Tens of billions of dollars sit unclaimed in pension accounts from U.S.

1 Feb

Approximately 58 billion dollars in U.S. pension accounts waiting to be claimed from authorities and private organizations shown by a study of a pension fund mentioned on CNN Money. The money comes from various sources including abandoned bank accounts, insurance policies unclaimed or forgotten pension benefits.

A total of 38,000 people have to recover over 300 million dollars in pension funds, unclaimed amounts ranging from 12 cents to $ 704,641 with an average of 9100 dollars according to the Pension Benefit GuarantyCorp. Such financial benefits remain unclaimed because employees reached retirement age does not know they have to collect pensions from former employers.

Most of the money lost, totaling 41.7 billion dollars are in state property.

By law financial institutions and other companies are required to give the state any funds considered “abandoned” including money in forgotten bank accounts, checks not cashed or safe deposit boxes. Among unclaimed valuables discovered by authorities are diamonds or liquor bottles.

Properties are considered to be abandoned if the holder has not interested in them for many years.

Authorities then try to find the owner through the internet, in newspapers and at public events. However, most of the money remains unclaimed in state property which is used to finance various government operations.

Holder’s ownership remains valid.

The states with the most missing pension participants and money to be claimed are:Retirement

  • 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)

Claiming your pension is easy. Since 1996, is offered an interactive tool for people who may have lost track of a pension earned during their career. This tool allows you to search by last name, company name, or state where the company was headquartered.

What happens if you search and find your name on the list? First, to verify your identity, you will be asked for more details, including proof of age and other vital statistics. This process generally takes 4-6 weeks.

Then, once it is establish that you are the person they owe the benefits, you may apply for them at any time. After it is received your completed application you will receive your first payment within two months, if you’re already eligible to receive benefits. If you’re entitled to future benefits, you’ll begin receiving them when you reach retirement age.

Source: http://www.pbgc.gov


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