pension help

  1. my spouse lost his job 2 years ago when his company went belly up. the money he had put in his pension is out there somewhere but no one seems to be willing to find it, we have contacted out representative state and congressman what other recourse can we take to get this money and re invest it somewhere. they were told went company closed they would all get a check within 1 year and still we wait any input appreciated
  2. 2 Comments

  3. by   BellaTerra2002
    You could hire a civil lawyer who deals with breach of contracts. But that could take at least a $2000-2500 retainer. And then remember that the lawyer is going to also charge you for every phone call you make to him (or he makes to you). And also remember that even if the lawyer doesn't use all of the retainer before he finds out what you want to know, you probably aren't going to get a refund from the lawyer.

    My quasi-educated guess is that the company 'used' your husband's pension when they started getting in trouble, and the pension is probably 'gone'. But if the pension is a large amount and you can afford the retainer (and whatever he might charge if his investigation takes more than the retainer), I'd hire the lawyer just to make sure, for my own peace of mind.

    I'm really sorry. I hope you find the pension.
  4. by   Vsummer1
    Not that this helps with finding the pension... I just wanted to comment on malpractice -- the lawyer kind of malpractice that is. My brother is an attorney in so. california and explained retainers to me. 1st, the money is put into an escrow account. 2nd, the lawyer must account for any and all charges. So, when all is said and done the lawyer must account for the monies on retainer, or the remainder of the retainer must be returned. Charging a flat fee can not be done either. He charges $250 per hour which comes out of the retainer until the monies are gone or he returns it.