I Tracked Down My Old Pension and Discovered It Was Just an Old 401k

Companies offer various benefits to encourage employees to work for them. For instance, they will cover health insurance and let you contribute to a retirement account.

It sounds simple, but these types of arrangements can get messy if you leave the job or your former company gets acquired by another one. A Redditor found themselves in this position and shared a post in the Retirement subreddit.

The Redditor discovered they were eligible for a pension from a firm they worked at years ago. However, this firm was acquired by another company which was acquired by another company.

That many acquisitions can make it more difficult to access the pension you deserve, but Redditors offered their suggestions in the comments. It turns out the original poster learned about their pension, and the plot twist is quite surprising.

Call Your Company’s HR Department

The best way to get information quickly is to call your company’s HR department and ask about your pension. One commenter said that the purchasing company’s HR department has an obligation to keep records on the administering agency to ensure there aren’t any tangle-ups with acquisitions.

They may be able to help you on the spot or let you know who you have to contact to learn more about your pension.

Reach out to the Railroad Retirement Board and the PBGC

One commenter also suggested reaching out to the Railroad Retirement Board and the Pension Benefit Guarantee Corporation (PBGC) to inquire about your pension. These companies take over pensions when employers can’t pay them. You may end up receiving your pension checks through this company if the firm you worked for went under.

Some Companies Automatically Give You the Pension

You don’t always have to seek out your pension to receive it. One commenter explains that he worked for General Electric for six years. He didn’t think much of the retirement benefits, but then he got a call when he turned 60. It turns out he now receives a $422/mo pension.

It was definitely a pleasant surprise for the commenter, who was a bit shocked. Initially, he thought it was a one-time payment, but he was more than happy to receive pension payments.

What Happened With the Redditor?

The original poster did some digging after reading the comments and contacted Fidelity. It turns out the Redditor had rolled the pension money into a 401(k) many years ago. It has been a part of the Redditor’s current portfolio.

With a flurry of financial moves and complex retirement accounts, it can be easy to forget when you converted a pension into a 401(k). The Redditor joked about the coincidence for a bit before ending with an optimistic “Onward!!!”

If you believe you are entitled to a pension, you now know what it takes to get it. Some companies give it to you automatically, but it’s good to know how to get it just in case. However, before you check on your pension, make sure you haven’t already rolled it into a 401(k) plan.