Mid-America Pension Rights Project locates “lost” pensions for 70 people
A common problem encountered by the staff of the pension counseling projects is “lost” pension plans. A pension plan can be “lost” when one company ends its business, merges with another, relocates or changes its name. The pension counseling projects are often contacted by people who no longer work for a company and are unaware of any subsequent changes that could affect their pensions.
This was the case when the Mid-America Pension Rights Project was contacted by John B. Grot, who had retired from Republic Buildings Corporation (RBC) in the 1980s. Mr. Grot knew he was entitled to a pension, but couldn’t find his former employer to claim it. This is when the staff of the Mid-America Pension Rights Project put their detective hats on to locate their client’s lost pension.
The Mid-America Pension Rights Project staff discovered that RBC had changed hands multiple times after Mr. Grot retired and was now owned by Republic Steel. Through its hard work, the counseling project was able to find Mr. Grot’s pension, worth $75,000 or $320 per month. The counseling project also found that, in addition to Mr. Grot, 70 other former employees also had pensions waiting for them.
If you worked for Republic Buildings Corporation and believe you are entitled to a pension, contact the Mid-America Pension Rights Project at (866) 735-7737 or online at www.mid-americapensions.org.
The Mid-America Pension Rights Project works with individuals in Indiana, Kentucky Michigan, Ohio and, Pennsylvania and Tennessee. To date, the Mid-America Pension Rights Project has recovered $48 million in benefits for 10,000 clients.
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A lump-sum distribution is a method of paying benefits from a pension plan in which a participant's entire beenfit is paid out in a one-time payment. Lump sum distributions are sometimes called cash outs.