Possible "Lost" Pension

[jpod]

Any suggestions as to the best way to work through this problem would be appreciated.

Former employee of X Corp. knows he accrued a deferred vested pension under X Corp.'s db pension plan. (He was a manager and eventually an officer, and he worked there for 23 years, so we're not talking chopped liver here.) He left X Corp. long after ERISA became effective, and db plan was still in existence at that time.

Subsequently, X Corp. was acquired, and its acquiror was acquired, and on and on and on. Former employee moved and never notified X Corp. or anyone involved with X Corp.'s db plan that he moved.

Former employee knows who the ultimate successor to X Corp. is at this time; it is a very large Fortune 500 Company. Former employee is approaching age 65 very soon, and has contacted the successor company and given them all of the documentation to help them find "him" and his pension, but so far no luck. They claim they are continuing to research this.

Based on a quick search through PBGC's website, former employee is not listed as a "missing participant" in a terminated plan.

Any ideas as to what the former employee can do on his own, or what "tips" he can give the HR people at the successor company to help them find him and his pension?

[E as in ERISA]

Does he know the form of the various transactions. If any of them were "asset sales" instead of stock transactions, then the plan may not have moved in the transaction. It may still be sitting in a shelled out corporation somewhere.

[jpod]

X Corp, and all the successors, were substantial, publicly-traded companies, so I think it is unlikely that there were any asset sales along the way, or if there was an asset sale, that a plan covering "sold" employees would be left behind.

[mbozek]

If you know the year he terminated then check the 5500 schedule SSA for the plan in which he participated to see the amount of his vested benefit. Separately the participant should receive a statement from SS of vested benefits at ERISA plans when he applies for SS benefits. It is most likely that the employee is a vested terminated participant in some sucesssor plan to the plan in which he participated as of the date he terminated employment. Also ask the employee for any benefits statements he receive from the plan to prove his benefits.

[Guest b2kates]

You did not say when the Participant terminated. What year?

Does he have any prior Participant statements showing his accrued benefit?

I agree with prior comment look for 5500 for plan and see if on SSA schedule

[jpod]

I'm not sure I'm following the line of thinking concerning his listing on the SSA.

Let's say he terminated in 1983, and he was listed on the SSA for 1983. Now what?

We're trying to find out where the X corp db plan is right now. It may have been merged into a plan, followed by another half-a-dozen plan mergers.

Assuming my guy could actually get his hands on the SSA for 1983 (and I'm not sure it's eligible for disclosure by the DOL), what could he do with that?

Insofar as the benefits statement idea is concerned, obviously, if he had a recent benefits statement, that would be nice. However, there is the problem with his change of address long ago which I mentioned in my first post.

[mbozek]

I thought that the amount of the vested benefit and NRA were supposed to be listed on the SSA form for each participant who terminated with a vested benefit that was not distributed.

[Guest Keith N]

Has he asked any of his contemporaries if they ever got anything? Benefit Statements, SPD, SAR, Notice of Plan Terminations, Notice of Plan Merger, etc... Lots of possibilities, but most require some sort of participant notification. Maybe some old co-workers have kept in touch better.

With all the merging, the liabilities may have been sold to an insurance company.

[Guest Barge Girl]

You can check on 'freeerisa.com' for 5500 filings. Perhaps you could locate the trustee and track down the benefit that way.

The Schedule SSA is not for public inspection.

[david rigby]

Correct, the SSA is not open to public inspection, but the individual could request that the company look at previous SSA's. BTW, if he terminated in 1983, then he did not have to be on an SSA until 1984, that is the 5500 filed for the 1984 plan year.

Another source of information might be the actuary or consulting firm providing services, even if no the current one. Again, the plan sponsor will have to make that request.