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piddyprints

(14,642 posts)
Sun Oct 31, 2021, 08:08 PM Oct 2021

Update on my pension ....

Last edited Mon Nov 1, 2021, 09:28 AM - Edit history (1)

They messed up last month:
https://www.democraticunderground.com/100215931011

It took them until the 18th to finally get the money into my account. It’s due on the 1st. There is no pending transaction, either in my bank or my pension account to give me any hope that it will be there in the morning. So I’ll be spending the next two weeks starting tomorrow morning trying to chase it down. And every month, I suppose. I’m wondering if they’re trying to kill me with stress.



Update:

I just called. They said that it will be going in today but I might not see it until Wednesday because there's quite a long process to bringing people back from the dead. This guy was shocked that there was no effort to get in touch with me or my husband. No snail mail, nothing to notify anyone that they had declared me dead. Yes, they know about him. He had to sign papers and get them notarized. It's not showing up on my pension account because that also takes time to reinstate. It only took minutes to kill me, but apparently it takes over a month to get things back to how they're supposed to be.

We'll see how it looks a little later. Trying not to let the stress kill me. Thanks for listening.

11 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Update on my pension .... (Original Post) piddyprints Oct 2021 OP
I'm so sorry nt XanaDUer2 Oct 2021 #1
Thanks. piddyprints Oct 2021 #2
When working were you represented by a union? Throck Oct 2021 #3
No. piddyprints Oct 2021 #4
Is it an actual company pension? PoindexterOglethorpe Oct 2021 #5
Yes, it's a pension. piddyprints Oct 2021 #7
I would think that the correct people to contact would be the pension people at that company. PoindexterOglethorpe Oct 2021 #9
I have been in touch with the company administering it, Fidelity. piddyprints Oct 2021 #10
I hope you get this straightened out soon. PoindexterOglethorpe Oct 2021 #11
I am so sorry that you are having to deal with this. niyad Oct 2021 #6
Thanks. piddyprints Oct 2021 #8

piddyprints

(14,642 posts)
4. No.
Sun Oct 31, 2021, 08:43 PM
Oct 2021

I’m going to call the Employee Benefits Security Administration, which is a federal agency. They told me last time that if I couldn’t get help, they’d get someone important on a conference call with me. I’ll call the contact I had at Fidelity first though. If she won’t come to the phone, I’ll work my way up.

It’s just so annoying that I have to do this all over again after it took a solid two weeks on the phone to get it reinstated just a few weeks ago. So it was late last month and will be late again this month.

PoindexterOglethorpe

(25,839 posts)
5. Is it an actual company pension?
Sun Oct 31, 2021, 08:53 PM
Oct 2021

Or your 401k account? They are rather different things.

You also noted in that earlier post that you'd been reported as dead and wondered why they hadn't called Social Security. I doubt any entity would do that, regardless of how they got such notification.

piddyprints

(14,642 posts)
7. Yes, it's a pension.
Sun Oct 31, 2021, 09:03 PM
Oct 2021

I rolled over my 401k years ago, but wasn’t allowed to touch the pension. I just became eligible to collect the pension and had to state how I wanted it distributed, in time for it to start the month after my 65th birthday. And, yes, they required me to start drawing it at age 65.

I did not wonder why they hadn’t called Social Security. What I was saying is that Social Security knows I’m alive. In other words, my Social Security and Medicare are still active.

The pension company should have checked my Social Security number, not just my name and birthdate, for verification with their own records. That’s not the same as calling Social Security.

PoindexterOglethorpe

(25,839 posts)
9. I would think that the correct people to contact would be the pension people at that company.
Sun Oct 31, 2021, 09:11 PM
Oct 2021

Aren't they the ones administering it?

I have a small pension that I get through the Pension Benefit Guarantee Corporation as my former company, about twenty years ago, got out from under any responsibility by going through a couple of bankruptcies. Alas, I get approximated a third of what it should be.

And for what it's worth, you said "Social Security knows I'm alive. Why didn't they check with them?"

If something like that happened to me I'd want to know exactly how they got a report of my death.

piddyprints

(14,642 posts)
10. I have been in touch with the company administering it, Fidelity.
Sun Oct 31, 2021, 09:25 PM
Oct 2021

That’s how I got it back last month. They admitted they made a mistake and they admitted that they didn’t check my Social Security number, which is supposedly part of their protocol. I will have no problem calling IBM’s corporate office if Fideliṭy won’t get their act together, but I’m not sure how much help that will be.

I have asked several times what happened. The person who started the process only matched the name and birthdate. My name and birthdate are not unique. I might as well belong to the “Bob Smith Club.” Apparently someone else with my name and birthdate did die, and they pulled the pension from the wrong person without verifying the correct Social Security number, address, etc. I questioned several people about it.

And, last I heard on the 15th, it was all supposed to be fixed. Yet here we are.

I’m sorry your pension got reduced. That really sucks.

PoindexterOglethorpe

(25,839 posts)
11. I hope you get this straightened out soon.
Sun Oct 31, 2021, 10:45 PM
Oct 2021

As you clearly realize, a lot of first and last name combinations are hardly unique. My actual real name does seem to be unique these days, although in the past two or three other women (yeah despite my screen name I'm female) have had that combination, but they no longer show up if I Google my name.

I have a son who is getting a PhD in astronomy. His first and last name is somewhat common. I'll call him David Nelson. I've told him that when he's doing professional publications, he really, really needs to use either his entire four names "David Arthur Baker Nelson", or at the very least David A. B. Nelson. As it is, there was a professor by the name of "David Nelson" as his university who left to teach elsewhere right before my son arrived.

As for the reduction in my pension, yes it does suck. But luckily, I only worked at that company for ten years, at the beginning of my working life. I always figured it would amount to very little. It's those who worked for thirty or more years and assumed it would be the major part of their retirement income who got truly and totally screwed. While I would love to have the larger amount, I am fortunate enough to have adequate income. As it stands, the pension amount is about 4% of my income. If it were that larger amount, it would be 10%. I am lucky in that I had well-off in-laws who gifted all of their children, daughters and sons in law, and their grandchildren quite generously. We (my now ex and I) always saved and invested that money, and so when my marriage ended, I was in decent financial shape. I needed to go back to work -- I'd stayed out for 25 years raising children -- and those years back in the workforce made a huge difference in my ultimate Social Security payout. I was also able to collect a spousal benefit from age 66 to age 70, when I switched to my own. That delay was very helpful in giving me a decent, if average, SS payout.

At this point in my life I feel that I'm in a demographic sweet spot. My son is grown, highly unlikely to have children of his own (darn, because I would have loved to have had grandchildren but his choice). I'm retired since 2013, (dear lord, has it been almost a decade? Yes, it has.) and so I haven't had to figure out working from home or agonize over going into a job where I could be exposed to Covid. And no need to juggle education for a child while I'm trying to work. This whole thing has been a heck of a lot harder on most people than on me.

Anyway, again more wishes to you that this all gets resolved soon. Especially as you are no doubt counting on that money because you need it to pay bills.

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