topic Re: Pension Audit in Community Chat

Pension Audit

QVCkitty1 — Wed, 29 Jun 2022 15:10:36 GMT

I received a piece of mail from my former company that I had to sign for. Of course I said oh @#$, what now. Well it seems that as a result of an audit we were underpaid and not given all relevant information when we retired. We will get a revised amount plus a check for the amount we were underpaid. I'm glad to get the money , but how does this happen ? I guess I'll never know.

Re: Pension Audit

millieshops — Wed, 29 Jun 2022 15:25:23 GMT

@QVCkitty1 When I retired, the pension system told us upfront that our early checks might not be completely accurate. As I remember, any of us who saw a change all received the missing money within a month or two. Wasn't a huge amount. If any retiree had a problem with that much less for a few weeks, I'd question whether they had enough to retire!

Re: Pension Audit

chrystaltree — Wed, 29 Jun 2022 15:27:43 GMT

It happens for many different reasons because no electronic system is perfect and person is perfect. Miscalculations happen, payment policies change, information required to determine policy sometimes changes. I once worked for SSA in a quality control field position and part of my job was reviewing cases to ensure that recipients were being paid properly. When we found an error, we'd research for other potential cases. We'd correct underpayments but administratively waive reasonable overpayments as long as the recipients were not responsible in any way.

Re: Pension Audit

QVCkitty1 — Wed, 29 Jun 2022 15:29:50 GMT

@millieshops wrote:
@QVCkitty1 When I retired, the pension system told us upfront that our early checks might not be completely accurate. As I remember, any of us who saw a change all received the missing money within a month or two. Wasn't a huge amount. If any retiree had a problem with that much less for a few weeks, I'd question whether they had enough to retire!

@millieshops , The amount won't change my life, but I'm glad to get it. This goes back to 2011, so it has been awhile.

Re: Pension Audit

Imaoldhippie — Wed, 29 Jun 2022 15:52:20 GMT

@QVCkitty1 ,,,,,,,How does this happen? Its called corruption. Im glad you got your money back. It could have been much worse.

Re: Pension Audit

hopi — Wed, 29 Jun 2022 15:55:38 GMT

@QVCkitty1 wrote:
I received a piece of mail from my former company that I had to sign for. Of course I said oh @#$, what now. Well it seems that as a result of an audit we were underpaid and not given all relevant information when we retired. We will get a revised amount plus a check for the amount we were underpaid. I'm glad to get the money , but how does this happen ? I guess I'll never know.

They either got caught cheating their employees or total incompetency in the accounting and retirement departments.

Congrats.... Christmas in July

Re: Pension Audit

qvcaddition — Wed, 29 Jun 2022 15:56:24 GMT

@QVCkitty1

@QVCkitty1 wrote:
I received a piece of mail from my former company that I had to sign for. Of course I said oh @#$, what now. Well it seems that as a result of an audit we were underpaid and not given all relevant information when we retired. We will get a revised amount plus a check for the amount we were underpaid. I'm glad to get the money , but how does this happen ? I guess I'll never know.

PLEASE READ THIS. THIS MAY ANSWER YOUR QUESTION.

In 1996 I retired and told I had no retirement because I wasn't vested had not been with the company 5 years, just 4 years and 6 months. Fast forward 20 years later 2016 when I was 80 years old and was told I had to take my retirement money. I called them and was told, that the retirement company that brought the old company had an audit and found I had money I should have taken at age 70. I was getting those letters, but kept throwing them away. Well I finally called and answered the questions. One morning I look at my checking account and over 26,000 was deposited in it.

I almost threw up thinking they put someone else's money into my account by mistake. No mistake. Twenty years of interest and money that was due me, so companies make mistakes.

I won't go into all the details, but this may be what Happen to you.

Re: Pension Audit

Sage04 — Wed, 29 Jun 2022 15:58:49 GMT

@QVCkitty1 wrote:
@millieshops wrote:
@QVCkitty1 When I retired, the pension system told us upfront that our early checks might not be completely accurate. As I remember, any of us who saw a change all received the missing money within a month or two. Wasn't a huge amount. If any retiree had a problem with that much less for a few weeks, I'd question whether they had enough to retire!
@millieshops , The amount won't change my life, but I'm glad to get it. This goes back to 2011, so it has been awhile.

@QVCkitty1 from 2011 until now, I hope it makes a big difference. Do you know if it will include interest?

Re: Pension Audit

Sage04 — Wed, 29 Jun 2022 16:07:57 GMT

@qvcaddition wrote:
@QVCkitty1
@QVCkitty1 wrote:
I received a piece of mail from my former company that I had to sign for. Of course I said oh @#$, what now. Well it seems that as a result of an audit we were underpaid and not given all relevant information when we retired. We will get a revised amount plus a check for the amount we were underpaid. I'm glad to get the money , but how does this happen ? I guess I'll never know.
PLEASE READ THIS. THIS MAY ANSWER YOUR QUESTION.
In 1996 I retired and told I had no retirement because I wasn't vested had not been with the company 5 years, just 4 years and 6 months. Fast forward 20 years later 2016 when I was 80 years old and was told I had to take my retirement money. I called them and was told, that the retirement company that brought the old company had an audit and found I had money I should have taken at age 70. I was getting those letters, but kept throwing them away. Well I finally called and answered the questions. One morning I look at my checking account and over 26,000 was deposited in it.
I almost threw up thinking they put someone else's money into my account by mistake. No mistake. Twenty years of interest and money that was due me, so companies make mistakes.
I won't go into all the details, but this may be what Happen to you.

@qvcaddition It pays to open every piece of mail. So glad it worked out for you.

I just asked @QVCkitty1 about interest from 2011 so she should get that also I believe.

Re: Pension Audit

spiderw — Wed, 29 Jun 2022 16:11:22 GMT

A few times during the 41 years I worked, I experienced this problem with the pension. Each time we were notified as to he situation and we received the money owed. Thankfully no damage done and thankfully the pension I receive provides financial security.

Re: Pension Audit

QVCkitty1 — Wed, 29 Jun 2022 16:11:38 GMT

@Sage04 wrote:
@QVCkitty1 wrote:
@millieshops wrote:
@QVCkitty1 When I retired, the pension system told us upfront that our early checks might not be completely accurate. As I remember, any of us who saw a change all received the missing money within a month or two. Wasn't a huge amount. If any retiree had a problem with that much less for a few weeks, I'd question whether they had enough to retire!
@millieshops , The amount won't change my life, but I'm glad to get it. This goes back to 2011, so it has been awhile.
@QVCkitty1 from 2011 until now, I hope it makes a big difference. Do you know if it will include interest?

@Sage04 , yes there will be interest.

Re: Pension Audit

millieshops — Wed, 29 Jun 2022 17:36:04 GMT

@QVCkitty1 Wow! Good surprise.