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happygirl
Joined: 20 Feb 2006
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 Posted: Tue May 29, 2007 1:57 am Post subject: "Pension refund will be deposited to a Korean bank acct |
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First, I work for a private uni.
Second, payments are made into a PRIVATE PENSION FUND.
Third, was informed that my refund would only be paid into a Korean bank account and that I would have to give someone a power of attorney and have them transfer the funds to my US bank account.
Fourth, that person would have to be in posession of my account book.
Fifth, that leaves an open bank account in my name, not under my control while I live in another country.
NO WAY!!! What can I do? |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Tue May 29, 2007 2:25 am Post subject: |
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| Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into. |
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happygirl
Joined: 20 Feb 2006
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| Posted: Tue May 29, 2007 2:34 am Post subject: |
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| Hollywoodaction wrote: |
| Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into. |
"Have to be here 5 years to be vested.... but sorry, you can only stay 3 years." Only way to receive employer contributions is to move to another Uni that contributes to the SAME private fund. Think that's going to happen? Not!
Stupid things like this are why I'm leaving the ROK and applying for the refund. I'm almost done. 4 weeks and 1 day  and if it weren't for other unexplainable rules it would only be 2 weeks and 2 days  |
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Mr Crowley
Joined: 23 Mar 2006
Location: Suwon
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| Posted: Tue May 29, 2007 2:35 am Post subject: |
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"Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into."
You are talking only about private pensions, not the public school pesions. Right? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 29, 2007 2:40 am Post subject: |
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| Mr Crowley wrote: |
"Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into."
You are talking only about private pensions, not the public school pesions. Right? |
Public pensions are 100% refundable (yours and your employers contributions) on departure if you are Canadian or American. |
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happygirl
Joined: 20 Feb 2006
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| Posted: Tue May 29, 2007 2:55 am Post subject: |
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| Mr Crowley wrote: |
"Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into."
You are talking only about private pensions, not the public school pesions. Right? |
Right. I am only referring to the private pension fund.
ttompatz - do you know of any legal leg I have to stand on in insisting that my refund be paid into my US account? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 29, 2007 3:06 am Post subject: |
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| happygirl wrote: |
| Mr Crowley wrote: |
"Oh, did they bother to mention that you have to be contributing for over 4 or 5 years if you want their share of the contributions too? Don't know if the law has changed recently, but that's something you might want to look into."
You are talking only about private pensions, not the public school pesions. Right? |
Right. I am only referring to the private pension fund.
ttompatz - do you know of any legal leg I have to stand on in insisting that my refund be paid into my US account? |
You can have it paid here and transfered to your US account at your convenience. You do NOT have to give your bank book away or give up power of attorney to anyone.
You simply leave specific written instructions with the bank to transfer the balance to an offshore account on a specific date or after a a specific event. You can also make the request in writing at any time from offshore.
The only problem is that waiting time is a pain.
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merkurix
Joined: 21 Dec 2006
Location: Not far from the deep end.
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| Posted: Tue May 29, 2007 3:39 am Post subject: Re: "Pension refund will be deposited to a Korean bank |
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| happygirl wrote: |
First, I work for a private uni.
Second, payments are made into a PRIVATE PENSION FUND.
Third, was informed that my refund would only be paid into a Korean bank account and that I would have to give someone a power of attorney and have them transfer the funds to my US bank account.
Fourth, that person would have to be in posession of my account book.
Fifth, that leaves an open bank account in my name, not under my control while I live in another country.
NO WAY!!! What can I do? |
This is extremely dangerous misinformation being given to you! You are right to be suspicious. Who in the world is telling you to do this stuff? |
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happygirl
Joined: 20 Feb 2006
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| Posted: Tue May 29, 2007 3:48 am Post subject: Re: "Pension refund will be deposited to a Korean bank |
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| merkurix wrote: |
| happygirl wrote: |
First, I work for a private uni.
Second, payments are made into a PRIVATE PENSION FUND.
Third, was informed that my refund would only be paid into a Korean bank account and that I would have to give someone a power of attorney and have them transfer the funds to my US bank account.
Fourth, that person would have to be in posession of my account book.
Fifth, that leaves an open bank account in my name, not under my control while I live in another country.
NO WAY!!! What can I do? |
This is extremely dangerous misinformation being given to you! You are right to be suspicious. Who in the world is telling you to do this stuff?
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the General Affairs Department of my employer |
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OiGirl
Joined: 23 Jan 2003
Location: Hoke-y-gun
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| Posted: Tue May 29, 2007 4:34 am Post subject: |
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| Has anyone tried the "easy-one Foregin Currency Remittance Service" (sic) from KEB? You open a special account, and whenever money is credited to that account, it is automatically remitted to a foreign account. |
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happygirl
Joined: 20 Feb 2006
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| Posted: Tue May 29, 2007 6:49 am Post subject: |
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| OiGirl wrote: |
| Has anyone tried the "easy-one Foregin Currency Remittance Service" (sic) from KEB? You open a special account, and whenever money is credited to that account, it is automatically remitted to a foreign account. |
KEB is one of the banks on the list of acceptable accounts. You may have just hit on the solution OiGirl. Thanks. I'll check it out tomorrow. |
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happygirl
Joined: 20 Feb 2006
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| Posted: Tue May 29, 2007 11:49 pm Post subject: |
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Labor Board cannot help, Natlional Pension Office cannot help, Private Teachers Pension office has no one who speaks English. I do not want to have an open bank account when I leave ROK.
Have a meeting with the University person in charge of the pension plan tomorrow. This should be interesting.... |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Wed May 30, 2007 1:33 am Post subject: |
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| dont you have an int atm card, you can pull it out that way |
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happygirl
Joined: 20 Feb 2006
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| Posted: Wed May 30, 2007 4:32 am Post subject: |
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| hogwonguy1979 wrote: |
| dont you have an int atm card, you can pull it out that way |
Not for a Korean account. Does no one else think it's a very bad idea to leave an open bank account when departing the country? |
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dogshed
Joined: 28 Apr 2006
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| Posted: Wed May 30, 2007 4:35 am Post subject: |
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| OiGirl wrote: |
| Has anyone tried the "easy-one Foregin Currency Remittance Service" (sic) from KEB? You open a special account, and whenever money is credited to that account, it is automatically remitted to a foreign account. |
What's the minimum amount I can deposit into that account? How many times a day can I do that? I could rack up a lot of charges for you really quick. |
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