How do you claim a pension from a company that may no longer exist?
I recently turned 66 years old. I believe I am owed a pension from a prior employer with whom I worked for 11 to 13 years. However, they seem to have disappeared off the face of the earth. This was a huge international petrochemical corporation. I don't know who to contact. Any suggestions?
Congratulations on your recent birthday!
This is something that comes up more often than you think. I have not personally assisted anyone through this process, but I would review this resource from the Pension Benefit Guaranty Corp.:https://www.pbgc.gov/documents/finding-a-lost-pension.pdf
This is an organization designed to protect pension benefits. The guide seems like it lays out the steps that you would need to go through in order to try and locate this pension.
Best of luck in navigating and finding the monies you may be entitled to!
Start by doing a web search on the company. There's probably at least some information that will lead you to the company's current status. You may find out that they had been acquired by another company. If that's the case, the new company also inherited your old employer's pension plan. Depending upon how long ago you worked for them, it's even possible that there's more than one successor company. It's kind of the way things work these days.
Contact the successor company, and find out about the disposition of your plan. You should have documentation (old paystubs, W2s, etc) to prove that you worked at the original employer.
If the web search doesn't turn up any clues, you can check with the Pension Benefit Guaranty Corp. That's the government sponsored insurance agency that insures the pension plans of failed companies. Even if your former employer is not on their list, they might still be able to give you information that will lead you to the right place.
I would suggest starting with the Pension Benefit Guarantee Corporation which was set up by the federal government to take over plans that were failing or plans of a corporation that may have gone out of business. In addition, I would try to locate fellow employees that may have worked for the Corporation to see if they have any information that would be helpful. Finally, and I've never done this personally, but you might try to determine whether the Internal Revenue Service can be of any help or the Social Security Administration. I hope this helps a little and good luck
Wow. Same situation as another client of mine. We see this haeening more and more in today's environement. You have to make this move very strategically. We were able to track down the former employer and and make them pay out the benefits. I am happy to speak with you about our process. If you would like, go ahead and request a phone call.
Pensions are generally managed by an outside third party, not the actual employer. Hopefully you have a document or an old email somewhere indicating what company was handling the pension. You may also contact the United States Department of Labor and ask for help: https://www.dol.gov/agencies/ebsa/about-ebsa/ask-a-question/ask-ebsa