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Did you walk away from a job, leave your pension behind and then forget about it? If that's so, the Pension Benefit Guaranty Corporation, or PBGC, could have a windfall for you.
The PBGC is looking for more than 38,000 people who haven't claimed their pension benefits. Those benefits are worth more than $300 million dollars, with some people owed as little as 12 cents while others are owed almost $1 million dollars.
The states with the most missing pension participants and money to be claimed are as follows.
- New York (7,031/$42.38 million).
- Illinois (4,129/$79.63 million).
- California (3,082/$8.52 million).
- Texas (2,487/$12.32 million).
- New Jersey (2,288/$12.84 million).
- Ohio (2,109/$15.22 million).
The PBGC offers a Pension search directory that allows you to search by last name, company name or state where the company was headquartered.
If you think you've found yourself there, be prepared to provide proof of your identity and other details. The process can take up to six weeks, the PBGC says.
Keeping track of the retirement benefits owed to you is an important part of retirement planning.
When you leave an employer:
- Get a written record of any defined benefit pensions that you are leaving behind, including a copy of the summary plan document, which should tell you the options for collecting and whether your spouse will be eligible for benefits after your death.
- Decide what to do with your 401(k). If you leave it behind in your former employer's plan, make sure your former employer continues to have your updated address.
- Keep track of your employment record so that you at least you know the date you started and the date you left. Keeping track of what you earned could be important, too. Companies do make mistakes, and when you go to claim your benefits years down the road, having basic information will help you ensure the accuracy of what you are entitled to. If you don't have these kinds of records, you'll have to ask for reports from Social Security.
Very interesting article - only question, with all the links included, why did you not include one to the PBGC site where I can search or, at least, provide the website address?
I worked at Fed Ex for 10 years and left the company. I didn't even know that I would get a "pension" until a friend who had worked their 18 years told me. At the time, one only had to have five years to be vested. So glad I called THEM and updated my mailing address for them to forward to me yearly retirement statements. They're certainly not going to look to hard to find you! Any major corporation -- call HR and ask about it.
I worked for two companys levelor window blinds for about 12 years. also for cutter lab for about 8 years both businesses left the area.how do i find out if their is maybe a pension?
Do you know if we can claim money that we paid in to union dues?
Bank of America I worked from 1970 to early 1973.
Attn: Jennie L. Phipps,
Just exactly how is "$1 million dollars" pronounced?
Bank of America , I worked almost 5 yrs
Bank of America , I worked almost 5 yrs -till 1964