Time Vested in a Company

[SecondChanceGal]

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[lrprn]

Thoughts? I guess I've always thought if it was an option for me to withdraw it, I'd have received yearly updates...right?

Were you a member of a union at your factory? If you were, then contact your union - they can give you the information you need. If there was no union, contact your former employer and inquire about possible retirement funds earned through your vested status.

If you had a retirement account that was solely yours, the only situation I can think of where you wouldn't get regular statements is if your address changed? Is that a possibility?

One last caution - if you intend to file bankruptcy and some retirement funds do show up, DO NOT cash in or make a loan against your retirement account. You are turning a protected asset that your trustee and creditors cannot touch into cash - something they can and will take from you if they can. Also you will have a large tax hit (typically 10% of whatever you remove) to pay the next year. If at all possible, find another way to get the money you need.

[Minnymouth]

Some companies offer retirement packages, some don't. Some just offer stock to their employees.....

When you left the company did you get a pay-out of any kind?...... did you receive info on stock that you might have bought while employeed?

Some companies offer NOTHING to employees....... I know of employees who have worked 30 years for the same company and left with the shirt on their back, and their social security benefits only....... SAD BUT TRUE!!

Yes, check with their Human Resources Dept and see if the company offered retirement, stock, etc during the time you were employed there.

ALSO, each state has a fund where companies send monies that employees never collect when they leave a company (and the companies are NOT allowed to keep it).... It consist of insurance overpayments, income tax refunds never delivered, stocks, bonds, 401k plans, etc...

I swear, I can't think of the name of the fund but each state has one in their state govenment office, it even included inheirtances that are never paid out to the owner. Its basically call "abandoned monies".......

Will try to find the name for you so you can check there also.

Good Luck, hope you find a nest egg for your future......

Minny

[SecondChanceGal]

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[millerc507]

Maybe I am reading this wrong but with no retirement and no 401K I don't think it matters how long you worked for this particular company. I think you may be thinking of social security. With social security you have to work so many years to be "vested" in the system, according to my accountant. However, it did not matter how long at one place. Anybody else have any ideas? I am by no means an expert.

[Minnymouth]

Okay folks here's some info on the site I told you about in each state:

Go to your state government site for your state and you will find a listing for "Unclaimed Property"...... all you do is key in you name and start looking.....

Lots of people never collect what is owed to them evidently.....

Also when it comes to Social Security you have to have so many quarters paid in to be able to draw Social Security benefits....... (used to be 40).
Some folks don't realize that if they work parttime somewhere doesn't mean they qualify for social security benefits..... they HAVE TO HAVE the quarters paid into the system or they don't draw....

I believe now that Social Security is required by law to send out a report to you each year on how many quarters you have paid in and what your benefits would be now at you present age at the rate that is effective right now.....

I get one every year now and have for a while......

Be sure you check them closely, make sure your spouse and you both have your quarters in before you decide to retire.....