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hellakitty
Joined: 15 Sep 2007
Location: Variable
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 Posted: Wed Jun 01, 2011 1:34 pm Post subject: Applied for Pension but left early - what next? |
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My contract was up on May 31st. I went to the pension office and filed my papers at the end of April, no stress, no bigs. Long story short I ended up leaving early (May 12) and did NOT hand in my ARC when I left (I got nervous, didn't want any questions asked).
So now I am wondering: will my pension still go through? I basically quit my job and flew out that day (there was no incentive to finish the contract, which my boss frequently broke, and I wanted out early to travel).
Should I notify immigration of my permanent departure? I do have the contact info for the person who handled my pension but I was thining I should make sure immi knows I'm gone before I contact NPS.
Any advice/insight would be appreciated! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jun 01, 2011 3:39 pm Post subject: Re: Applied for Pension but left early - what next? |
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| hellakitty wrote: |
My contract was up on May 31st. I went to the pension office and filed my papers at the end of April, no stress, no bigs. Long story short I ended up leaving early (May 12) and did NOT hand in my ARC when I left (I got nervous, didn't want any questions asked).
So now I am wondering: will my pension still go through? I basically quit my job and flew out that day (there was no incentive to finish the contract, which my boss frequently broke, and I wanted out early to travel).
Should I notify immigration of my permanent departure? I do have the contact info for the person who handled my pension but I was thining I should make sure immi knows I'm gone before I contact NPS.
Any advice/insight would be appreciated! |
The pension office will wait till your ARC expires, contact your employer to ensure that all the outstanding contributions were made and then forward your refund to the bank account you provided.
Since you didn't hand in your ARC the clock didn't start till May 31. You should receive your refund in 4-10 weeks (Korean account or foreign account).
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Thu Jun 02, 2011 4:22 am Post subject: Re: Applied for Pension but left early - what next? |
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| ttompatz wrote: |
The pension office will wait till your ARC expires, contact your employer to ensure that all the outstanding contributions were made and then forward your refund to the bank account you provided.
Since you didn't hand in your ARC the clock didn't start till May 31. You should receive your refund in 4-10 weeks (Korean account or foreign account).
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Does this apply to private pension also? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 02, 2011 5:05 am Post subject: Re: Applied for Pension but left early - what next? |
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| Draz wrote: |
| ttompatz wrote: |
The pension office will wait till your ARC expires, contact your employer to ensure that all the outstanding contributions were made and then forward your refund to the bank account you provided.
Since you didn't hand in your ARC the clock didn't start till May 31. You should receive your refund in 4-10 weeks (Korean account or foreign account).
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Does this apply to private pension also? |
No, they operate under different rules that the NPS (national pension plan).
The private plans (used by private universities) each have their own rules for matching contributions, investiture, withdrawals, disbursements,and early payouts. You will have to contact your pension office for their particulars.
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hellakitty
Joined: 15 Sep 2007
Location: Variable
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| Posted: Thu Jun 02, 2011 7:08 am Post subject: Re: Applied for Pension but left early - what next? |
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| ttompatz wrote: |
| hellakitty wrote: |
My contract was up on May 31st. I went to the pension office and filed my papers at the end of April, no stress, no bigs. Long story short I ended up leaving early (May 12) and did NOT hand in my ARC when I left (I got nervous, didn't want any questions asked).
So now I am wondering: will my pension still go through? I basically quit my job and flew out that day (there was no incentive to finish the contract, which my boss frequently broke, and I wanted out early to travel).
Should I notify immigration of my permanent departure? I do have the contact info for the person who handled my pension but I was thining I should make sure immi knows I'm gone before I contact NPS.
Any advice/insight would be appreciated! |
The pension office will wait till your ARC expires, contact your employer to ensure that all the outstanding contributions were made and then forward your refund to the bank account you provided.
Since you didn't hand in your ARC the clock didn't start till May 31. You should receive your refund in 4-10 weeks (Korean account or foreign account).
. |
Thank you fr the response, you are always so helpful! I just have one further issue - my contract was up May 31st, but even though it was a 7 month contract my ARC card (or VISA) doesn't actually expire till December 2011. I stated May 31st on all of the forms I filed with NPS, but if my boss didn't put in paperwork (which I doubt that he did) will they still wait til it expires or go by the date I put on the forms? Sorry if this is confusing, it's not even urgent that I get the money I just want to know it's coming. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 02, 2011 5:19 pm Post subject: |
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In your case, I don't know and it would probably depend on the clerk doing your paperwork as to whether they would begin on the 31st or wait for your ARC expiry (since your ARC is now your re-entry permit) and your visa would still be valid.
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