- Banned
- #1
Richard Durham retired from Jacksonville Florida on March 1st. Rich did everything he could to make his change to retirement a pleasant one, Well Guess what? According to a letter he received on May 3rd stating that me would be finally getting his first check on July 1st, and also another check for what was owed to him retroactive back to March 1st.
Now on July 1st, he gets a call from PBGC, that due to an error, his paper work was put in the group for August. He called them to see if some thing could be done, since he had been counting on this check and the other one to get caught up on bill s that needed to be paid, like his house payment, he had been moving money around and robbing Peter to pay Paul to get by. Of course, the people he talked to said nothing can be done, that there are rules that are set up by PBGC and you can not change them.
He also found out that not only does he have to wait until August 1st to get his first pension check, the other check that is for what is owed to him since March can be rolled over into an IRA to get the full amount, which would come to a little over $7000.00, or if he want it in cash to help him catch up on his bills, he can only get $5000.00 of it because this is the maximum they are allowed to pay so the rest is figured into some 20% penalty he have to pay. All this because he have been forced to wait until August instead of July like he was told previously in my letter dated May 3rd.
Doesn't it just keep getting better and better? And with the union saying they can't do anything about it, we "just fell between the cracks", said Durham.
Now on July 1st, he gets a call from PBGC, that due to an error, his paper work was put in the group for August. He called them to see if some thing could be done, since he had been counting on this check and the other one to get caught up on bill s that needed to be paid, like his house payment, he had been moving money around and robbing Peter to pay Paul to get by. Of course, the people he talked to said nothing can be done, that there are rules that are set up by PBGC and you can not change them.
He also found out that not only does he have to wait until August 1st to get his first pension check, the other check that is for what is owed to him since March can be rolled over into an IRA to get the full amount, which would come to a little over $7000.00, or if he want it in cash to help him catch up on his bills, he can only get $5000.00 of it because this is the maximum they are allowed to pay so the rest is figured into some 20% penalty he have to pay. All this because he have been forced to wait until August instead of July like he was told previously in my letter dated May 3rd.
Doesn't it just keep getting better and better? And with the union saying they can't do anything about it, we "just fell between the cracks", said Durham.
