Small Rant

I am in the process of cleaning up my files. I have been saving too many files that no longer need to be saved.

I came across a 2003 letter I had received from the Lewisville ISD in Texas. I substitute taught for one day for the Lewisville ISD in 2002, while I was waiting for my house to sell.

The Lewisville ISD withheld a whopping $14.60 from that day’s pay. I was told it was placed in a 3121 Premier Plan administered by MidAmerica Administrative & Retirement Solutions. The letter further stated that the money could be disbursed at the age of 70 1/2.

Shoot, I can have a fairly nice meal on $14.60, so I decided to contact MidAmerica.

Upon calling MidAmerica, I was told that as of 2006, they no longer administered that plan and it had been turned over to JEM Resource Partners.

I called JEM Resource Partners and sure enough they did have my account on record and it now contained a little over $11. Then the person on the phone said he could send me the form to close out the account, but since it contained less than $15, they would make no distribution.

I am glad I was able to learn this without sending mail at close to $1 a letter.

I just wrote an email rant to the Lewisville ISD and thought I would cleanse my mind, but making one last rant here.

The fund lost 25% in 12 years and I only lost $14.60. I guess I should feel lucky.

As I told the Lewisville ISD, my thought on the practice of only paying out funds that have over $15 is this. Whether you are stealing a little or stealing a lot, it is still stealing and should be considered a criminal offense.

There. I feel better. I may still drop an email to the Texas Representative that represents Lewisville.

5 thoughts on “Small Rant

  1. You should also feel lucky that the fund wasn’t charging fees for handling your $14.60. Nena gets charged 20 bucks on some pension fund from a part time job she had decades ago. That fund also changed hands, twice. One day I expect to get a bill when the funds run out.

    Shaking hands with a financial guy is like petting a cobra.

  2. Get the “no distributions” part in writing. If not, the IRS may come after you in a few years to fine you for not taking distributions beginning at 70 1/2.
    Or, on the bright side, the IRS is now reporting that it will not have enough money to do the usual number of audits this year.

  3. Don, what are your fees for financial matters?

    Your post caused me to check into Nena’s account and she has 1500 bucks in there! I showed her the paperwork and she wanted the money. She called them, got a nice person to email her the 14(!) page form for disbursement of the total amount.

    I have an idea for getting your 11 bucks, deposit 5 bucks, wait a week, and close it out. Assuming there isn’t a $20 fee, it should work. 🙂

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