Unclaimed Pension Benefits
How Much of the $133 Million Is Yours?
On April 3, 2007, The Pension Benefit Guaranty Corporation (PBGC) reported that it is holding $133 million in unclaimed pension benefits for 32,000 Americans. The unclaimed money is for those who invested in defined benefit pension plans that have been terminated.
Some of it might be yours!
Individuals are owed from $1 to $611,028. The average unclaimed benefit is $4,950.The table below shows the states with the most pension participants and money to be claimed.
|State||Number of People||Amount Owed|
|New York||6,885||$37.49 million|
|New Jersey||2,209||$12.05 million|
| Pennsylvania||1,944||$9.56 million|
The Pension Search directory lists about 6,600 companies. Most are in the following industries. . .
- financial services
When these pension funds were closed, not all former workers could be traced. Other money left with PBGC comes from underfunded pension plans.PBGC warns that paying someone
to help you get this money back is unnecessary.
The searches are free
and PBGC does not charge a fee to return the money.
PBGC offers a free booklet
to help people claim their money. You can download Finding A Lost Pension
or get it by writing to
PBDC Communications and Public Affairs Department,
1200 K St., NW,
Washington, DC 20005-4026.
You can also search online to see if you qualify for any of the money. Go to www.pbgc.gov/search
. If you don't have Internet access at home, you can use a computer at a public library or senior's center. You can also email firstname.lastname@example.org or email@example.com.
You will be asked a series of questions needed to identify you. Once you are verified,. . .usually within 6 weeks,. . . you can expect a cheque within two months.You can begin your search before you retire.
Be sure you notify all former employers and pension plans when you move, so your details are kept up to date.
Remember that if someone offers to find this money for a fee, you are talking to the wrong person. If any of this money belongs to you, it is yours without fee.