Since January, Kate has been trying to extract her pension money from Washington Mutual. This morning was the fourth time attempting to get the company Washington Mutual uses for its pension funds to simply send her the forms to request the pension disbursement to her Individual Retirement Account.
This morning came the most interesting excuse yet: because she was working for Great Western Bank, which was then acquired by WaMu, her pension request was being held.
Why? Apparently, someone sued Washington Mutual on behalf of Great Western over pension funds and Kate was entitled to some money from that lawsuit.
How much? No one knows; the company has to manually calculate the amount.
When will they know the amount? They can provide a status in two days. Not an answer, mind you. Just a status.
Can they disperse the money from the Washington Mutual part of the pension – the only part she cares about – and leave the Great Western portion until later? No.
Can she get the disbursement papers on-line so she can complete them? No. They must be mailed to the home (not certified or anything, just mailed…).
Can she at least get the disbursement request papers mailed so she can complete her portion of the work (including the spousal waiver to put the funds in her IRA that needs to be notarized)? No. The disbursement amount has to be included in the request and they have to manually determine the amount.
Let’s bottom line this:
And bankers and pundits wonder why money in a mattress is a good alternative to placing your hard earned cash in a financial institution.
This certainly doesn’t improve my outlook on the company. When my completed disbursement request was sent in, including the notarized spousal waiver, they resent the forms weeks later saying they never got the spousal waiver. Another trip to the Notary Public and another delay of a month getting the money out.
Now, you can consider this a rant about Washington Mutual and you’d be correct. But there are implications for all Cubicle Warriors:
Learn from this experience before you experience it yourself. What experiences have you had where you needed persistence to conquer these hurdles?
Scot Herrick is the author of “I’ve Landed My Dream Job–Now What???” and owner of Cube Rules, LLC. Scot has a long history of management and individual contribution in multiple Fortune 100 corporations. Join the Cubicle Club mailing list here.