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Missing Pension Update

April 7th, 2007 at 07:04 pm


“Ordinary riches can be stolen,
real riches cannot.
In your soul are infinitely precious
things that cannot be taken from you.” ~~Oscar Wilde

For the back history on this check here:
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Yesterday as THE Hubster was off for Good Friday we made three phone calls on his Missing In Action Pension fund (which means everyone including his current employer the buyout company after bankruptcy) claims no knowledge of where the money went. Several million dollars of all these 300+ employee's retirement monies just disappeared into the night. Yeah Right!!!

Call one: To the man who helped transition employees at the time of the former company's bankruptcy. He gave us numbers for calls two & three.

He also told us that the Pension Benefit Guaranty Corp is filing for Trusteeship of these monies! YEAH!! And we got a case number although when we plug it into PBGC's website it won't let us log on. However, that is most likely because they have yet to win trusteeship over the monies.

The lady who has been working the files has been transferred for the third time it seems from one 'inner' insurance company to the next, and is employed w/a company that is a 'third party' designate to handle the payouts only they have things blacked out so that nothing can happen till they get 'okay' from higher ups.

Only problem that I see is that they aren't following the Sarbanes(sp?)-Oxley laws about notifying folks about where our monies are. She was call two and was very polite and nice and had already been working on the problem earlier in the afternoon, so we aren't totally on the bottom of the to-do list! GOOD!!! She also already had info on THE Hubster so we are in the piles of files!!

I did ask her what we are to do about signing beneficiary forms in the meantime till they get their mess straightened out. I never did get a clear answer from her.

We were told that she 'goes with the files' when they transition from one insurance company to another = So, when SNOOPY dances the monies over to another company and then again to a third one, she's still with the information and it still is under their lil' doghouse umbrella. I'm not naming names here or anything but they are sitting on a pile of money and wont' let go!

Call number three was late yesterday afternoon and to PBGC
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to see what's what there and we got no answer but were able to leave a voice-mail w/our call back info. We have the name of the gentleman there who is handling the case! I think if PBGC gets ahold of it all will be well. We did print out the PBGC beneficiary form and will be mailing it out post haste.

People could well pass away before they (Snoopster) get their act together and of course THE Hubster can't remember who he designated as beneficiary back in 1967 when this dealy-who got started!!

What we did discern is that in all liklihood if Snoopy handles it, that it will come to us in the form of an annuity and there won't be an option for a cash settlement that we could take and invest elsewhere.

However we are making progress (maybe all those emails to various legislative bodies worked???) and I thank everyone for the discussions here at for jogging my memory about long-term prospects for retirement income yesterday while Hubster was here to make the tag-team (both of us on the line) phone calls! It had been a while since I had checked on it!

Keep praying!! Slowly the fog is beginning to clear.

Wiki for PBGC:

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I've been calling and writing around for about three years now - so you would think that someone COULD have written us by now and told us what was going on, wouldn't you??? Nothing. Not one scrap of paper or phone call saying 'We've got your money and are clearing up discrepancies and someone will be getting back with you by ____ date.' Makes you wonder if they ever intended to, doesn't it? Does me!

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