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Westminster Home > Westminster in the News > 9/15/2009

Get Gephardt: Vanishing Pension

Connect 2 Utah
Tuesday, Sep 15, 2009 @10:18am CDT
Bill Gephardt

What happened to the money in a West Jordan man's retirement account? It apparently just vanished. And when his bank would not tell him where his $500 went, and would not give it back, it was time to Get-Gephardt.

It is likely that most of us don't spend a lot of time pouring over the balance in our retirement accounts. And if you did, would you notice $500 missing? This guy did by chance. But worse, when he raised questions, his bank wouldn't say what happened or give it back. So, Bill Gephardt got involved.

Alex bishop worked for just over a year as a security guard for Westminster College. And during that time, he made contributions to a pension retirement account through A.I.G. VALIC.

And then one day, when he looked over his account statement, something was wrong.

"The money was there and then it wasn't," Alex says.

That's right. More than $500 was missing. Alex called A.I.G. VALIC but he says that didn't do any good.

“The explanation they gave didn't make sense," Alex says.

Alex says A.I.G. VALIC told him that due to a clerical error, the money had not been invested properly. So after doing the math, A.I.G. VALIC readjusted the account and took $500 out.

“If the money was there and then they readjusted it, where did that money go?" says Alex.

So, this time, Get Gephardt called A.I.G. VALIC and said, “What happened to Alex's 500 bucks?”

And look what happened. Alex got a check from A.I.G. VALIC, sent U.P.S. overnight for $516.67.

“They're giving me back the money," Alex says.

A.I.G. VALIC wrote, "In light of the many errors which have occurred, VALIC has granted reimbursement of the market loss."

A.I.G VALIC says all these errors happened because they originally invested the money under the wrong social security number.

http://connect2utah.com/content/gephardt/story/?cid=50831

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