Pension Question

[Darrell Green Fan]

So I'm going through some old paperwork and discovered that my wife is vested for a very small monthly pension from an insurance company she worked for decades ago. Problem is the company has been sold several times since she left.

So is she still entitled to the pension from the new company? And what would the first step be?

[KickSave]

So I'm going through some old paperwork and discovered that my wife is vested for a very small monthly pension from an insurance company she worked for decades ago. Problem is the company has been sold several times since she left.

So is she still entitled to the pension from the new company? And what would the first step be?

Almost any time a company is sold, the company doing the buying must buy all the outstanding obligations of the company they are buying. That would typically include pensions which are simply a form of obligation, a debt if you will. So your task is to follow the trail of ownership, but I'd start with the current ownership. My best guess is, they know what they owe and have some form or process to let people make the claims on those obligations. First step is contact the new company and show them her records indicating her pension, let them guide you through the process. If that becomes a brick wall, then you get to play investigative reporter and track the trail of ownership to who last owned the pension obligation.

[Darrell Green Fan]

Almost any time a company is sold, the company doing the buying must buy all the outstanding obligations of the company they are buying. That would typically include pensions which are simply a form of obligation, a debt if you will. So your task is to follow the trail of ownership, but I'd start with the current ownership. My best guess is, they know what they owe and have some form or process to let people make the claims on those obligations. First step is contact the new company and show them her records indicating her pension, let them guide you through the process. If that becomes a brick wall, then you get to play investigative reporter and track the trail of ownership to who last owned the pension obligation.

Yeah that's kind of what I figured. Is it possible for me to do it you think or will it have to be my wife? She hates dealing with this sort of thing and it will be like getting a teenager to clean her room. I mean we are talking $150/month here.

[KickSave]

Yeah that's kind of what I figured. Is it possible for me to do it you think or will it have to be my wife? She hates dealing with this sort of thing and it will be like getting a teenager to clean her room. I mean we are talking $150/month here.

Can't hurt for you to ask, as her legal representative. They should be able to give you information as to what to do, probably only need her signature or ID once you have that all sorted out.

[Darrell Green Fan]

Thanks Kick.