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Stan Rogers
Joined: 20 Aug 2010
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 Posted: Wed Mar 30, 2011 6:52 pm Post subject: |
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| busanmum wrote: |
| ttompatz wrote: |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years. |
Thank you, once again, Tom. Do you know if this is also the case with the KTPF? From what I understand, it 'vests' in the 6th year of contributions.
1. Does it also count towards the CPP?
2. Is there a time limit on withdrawing your contributions as cash on the KTPF?
One poster said that all the pension funds are treated the same, but I couldn't find evidence to support that. |
I knew a man who was in the KTPF for 6 years and was able to withdraw all of his pension money. Don't know about anyone who was in that plan longer than that.
Governments don't negotiate seperate treaties for individual pension plans. That would be just crazy. One rule fits all.
There are some small variations depending on the country the Koreans made the treaty with. That's why I suggested each person check their own country's deal.
Last edited by Stan Rogers on Wed Mar 30, 2011 6:56 pm; edited 1 time in total |
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Unposter
Joined: 04 Jun 2006
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| Posted: Wed Mar 30, 2011 6:53 pm Post subject: |
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I am not expert in these things the way Ttompatz is but I think the OP is talking about the National Pension which vests after 10 years but most schools at least public schools and universities have phased out the national pension and mostly use the Private School Pension. The Private School Pension vests after 20 years.
I believe Americans may leave their Pension in Korea or transfer it to Social Security.
My understanding is that when you retire from the Private School Pension (assuming at least 20 years in) you get a small lump sum and then monthly payments (for life) starting around 62 or 63 or something like that.
Please correct me if you know something different. |
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Johnwayne
Joined: 28 Jun 2007
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| Posted: Wed Mar 30, 2011 6:55 pm Post subject: |
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| Swampfox10mm wrote: |
| All I know is that I left my public school money (national) in because I heard that's what you're supposed to do. I'd read once that you should leave it there until you leave Korea, or you could get into trouble. That turned out to be wrong advice. It was about $4,000 or so. I then moved on to a university, and about three or four years into the job, the national pension office called my university. This was odd, because they had to track me down to do it. They told me to come take it out as soon as possible, so I did. I put it in a high-interest CD, and there it sits. I'm from the USA, btw. |
What is this? You can withdraw the money before you plan to leave Korea? What happened to needing a departing plane ticket and all that? |
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busanmum
Joined: 29 Nov 2010
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| Posted: Wed Mar 30, 2011 8:45 pm Post subject: |
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| ttompatz wrote: |
Private pension plans have their own rules and are NOT governed by the bilateral treaties or by the NPS.
I know nothing about the specifics of the KTPF. |
Thanks again. Appreciate all the info. |
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sojusucks
Joined: 31 May 2008
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| Posted: Fri Apr 01, 2011 1:53 am Post subject: |
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| Thanks for the links and info. Like I posted, I was told that it was 5 years and I wanted to check this out. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 01, 2011 7:24 am Post subject: |
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| naturegirl321 wrote: |
| ttompatz wrote: |
| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
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So if I stay more than 10 years, then leave, I withdraw the pension when I'm 65 from the US? It gets transfered over there? |
I don't know about the rules for Americans who are "vested" (have more than 10 years of contributions paid) into the NPS.
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john
Joined: 15 Jan 2003
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| Posted: Fri Apr 01, 2011 10:03 am Post subject: Here is the deal |
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For my experiences. I worked 1 year in a hagwon getting the national pension and changed jobs to University with a private pension for 7 years.
So after 8 year of work in S Korea I was leaving and tried to collect both pension funds. The private was no problem. But for the national pension office said that since I did not claim it within 5 years I could not collect it now, but they would be gladly return it to me at retirement age 62 or 65 years old.
So I am keeping a photo copy of my old arc counting the days. |
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sojusucks
Joined: 31 May 2008
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| Posted: Fri Apr 01, 2011 7:22 pm Post subject: Re: Here is the deal |
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| john wrote: |
For my experiences. I worked 1 year in a hagwon getting the national pension and changed jobs to University with a private pension for 7 years.
So after 8 year of work in S Korea I was leaving and tried to collect both pension funds. The private was no problem. But for the national pension office said that since I did not claim it within 5 years I could not collect it now, but they would be gladly return it to me at retirement age 62 or 65 years old.
So I am keeping a photo copy of my old arc counting the days. |
Did you ever get an account statement from the Pension office? |
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Ice Tea
Joined: 23 Nov 2008
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| Posted: Sat Apr 02, 2011 6:01 am Post subject: |
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This is certainly news to me. Thanks for the one who posted the link. It seems to me that the CPP credit is even better than the lump sum. You don't have to worry about not getting pension should you return to Korea later and you get credited as paying into the Canadian Plan, which has the Old Age Security Benefit should we need it.
I'm leaving mine in. Done. |
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