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Started By
Message
Question About Inheriting A Pension
Posted on 3/7/23 at 9:47 am
Posted on 3/7/23 at 9:47 am
My stepfather worked at M&M/Mars for many years. He passed away in 2017 and my mother received a monthly pension payment from them until she died in late 2019. I was always under the impression that only a spouse or minor children that the deceased still had at home could inherit a pension income. But I got a letter yesterday addressed to my mother’s estate requesting that I contact them about benefits that are due to the estate. I emailed as instructed, but haven’t heard back yet. Am I wrong about the spouse and minor children comment above?
This post was edited on 3/7/23 at 9:48 am
4
Posted on 3/7/23 at 10:00 am to auwaterfowler
Depends on what they chose as their payout initially.
Sounds like a period certain could have been elected, meaning the payout would continue for at minimum for an elected period of time.
Sounds like a period certain could have been elected, meaning the payout would continue for at minimum for an elected period of time.
Posted on 3/7/23 at 10:00 am to auwaterfowler
Depends on the plan - I am guessing that M&M Mars has a kick arse plan for retirees and their family….probably union counsel draft.
I have seen pensions transfer to non minor / non dependent surviving children. I don’t believe I have seen benefits extend to step children.
Some key things - start the documentation process - hard and soft copy - you will be shocked how often you refer to previous communications.
Don’t make a snap decision if lump sum or payment decisions are required - do the math.
If it is a material amount, an estate attorney or cpa that specializes in these matters is worth every penny.
If you lump sum out, don’t fall prey to investment advisors that charge large amounts for little benefit rendered.
I have seen pensions transfer to non minor / non dependent surviving children. I don’t believe I have seen benefits extend to step children.
Some key things - start the documentation process - hard and soft copy - you will be shocked how often you refer to previous communications.
Don’t make a snap decision if lump sum or payment decisions are required - do the math.
If it is a material amount, an estate attorney or cpa that specializes in these matters is worth every penny.
If you lump sum out, don’t fall prey to investment advisors that charge large amounts for little benefit rendered.
Posted on 3/7/23 at 11:32 pm to auwaterfowler
Was the letter from a Nigerian prince?
Posted on 3/8/23 at 3:42 am to auwaterfowler
He’s probably got a life insurance policy. Pensions end when the mom died.
Posted on 3/8/23 at 6:06 am to baobabtiger
quote:
He’s probably got a life insurance policy.
We had a relative who worked an industrial job and retired many years before he died. We found out by fluke that he might have had some life insurance for $2K through the union. He never mentioned it during his life, so I bet he never knew or forgot. It paid.
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