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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 12554
Experience:  25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
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I worked bank A years and left with a pension. At that time

Customer Question

I worked for a bank A for 15 years and left with a pension. At that time my estimated pension payout was $703 per month. I was basically out of the workforce for 15 years. I then started working for the bank B. Bank B had taken over bank A through merger several years prior. When i started with bank B they set up a separate pension fund for my new employment - leaving bank A pension fund separate. After several years they notified me that they were combining pension plans. I worked for bank B for seven years. When I left bank B my pension plan had grown in total balance however the payout is still estimated at $703. How can that be? I fully expected a second pension payout over and above the$703 from bank A. What can I do now?
Submitted: 1 year ago.
Category: Employment Law
Expert:  Andrea, Esq. replied 1 year ago.

Hi, and Welcome to JustAnswer, I will be glad to Answer your question and the only thing I ask is that you leave a positive rating. You have already placed a deposit with JustAnswer and it will not cost you anything additional to leave a positive rating, but that is the only way that JustAnswer will give me credit for assisting you, Fair enough ?

Thank you for your question. Your question is a valid one because I, too, would think that if the balance of your pension fund had grown, your pension benefits should also have increased. Since I do not have access to either of your Pension plans, it would be impossible for anyone to give you a correct Answer. I would strongly suggest that you find out the name of the Pension Administrator and direct a letter inquiring about the pension payouts to the Pension Administrator because he or she is the individual with all the numbers and all the amounts, so they would be the only person who would be able to give you a correct explanation of the reason that your pension payout remains the same, despite the fact that the total balance of your pension plans has increased.

Hi and Welcome to JustAnswer, I will be glad to Answer your questions and the only thing I ask is that you leave a positive rating so that JustAnswer will give me credit for assisting you. You have already placed a deposit with JustAnswer, so it will not cost you anything additional to leave a positive rating, but it is the only way that JustAnswer will give me credit for assisting you, fair enough ?

You asked,

1. How to find out if the owner of the house took care of the house being placed on the auction list

2. Are you under an obligation to pay continue to pay rent ?

3. How can you continue to stay in the house

ANSWER -

1.& 2. When a house is put up for auction, it is the Sheriff's Office which puts the property up for sale and it would be placed on the Sheriff's "Auction List". Therefore, you would call the Sheriff's Office of your county, give the property address, and ask if the property is on the Sheriff's list to be sold. If you are told that the house is not on the list to be sold, then you would continue to pay rent to the landlord/owner as usual. If you are told that the house is on the list to be sold, then you should ask the Sheriff's Office about the rent because that office might have a special account already set up for receiving the rent from tenants where a house is to be sold.

3. If you have a lease, then even if the house is sold at auction, it will be sold "subject to the lease" which means that the sale will not affect your lease or your right to remain in the house until the expiration of the lease term. So, in other words, if the house were sold tomorrow at Sheriff's Sale, but you have a lease which does not terminate until March 31, 2016, then you have a right to remain in the property until March 31, 2016. If your lease has already expired and you are a "month to month" tenant, then you would try to negotiate a new lease with the new ow2ner. If the new owner does not want any tenants because he bought the house for his own use, then the law allows you to remain in the property for 90 days after the date of the sale.

Please let me know if you have any questions on the above and I will be glad to Answer and explain further.

If I have Answered your question completely, please be kind enough to leave a Positive rating so that JustAnswer will give me credit for assisting you,

Kindest Regards,

ANDREA

Expert:  Andrea, Esq. replied 1 year ago.

​Hi and Welcome to JustAnswer, I will be glad to Answer your question and the only thing I ask is that you leave a positive rating so that I will receive credit for assisting you. You have already placed a deposit with JustAnswer, so leaving a positive rating will not cost you anything additional, but it is the only way that JustAnswer will give me credit for Answering your question.

Your question is a valid one because I, too, would think that if the pension fund balance had grown, then your penion benefits should also have increased. Since I do not have access to either of your pension plan benefits and Rules, it would be impossible to give you a correct Answer. I would strongly suggest that you find out the name of the Pension Administrator and direct a letter to him inquiring about the pension payouts because he or she is the only individual with all the numbers and amounts, so they would be the only person who would be able to give you a correct explanation of the reason that your pension payout remains the same, despite the fact that the total balance of your pension plan has increased.

If I have not Answered your question completely, please let me know and I will be glad to explain further, If I have Answered your question, please be kind enough to leave a positive rating so that JustAnswer will give me credit for assisting you, Kindest Regards, ANDREA

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