Reader: What Will Happen to My WaMu Pension Plan?

kerry is a theif

I have now been advised 1/5/09 that my pension is in the bankruptcy and will not be funded as I was a Great Western employee. Secretly senior managers unfunded both Great Western and Home Savings aquired employees. Thanks Kerry for taking nearly 90 million in your own scheme.

of CA @ Jan 07, 2009 18:15:34 PM

WAMU Deferred Compensation

Just got a letter from JPMorgan Chase saying they will honor deferred compensation of FORMER and CURRENT Wamu Employees. Its nice to know that there are still companies that are doing the right thing. They could have easily not honored any of these benefits. No one could have legally forced them to do anything, yet they decided to pay them. This shows that JPMorgan Chase cares about their employees. That is a lot more than what we can say for Kerry Killinger and the Wamu board who drove our company to bankruptcy just to save their jobs. Kerry always liked to say " to stay Independent". Independently Bankrupted.

Boomerang of CA @ Nov 13, 2008 18:49:53 PM

Wamu Deferred Compensation

Just got a letter from JpMorgan Chase saying that they are paying deferred compensation to former employees and current employees of Wamu. Its nice to know that in this day and age, there are some companies that do the right thing for their employees. Unlike Kerry Killinger, recent disclosures said that Henry Paulson had asked him to sell long before the takeover and he refused just so he can save his job.

Boomerang of CA @ Nov 11, 2008 06:16:18 AM

Wamu Deferred Compensation

I found this in an article from the Seattlepi.

A piece of news that many employees were awaiting was the fate of a deferred compensation plan, into which many employees had put thousands of dollars each. "We are going to keep everyone whole, whether they're current employees or retired employees," Scharf said. "People will not lose money because of that."

http://seattlepi.nwsource.com/business/381607_wamu03.html

Boomerang of Ca of CA @ Nov 08, 2008 15:25:53 PM

Former WaMu employee until early 2008

I had deferred income with WaMu not realizing that I could lose it. I have been emailing the deferred comp dept regularly only to be told that no definite decision has been made. Each time the reply ends with the comment that JP Morgan Chase has no obligation to pay out the deferred comp.

Oct 3 an article in the Seattle Times quoted Chase saying that current employees would be paid their deferred comp. How can Chase pay deferred comp to some and not others? Chase is one of the Banks that is receiving money from our tax dollars through the bailout. I don't think the general public would think very highly of Chase withholding these funds, particulary in light of how difficult these times are for everyday people.

Linda Bacchus of CA @ Oct 31, 2008 21:00:23 PM

Deferred Comp

3 weeks ago, JPM announced in the WSJ that they would honor the deferred comp plans, but since then no word has come out. And it looks like we are not getting our October distribution. WaMu HR also claims to know nothing. Has anyone heard something more recent?

Don Straith of MI @ Oct 30, 2008 15:14:10 PM

Deferred Comp

I, too, had money in the deferred comp plan, transferred from Great Western Financial Corp. I hope someone will ask JPM Chase what they intend to do with these "unfunded" accounts. I recall receiving the letter about 18 months ago offering a one time chance to cash out. The thought briefly entered my mind that there might be an issue, I dismissed it, thinking it was a plan for them to recuce costs, as it paid a pretty decent interest rate. When a similar letter camer this summer, I asked to get out, but the effective date was NEXT May.

I hope they look into Killinger. If he bolted from the fund, he better have a real good explination.

Donald N Cameron of CA @ Oct 24, 2008 10:13:43 AM

Should be OK

At least the cash portion of the pension (mine was fully vested and I left Wamu a couple years ago) seems to be intact. Please feel free to call yourself.

Plan Trustee

Plan assets are held in a trust fund that is held for the exclusive benefit of plan participants

and their beneficiaries. Contributions are made by the company and deposited in the trust

fund. An actuary determines the company’s contributions. The trustee of the fund, as of the

date of this SPD, is:

JP Morgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Third Party Administrator

WaMu Pension Service Center

P.O. Box 4818

Chesapeake, VA 23327-4818

Phone: 888-869-3779

Carol Blaine of IL @ Oct 14, 2008 16:44:37 PM