You may also call our office 415-459-2319 between 8 a.m. and 4 p.m. Pacific Standard Time (PST).  Thank you in advance for your response.

“I worked for them almost 18 years and didn’t think I’d be getting a pension. This is a great surprise.”
- Former employee, Major Hotel Chain

“I didn’t know All Steel had been acquired by another company who would have my benefits. I’m glad I got a second letter, because I shredded the first one. I’m so glad I called you.”
- Former employee of All Steel (Now Invensys)

“I worked for Clevite 10 years ago. This could be big! I tried to get the government to help me find these benefits 2 years ago and they said they could find nothing.”
-Former Clevite employee, Major Packaged Foods/Food service Corporation

“I have been trying to find these benefits for years! Some of these benefits with IBEW go back 30 years and I have been able to find nothing until now.”
-IBEW participant, Major Union Fund

“I have been trying to find out about this pension for the last year. I keep calling my former employer and have never been able to get any information.”
-Former Union worker

“I am approaching 65 and didn’t know how to collect my pension. I was thrilled you found me.”
-Hotel/Restaurant Union employee

“The upload and download were both very painless and the turn around time was less than a day. I am a satisfied customer. Thanks for the follow-up.”
-Bank Client

“Thank you very much for your help. I really like using the PBI website to submit social security sweeps and receive responses regarding the sweep.”
-Third Party Administrator Client

“The monthly file submission is working great! We were not aware of Jane Does’ death until she appeared on the PBI report – in fact, we still have not been notified or contacted regarding her death and she would have been overpaid for July’s payroll had we not submitted the files monthly. We have been reporting ‘catches’ like these to the Board of Trustees at their meetings as well and they seem pleased with the way things are working.”
-Third Party Administrator Client

One company that is struggling with this issue is Pension Benefit Information. I spoke with their President, Sue McDonald earlier today. Pension Benefit Information’s job is to locate consumers that are owed pension money and to try to connect them with forgotten benefits. The company does this by sending letters to the consumer on behalf of their former employer. Unfortunately, many of their clients ignore these letters and choose to forgo the benefits that they are owed.

This is a classic example of how being too concerned about identity theft can sometimes actually be a bad thing. If you ignore a letter from Pension Benefit Information because you think it is a scam, you are throwing money down the drain. So what should you do if you receive a letter from a company like Pension Benefit Information? Don’t immediately shred it. Instead, conduct a mini-background check to see if the letter is authentic.

Start by reading the letter to see if the information it contains is accurate. Con artists will probably not have correct information about details like your previous employer. Next, run a quick search with the Better Business Bureau online. Finally, use Google to search for information about the company’s program and their contact information online. If you still have questions, you should call the company directly to verify their authenticity.

Being aware of identity theft risks is still a good thing. You have the power to stop phishing, scams and fraud. But there also needs to be a balance. You can learn more about Pension Benefit Information’s services at www.pbinfo.com or www.aboutmyletter.com.

Posted by Emily Davidson on January 27, 2006 at 10:07 AM | Permalink
http://www.creditbloggers.com/2006/01/pension_money_m.html