Pension found me after 27 years (pensions, move, benefit, school)
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My mother was slightly injured & I think there was a suit that she won a small amount like the OP. Lump sum or monthly, she wanted the lump sum but listened to dad who advised take the monthly, she lived for 36 more years getting a monthly check, it turned out to be way more than the lump sum by thousands.
Every couple of years the insurance company would send someone around to check in with her, see if she was still alive really, ask some questions, sign a form, have some tea. She got to know one rep very well over the years from so many visits & was disappointed when she retired. But mom was really happy about all those checks.
This is very subjective, however I agree w/ taking the lump sum. $25k invested properly is worth a lot more in the future vs. $130/month in future dollars.
Do you remember what union he was in? My hub was in a car haulers union. If you know, you can google it. From there you could contact the union to ask who holds the pension.
You must spread a lot of love to rep me so soon!
He was in service employees union out of Chicago. As far as I can tell the pension is broke. Believe me, I tried to find anything I could. I constantly check Illinois found money for his name. He died at 63.
Pension plan administrators have to file an annual report with the Dept of Labor. One of the forms lists all people, with their social security numbers and date of birth, who left employment with a deferred vested benefit. The theory was that the government would notify the former employees of their benefits at age 55 (if early retirement benefits were available) or age 65.
The company didn't find you - the government already knew where you were.
Getting it now. I got the letter when I turned 65. Pension plans and SSA work together to ensure everyone gets what they are due. They are in the same business.
He was in service employees union out of Chicago. As far as I can tell the pension is broke. Believe me, I tried to find anything I could. I constantly check Illinois found money for his name. He died at 63.
Google says SEIU local 73, then it says the pension is with SEIU benefit fund. Have you contacted both? With the benefit fund, I'd even send a death certificate to prove he's deceased in order for them to talk to you if you haven't tried doing that.
His union may even have a message board you can post to. The teamster car haulers have one.
The form they sent me to fill out needs so much info that I no longer have........
But I am working on it. It is military life insurance -
It is so strange - i've been trying to find his family - but looks like they are all deceased. He didn't have any kids.
If it has anything to do with the military contact your local American Legion to put you in contact with a local veterans representative. They may be able to help you track down the information you need to complete the paperwork.
Congrats to the OP and everyone else who was "found" and got some "found money"!
Maybe I missed it, but does the OP's pension have a COLA? That should definitely be figured in to the value. And of course age and health. Taking the lump sum may be tempting but taxes would be a big hit so consider all the factors carefully.
Assuming OP is near or at 65...assuming she stuck the lump sum under the mattress, and assuming a 22% tax bracket, she'd have to live another dozen years to break even. That sum invested at 5.5% would double in the same time period.
If it has anything to do with the military contact your local American Legion to put you in contact with a local veterans representative. They may be able to help you track down the information you need to complete the paperwork.
I've sent off for the death certificate and will look into other things today.
I will go to the veterans service office in our county to see if they can help. Thanks
Left a job in 1994 after 4 years. Didn’t think about a pension, at the time I thought it required 5 years vesting. Company was merged at least twice, now part of Berkshire Hathaway.
Got a letter out of the blue saying I am eligible for $130 a month or $25,000 lump sum. Not bad for a job that started at $30K.
How would they be able to find me after 27 years and several moves? I know that insurance companies use the SS death index to find beneficiaries.
That's nothing. I got an email today from a Nigerian Prince...
Google says SEIU local 73, then it says the pension is with SEIU benefit fund. Have you contacted both? With the benefit fund, I'd even send a death certificate to prove he's deceased in order for them to talk to you if you haven't tried doing that.
His union may even have a message board you can post to. The teamster car haulers have one.
*Yes, I do a lot of repping all day lol
Thanks Roselvr! +1
Quote:
Originally Posted by adjusterjack
Did you ever file with the probate court to be appointed representative of his estate?
Those court papers would have compelled the union to give you information.
I haven't tried since he died. When we found out he was terminal, we tried contacting the union but they didn't have any records. I have never received a notice from SSA about his pension.
The union was embroiled in a bunch of politics and didn't always do what they were supposed to. According to my husband he was months short of being vested.
I am his appointed representative and have copies of that order and his death certificate. It's been hard losing his income.
I will keep searching found money sites. If it finds me when I need a new vehicle in a few years, that would be great!
Thanks for your help!
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