only thing that makes sense. I was fully vested by that time and definitely took that money with me when I left, will contact the benefits office next week to confirm.

 

[MarieIG]

Not me, DH. Raytheon agreed to merger with the parent company of his former employer. Parent company spun off DH's employer. DH then retired. Somehow, he wound up with a Raytheon 401k.

 

[CardsFan]

Similar story here. Worked for a company for 7 years in the 1980's. Normal vesting was 10 years (at the time), so I expected nothing.

Company was eventually acquired by Ashland Oil, and around age 58 I got a letter telling me I was due a pension. I applied, was approved, and was told the pension would start at age 65. No option for lump sum, but did have a survivor option.

We get a whopping $105/month until we are both gone