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Pension Refund and checking your balance
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Faminista



Joined: 19 Sep 2011

PostPosted: Mon Jul 02, 2012 3:57 am    Post subject: Reply with quote

I left Korea a couple days ago, having applied for my pension refund more than two weeks ago. My application went through without a hitch, so no problem there.

However, passing through immigration at the airport, I didn't turn in my ARC and as far as I can tell, my E2 Visa hasn't been cancelled. I tried turning over my ARC, explaining that I was leaving permanently, but the immigration agent, whose English wasn't fantastic, shook his head and handed it back to me. So I shrugged and went through immigration.

Is this going to be a problem when it comes to receiving my pension refund? I quit before my contract was finished, technically, and that was something I cleared with my employer quite awhile ago -- I was able to give them an eight week notice, so they definitely knew that I was leaving.

Has anybody had a similar experience? Or know enough about the process to give some advice?
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canoe_jesuit



Joined: 22 Nov 2008
Location: seoul

PostPosted: Mon Jul 23, 2012 10:25 pm    Post subject: pension Reply with quote

the daejeon pension office told my current employer that I must get my old employer (which i worked 2 years) to send some form to the pension office stating the dates i worked there.

As far as I know this step is BS. Why would I need to involve my last employer? Why would they want to fill out some form?

Can anyone shed some light?

I thought I just have to go to the pension office with my 1-way ticket and proof that my current job is ending (e2 visa card)
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Mon Jul 23, 2012 11:59 pm    Post subject: Re: pension Reply with quote

canoe_jesuit wrote:
the daejeon pension office told my current employer that I must get my old employer (which i worked 2 years) to send some form to the pension office stating the dates i worked there.

As far as I know this step is BS. Why would I need to involve my last employer? Why would they want to fill out some form?

Can anyone shed some light?

I thought I just have to go to the pension office with my 1-way ticket and proof that my current job is ending (e2 visa card)


You have to make sure that your employers have contributed. If they registered you but didn't pay all, the pension office is not likely to give you the money.

It does make sense they would require this for 2 reasons:

1. They want to know how much to expect from one employer.
2. They want to know how much to expect from your other employer.

If you show them 2 contracts, this can help to pinpoint when you left one school and went to the other. Perhaps a form isn't needed if the employers are willing to contribute their share.

Have you had any problems with your earlier employer? Get that sorted first, then the next employer.
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canoe_jesuit



Joined: 22 Nov 2008
Location: seoul

PostPosted: Fri Jul 27, 2012 3:25 am    Post subject: first employer Reply with quote

pension office has confirmed i'm getting the money from my previous job... the pension office told my current job they should give me the money which means, i think, that my current job didn't make payments. if they did, wouldn't the pension office be refunding me instead of my school?
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Fri Jul 27, 2012 3:46 am    Post subject: Reply with quote

yes, when they get all contributions they will start the process.
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canoe_jesuit



Joined: 22 Nov 2008
Location: seoul

PostPosted: Fri Jul 27, 2012 7:15 am    Post subject: Reply with quote

what do you mean? "when they get all the contributions..."
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Fri Jul 27, 2012 8:09 am    Post subject: Reply with quote

School A owes 100
School B owes 50

Pension office will wait until it gets 150 and then process the paperwork, and 1 month later you will receive your money. Pretty straight forward.
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halophex



Joined: 03 Feb 2010

PostPosted: Mon Jul 30, 2012 8:48 pm    Post subject: Reply with quote

duke of new york wrote:
How do I go about getting my pension refund from the US, after leaving Korea, if I didn't apply for it in Korea? I just looked through all 24 pages of this thread, and there is no up to date information on this. Thanks!


I just successfully applied for my lump sum refund from the US. Here's what I did.

1. Fill out an application. For US citizens, you need to fill out the "Application for Korean Benefits under the Korea-U.S. Social Security Agreement". Canadian citizens have their own special form to fill out. I got this document by contacting NPS directly on their website. http://english.nps.or.kr/erms/mail/english/MailList.jsp

There are like 12 pages in this app. You only need to fill out 2 or 3 of them as the rest aren't applicable to lump sump refunds. **Important -- all pages (even those that you didn't have to fill out) need to be stapled together and included for the application to be considered complete.

2. Get the last page of the application notarized by a normal US notary. Then you have to get a Korean Consulate to attest your application (meaning they basically just notarize it again but in Korean). I contacted the nearest Korean Consulate in Atlanta to ask about the process. I had to go in person to the Consulate to have my application attested. Be sure to bring your passport when you do so. Other Consulates may attest by mail, I'm not sure. They charged me $4.

3. Send in your application, copy of passport, copy of ARC (if possible), and a voided check from your bank account which has only your name on it. Here's where I'm going to throw in a note of caution. I sent in a voided check with my application and NPS immediately e-mailed me saying my application was incomplete. Maybe they lost the voided check. For a second there I thought I was screwed. But I was able to email them an image of one of my checks and this appeased them. If I had to do it all over again, I would send as many different types of bank documentation as possible: a voided check, a copy of a recent statement, even a letter from the bank on official looking letterhead showing my account number and routing number.

4. I sent all this by Fedex to the local NPS office in the city I worked in (Cheongju). I got the address from central NPS office. You can get the address you need by going to the National Pension Service website and contacting them. There's a Q&A page where you can submit questions. Go here http://english.nps.or.kr/erms/mail/english/MailList.jsp and click the Write button at the bottom. I did this and got a speedy and thoroughly helpful response with specific instructions on how to apply and where to send my application.

I was really suprised how quickly they processed my application. They received it on Wednesday afternoon Korea time. The money was in my bank account by the next Monday evening US time. They said it typically takes 5 business days so that turned out to be pretty accurate.

Anyway, if you have any questions about the process feel free to message me or you can email me at (my Dave's ESL cafe user name)@yahoo.com
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oppa637



Joined: 05 Dec 2011

PostPosted: Mon Jul 30, 2012 10:29 pm    Post subject: Reply with quote

Is the Pension amount taxed? Or do you receive the full amount?
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LuckyNomad



Joined: 28 May 2007

PostPosted: Mon Aug 06, 2012 5:43 pm    Post subject: Reply with quote

I'm curious about something.

I have worked in the public schools for many years and taught in 3 different locations in the same province. I have an F-6 visa. I want to get my pension money out(which is quite a lot now), but I am not going to leave Korea permanently. I want to take a quick trip to Japan or China for maybe three days just to get the money out.
If I show them a one way ticket to Japan, can I tell them to put the money in my Korean account? What if I come back after only three days? Would they find out and cancel the pension refunding process?

Could I get the money that my previous schools paid without leaving the country or are the public schools all considered one employer?
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Mon Aug 06, 2012 8:23 pm    Post subject: Reply with quote

Quote:
What if I come back after only three days?


Therein lies the problem. They take up to a month to process it all. It's not like a bank transaction or sending a package.

Maybe you could take more time off after the end of your next contract period. Then, stay abroad until you receive it. Return afterwards.

I don't think they would stop the process if you come back after receiving funds. It would just start over.
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LuckyNomad



Joined: 28 May 2007

PostPosted: Mon Aug 06, 2012 10:05 pm    Post subject: Reply with quote

Well I am quitting the public schools and starting my own institute so I wont be needing to make a new account. I am only worried about them stopping the paper work and refusing to give me the moneybecause I came back before it all gets processed. Like if they ask immigration if I left and find out I am back.
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Mon Aug 06, 2012 11:57 pm    Post subject: Reply with quote

LuckyNomad wrote:
Well I am quitting the public schools and starting my own institute so I wont be needing to make a new account. I am only worried about them stopping the paper work and refusing to give me the moneybecause I came back before it all gets processed. Like if they ask immigration if I left and find out I am back.


I don't see what that has to with the fundamental way they do things. Regardless if you start your own school or work for another school, you are not supposed to get pension until you leave Korea. The assumption is that you will leave for good.

I will spell it out. You leave, and then you return 3 days later. The pension office will not be doing anything during those three days besides processing other people's forms/applications. When they do get around to actually doing something with your paperwork you will already be back in Korea and they will not give you the money.

They will give you the money when they are convinced you aren't coming back. This money is yours and you are owed it, but you have to be out of the country.

Keep it simple. If you want the money, leave the country and come back after you receive the funds. You can check your balance online. Since you are starting your own school, then this should be easier because you don't have to go back when a hagwon owner wants you to.

Is this clear now?
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LuckyNomad



Joined: 28 May 2007

PostPosted: Tue Aug 07, 2012 12:15 am    Post subject: Reply with quote

It is clear. However, I already have quite a few students and will formally start the school about a week after I finish my public school job.

If I can't get it that way, I know there is an airport option which seems to give you the money at the airport. Has anyone ever done that before?
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Tue Aug 07, 2012 12:40 am    Post subject: Reply with quote

LuckyNomad wrote:
It is clear. However, I already have quite a few students and will formally start the school about a week after I finish my public school job.

If I can't get it that way, I know there is an airport option which seems to give you the money at the airport. Has anyone ever done that before?


I haven't, but I think you are grasping at straws there. You might be able to apply for pension at the airport if you need to and completely forgot to do this before. You are sitting waiting for the plane and you think, "OMG!!! I forgot to apply for pension." This is for the typical E2 visa holder who is not married to a Korean and will never return to Korea.

With this handy dandy airport service, they can now apply. They still have to wait 30 days. I could be wrong, but I read online they pay this on the 10th, so they would have to make an exception for anyone wanting to collect pension funds before or after the 10th. I highly doubt it.

Let's keep it simple, leave the country, wait for the funds and then re-enter. Or do you want to put in another quarter and doubt me again?

What other ideas do you have drummed up?
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