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I scrapped the diary I had planned for today so I could get this out. I was conversing yesterday with someone who, while not at all in need, still gets by by counting every penny, and I thought maybe others here are in a similar situation. I was truly distressed to find that my friend had some money that could have been accessed, but it was too late for part of it.
This information definitely applies to state or local government employees who are exempt from social security because their state has its own retirement plan. In Kansas, it’s KPERS, and it includes teachers. In Missouri, public schools have their own system, except in Kansas City and St. Louis, who have a separate plan that includes librarians. I don’t know about other employers who have their own plans, but do check into any plan you may have contributed more than 10¢ to. You don’t have to be retired, just as long as you are no longer working under that particular system.
Backing up a bit. I retired in 2010 from teaching in the Kansas City Missouri school system. As I was planning my retirement and making arrangements, I was looking for a form. I went over the retirement system’s website several times and couldn’t find it, but three times I went past a link, “Unclaimed Property.” Well, darn, what could that mean? If you left something in your classroom of any value at all, it would be grabbed by another teacher before you were out of the parking lot. So I clicked on the link, expecting to see things like abandoned Monopoly games or flash cards. Instead, it was a list of people who had left the district with fewer than the 5 years needed to be vested. That money was available for them to claim. They just had to ask. (It also included librarians; they were under the same system.) I went through the list and pulled out the names I recognized, and I went about tracking them down.
Yesterday my friend mentioned she had taught for a short time in three states but the money she had paid into their systems was lost. Being the more tech aware person (by far), I checked into it. One state had a form she could request for a refund. (Yea!) Another state (Kansas!) allowed that money to be withdrawn, but only if you applied within 5 years of leaving. (Darn! That money was truly lost.) The third state had no mention of that situation but it did have a number to call.
It seems at least she’ll get one payout.
If you are in a similar situation, employed by any government agency that had its own retirement plan, maybe even in addition to social security, check with them.
And with “Unclaimed Property.” I regularly scan the state websites for money owing. I’ve found almost none for myself, just one $5 overpayment to a hospital, and I have no idea why they didn’t either credit my account or send me a check. But for friends, I’ve found a lot. And I do mean a lot. My niece had several hundred owning to her in her state. A friend’s cousin had $14K owing to her dad (she was an only child, dad was deceased, and he had owned a very popular upscale restaurant). Most people don’t have huge amounts like that, but many had a few hundred. And then there’s my youngest sister. She watches her money carefully (she was an accountant, not that she’s in any kind of need), and she didn’t have even 1¢.
If you are the heir, or one of the heirs, check the names of any deceased relatives. My grandmother had two insurance policies, not a great amount but still enough to make it worthwhile to split it among the grandkids—all 7 of us got just over $200 each.
And while you’re here, check out this week’s Community Needs List. Also check each day’s PWB diaries. BMScott updates the needs in the comments there.
(I’m still having internet connection issues. I’ll be around when I can get online but I may get bounced off at any time.)