But today, after driving all the way up to Encino and talking with someone who works for the plan administrator, I came to learn that it is unlikely that I will ever see that five-figure amount. Turns out the plan has been underfunded and hit hard by the lousy market, so the best they can offer me is fifty percent of the amount I thought I'd be getting, minus twenty percent they have to withhold for taxes. After that, I will receive less than $30 per month from now on. That'll pay for all of a pedicure...
Unbelievable! I've already told you how Michael's employer never acknowledged his passing. Well now we know he's not managing his employees pension fund very well either. I feel badly for anyone who's thinking they are going to get much of anything out of it in the future. I always knew Michael's employer was cheap, but this is repugnant!
OK this is SO not what you need right now! This guy sounds downright shady and just cruel, if you ask me. :( If you have paperwork proving otherwise, it also doesn't seem legal to say there is "no money", kwim? I understand loss through stock drops but if there is loss due to matching funds not being put in as per an agreement, I think you have a strong legal leg to stand on. Not that you need anything else to have to worry about! I am so sorry! Oooo I don't like this guy one little bit and I don't even know who he is! It doesn't matter what his name is or what he's done musically...his heart attitude is loud and clear. :(
ReplyDeleteI am so sorry, Joannah! :-(
ReplyDeleteThat is incredibly disgusting. I'm so sorry, Joannah. As if you need this right now.
ReplyDeleteThis is not fair to you or Michael, for the time he gave the company and thought he was leaving you. This man does not appear to be very capable of managing a company let alone peoples future concerning benefits and retirement. I hope you can get things settled and be at peace with all of this. Thinking and praying for you in TX.
ReplyDeleteI am so sorry. I wonder if you have the option to reinvest in funds that might allow you to earn so more funds before cashing out?! ARgghh -it doesn't help with the fact that you have bills that need to be paid right now. Praying it all works out, somehow, someway.
ReplyDeleteWrite his boss a personal letter. Tell him that this came as a surprise to you and, considering the fact that Michael died so young and after a relatively short illness, you had little time to figure these things out. Ask him if there is any way he can personally make good on the amount. Hate to say it, but perhaps because he did nothing to acknowledge Michael's passing, he will feel more likely to now do something financially. You've got nothing to lose by asking. And "the boss" just got a big payout on a song from a certain deceased pop-star...so he's got plenty to go around.
ReplyDeleteOh and if $30 is all you get, well, you get that pedicure every month and enjoy every minute of it :)
I am sorry. This is the last thing you need right now.
ReplyDeleteThat is terrible!! What a shister said boss is.
ReplyDeleteI am so sorry..you should not be having to go through this now. My heart breaks for you.
ReplyDeleteHugs!!
Looks like you've just uncovered the reason for his silence...he knew he'd given a raw deal...I'm so very, very sorry...I wish there were more I could do than pray...my heart is with you! ~Janine XO
ReplyDeleteI am so sorry to hear this news. So unfair on top of everything else you have to deal with. Keeping you in my thoughts and prayers!
ReplyDeleteJanet
Terrible... what a cheat!
ReplyDeleteDid you take anyone with you when you went? I wonder if all they said is really true. Can you have it all looked into by a professional of some sort in these matters?
ReplyDeleteI'm sorry that you have to go through this.