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How to actually receive your pension funds in a lump sum (TP
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shaxmatist2000



Joined: 05 Jun 2018

PostPosted: Wed Dec 12, 2018 10:08 pm    Post subject: How to actually receive your pension funds in a lump sum (TP Reply with quote

I have been at a private university for 13 years and the university is not going to renew my contract. I was wondering if anyone knows the specifics regarding having the funds (lump sum) transferred to my Korean bank account.

Thank you for your assistance. Smile
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BigBuds



Joined: 15 Sep 2005
Location: Changwon

PostPosted: Wed Dec 12, 2018 10:30 pm    Post subject: Reply with quote

You have to be leaving Korea for starters.
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shaxmatist2000



Joined: 05 Jun 2018

PostPosted: Wed Dec 12, 2018 11:01 pm    Post subject: How to actually receive your pension funds in a lump sum (TP Reply with quote

Yes, I'll be leaving Korea. My contract ends in February and my visa expires at the end of March, 2019.

However, I want to ensure that the pension funds are transferred in time for me to further transfer them to the U.S.

That is, TP -> Korean bank -> U.S. bank ... before I leave Korea.
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PRagic



Joined: 24 Feb 2006

PostPosted: Fri Dec 14, 2018 10:13 pm    Post subject: Reply with quote

Found this, which should help if you're part of the National Pension Fund. You may, however, be with the teacher's pension fund.

https://www.korea4expats.com/article-Pension-refund-if-in-Korea.html
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PRagic



Joined: 24 Feb 2006

PostPosted: Fri Dec 14, 2018 10:18 pm    Post subject: Reply with quote

Don't know how dated this is, but found this about the Teacher's Pension Fund:

https://teachinginkoreanuniversity.com/korea-teachers-pension-plan-information/
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shaxmatist2000



Joined: 05 Jun 2018

PostPosted: Sat Dec 15, 2018 5:35 pm    Post subject: How to actually receive your pension funds in a lump sum (TP Reply with quote

Thank you for the tips. I plan to go to tp.or.kr and hopefully find the requisite forms there. The admin office usually prints out my accrued funds for me, so they should be able to process my withdrawal form.

On another note, which should be posted in a different forum, has anyone had experience taking Korean electronics to the U.S.? Surely, I can find replacement cables, but the step-down voltage is from 220V to 110V. 60Hz in both countries should be the same.

I'm thinking primarily computers and some other gadgets.

(I suspect the board moderators can move the last section to another thread.)

Thank you for you for all of your kind assistance!
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sun Dec 16, 2018 8:48 pm    Post subject: Reply with quote

shaxmatist2000 wrote:
Yes, I'll be leaving Korea. My contract ends in February and my visa expires at the end of March, 2019.

However, I want to ensure that the pension funds are transferred in time for me to further transfer them to the U.S.

That is, TP -> Korean bank -> U.S. bank ... before I leave Korea.

If you’re taking the lump sum, you’ll be giving your US bank account info to the pension service. That money will not be put into a Korean bank account.

Also, the money is not sent until after you leave Korea, unless TP has different terms than the NPS…but I doubt it.

As for your electronics, as long as they have a power brick that says 100-240v, 50/60Hz, then all you need is a plug adaptor that will fit into outlets in the US.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sun Dec 16, 2018 8:56 pm    Post subject: Reply with quote

shaxmatist2000 wrote:
I'm thinking primarily computers and some other gadgets.

Depends what those other gadgets are. My electronic toothbrush that I'd gotten here would not work in the US without a power converter. Anything that can't transfer down to 100v, 60Hz, is better left here (or sold here) and you can get another one back home.
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shaxmatist2000



Joined: 05 Jun 2018

PostPosted: Mon Dec 17, 2018 2:38 am    Post subject: How to actually receive your pension funds in a lump sum (TP Reply with quote

Thank you for the great info!

I did find the appropriate form (maybe) for the transfer.
That would be awkward for me to have to supply my U.S. account.

I'm thinking about the I.R.S. rule for transfers.
(amounts greater than $10,000)

As for other gadgets, maybe just a notebook computer.

There are also cameras, razors, an electronic toothbrush and other assorted items.

Fortunately, my iPad already has an adapter.

How to ship items is another problem.
The post office is extraordinarily expensive.

Again, thank you all for your invaluable help.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Mon Dec 17, 2018 5:50 pm    Post subject: Reply with quote

shaxmatist2000 wrote:
That would be awkward for me to have to supply my U.S. account.

Not as awkward as asking them to put a lump sum into your Korean account and having them laugh in your face. The only way you’re getting that money into a Korean account is when you reach Korea’s retirement age and even then you’ll get monthly distributions.
shaxmatist2000 wrote:
I'm thinking about the I.R.S. rule for transfers.
(amounts greater than $10,000)

The only rule is to file the appropriate form. (Probably form 3520, since pension is a trust fund…but don’t quote me on that.)
shaxmatist2000 wrote:
As for other gadgets, maybe just a notebook computer.

There are also cameras, razors, an electronic toothbrush and other assorted items.

I already told you what to look for.
shaxmatist2000 wrote:
How to ship items is another problem.
The post office is extraordinarily expensive.

Better to use a different forum for that question.
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shaxmatist2000



Joined: 05 Jun 2018

PostPosted: Mon Dec 17, 2018 8:39 pm    Post subject: How to actually receive your pension funds in a lump sum (TP Reply with quote

That's sage advice. I'll turn 64 next year, so I just barely miss the official retirement age. Nevertheless, I should still be able to get my lump sum accrual.

We'll see. Smile

Thanks again for your help.
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Wad



Joined: 19 Nov 2007

PostPosted: Mon Dec 17, 2018 10:58 pm    Post subject: Reply with quote

If you're so close to retirement don't take the lump sum. You can actually start to take the monthly pension now (age 60). This is for life! Have you even looked at the brochure?

http://www.tp.or.kr:8088/hp/upload/fixform/english.pdf
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Tue Dec 18, 2018 6:24 pm    Post subject: Reply with quote

shaxmatist2000 wrote:
That's sage advice. I'll turn 64 next year, so I just barely miss the official retirement age. Nevertheless, I should still be able to get my lump sum accrual.

Ah…Well, that kind of changes things… Um, I’d take a look at Wad’s post and consider what he says.

Also, I looked at the TP brochure Wad provided a link to and…I may have been wrong about the option of getting a lump sum in a Korean account (though the options seem to change once you’ve paid in for 10 years).

Ultimately, I would talk to the pension office to see what your options are.


Last edited by isitts on Tue Dec 18, 2018 6:25 pm; edited 1 time in total
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Tue Dec 18, 2018 6:24 pm    Post subject: Reply with quote

If, you end up taking Wad’s advice (to take the monthly payments for life) and you are leaving the country…you could open a remittance account (like with KEB) and provide that account info to the pension office. That way your money would be paid into a Korean account, but the money would be sent directly to your US bank account. The good part of that is that you would be sending less than $10k at a time (so no IRS form to fill out), but the bad side is that the fees for remittance would eat into the smaller amounts sent. …Still, if they were sent for life, might not be a big deal. But there may be cheaper options.

While I’ve “retired” twice from Korea, it was under NPS, not TP. Um…the only person I can think of off hand who worked in a Korean university for 10 years is Jackie Bolen. Her user name is “jib”. You might try pm’ing her or you might be able to find her on a website somewhere (she’s written some books on teaching and retiring). She might be able to help you regarding the logistics of your situation.
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Wad



Joined: 19 Nov 2007

PostPosted: Wed Dec 19, 2018 1:50 am    Post subject: Reply with quote

I've been paying into the KTP since 2005. I will retire in the next 3 years (64 years old) and would only get about 70 million if I took the lump sum. But if I take the monthly payout I will get about 1 million every month till I die. Supposedly they will also give me a 13 million lump sum payout to start. Do the math and you will see its really stupid to take the lump sum.

I also don't think you can hold a Korean bank account if you're not a resident. I will just have them send my monthly payments to a bank account I have in Singapore. I'm sure they will send your monthly pension direct to a bank in the U.S. too!
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