Report: More than $5M in unclaimed pensions in R.I.

RHODE ISLAND has 552 unclaimed pensions, totaling more than $5 million, according to Orange, Calif.-based American Advisors Group Inc. / COURTESY AMERICAN ADVISORS GROUP INC.
RHODE ISLAND has 552 unclaimed pensions, totaling more than $5 million, according to Orange, Calif.-based American Advisors Group Inc. / COURTESY AMERICAN ADVISORS GROUP INC.

PROVIDENCE – There are 552 unclaimed pensions in Rhode Island, totaling more than $5 million, according to American Advisors Group Inc.
The Orange, Calif.-based reverse mortgage lender released a report recently that said states with the most unclaimed pensions are Illinois, New York, Pennsylvania and Texas, with more than 10,000 each. South Dakota is the lowest with eight.
Per 1,000 people, Rhode Island has 0.52 unclaimed pensions. Illinois is the highest per 1,000 people at 1.16. South Dakota again is the lowest per 1,000 people at 0.01.
In 2015, the median private pension benefit of individuals 65 and older was $9,376 a year, AAG said. A pension is a retirement arrangement between an employer and employee in which the employer agrees to pay the employee a regular payment from the day of their retirement until the day the employee dies. Amounts depend upon the employee’s salary and length of time he or she worked for the company.
AAG also has a search function for individuals to check to see if they have an unclaimed pension. Click HERE.
“A large number of pensions go unclaimed each year simply because people do not realize they are owed one,” AAG said.

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