$376 Billion up for grabs

[glatt]

There's a special account in the Social Security Admin where all unclaimed funds go. It's called the "earnings suspense file" and is a sort of catchall for mismatched names and numbers, but is funded mostly by undocumented migrants, many of whom don't know the money exists.

Many undocumented migrants give a fake social security number to their employers, and end up paying into the system. Since the ss number doesn't match up to a proper name, or isn't a real number, the money goes into this account. Currently, the value of the account stands at $376 Billion.

Article

If the workers ever get their papers in order, and become legal, they can, in theory, apply to have the money put under their name for ther retirement. It's a difficult process and requires a significant amount of proof. Most don't know they have that option, and even if they did, most are afraid to admit they were illegal before. So the money sits unclaimed. There is a quiet push in Congress to take the money and apply it to the general fund for all Social Security recipients.

Is this fair? Should our retirement be funded in part on the backs of poorly paid illegal immigrants?

[Elspode]

If they are illegal immigrants, then, yes...consider it a tax on entering our country illegally and working without proper documentation.

I was born and raised here, and *I* have to prove I'm an American citizen in order to get a job. I don't think it is asking too much for immigrants to have to prove that they are here legitimately in order to be employed, and if they can't, then...7.5% illegal immigration tax! The other 7.5% comes from the people who employ them without proper documentation.

[LabRat]

is there a way to tell how 'old' the money is? i envision after 10 years (or whatever) if the $$ that came from a specific SSN is still unclaimed, it goes into the general fund for all. that way, those who were ignorant of the system early on, have a chance to claim whats theirs, and the rest doesn't go to waste. this protects those whose money is unclaimed for a "good" reason. i agree with El on the 'tax' idea.

[russotto]

Just send it to me. Lump sum; I'll pay the taxes and the 10% penalty.

[russotto]

Seriously, though, you can't just immediately dump any screwed-up money into the general fund; there are lots of reasons for a messed up SSN besides illegal immigration. Some of my money was probably there once, when my idiot employer screwed up my SS#. The SSA sent me a form to fill out to have it applied properly to me.

[Cyber Wolf]

Can't read that article at the moment, but is there any mention of the government being proactive and trying to search down these people and clarify any of the mismatches? I'm sure in a lot of cases, they have a name but maybe one number in the SSN's wrong. And I'm sure a name and an SSN isn't the ONLY information they have that could locate or identify a person, especially if the information is submitted by an employer. Do even bother to try and find these people and send them a heads up so they can send the correct information or clarify the mix-up? I know plenty of them could be fakies, but what about the real ones in that shuffle?

[glatt]

They don't discuss that in the article, but the SSA does send out an annual report to each worker to let them know where they stand. It's been a while since I got my last one, but I think it lists how much you have paid in each year, and what they expect your monthly payment to be when you retire. If you see a bunch of zeros for the years you know you paid thousands of dollars into system, you might want to look into that.

[Happy Monkey]

Is this fair?

Absolutely. As long as there is a process for people whose money got in there accidentally to reclaim it.

[Clodfobble]

Most states also have an "Unclaimed Property" website, for non-Social-Security misrouted money. Like if you close your account with some company, but then you immediately move and leave no forwarding address so your deposit check can't be mailed to you, legally, they have to turn it in to the state, and then it must sit there forever until you come. I've thoroughly checked the one in Texas for everyone I know--my dad had 8 cents in there from some utility company years and years ago... my sister-in-law had over $300 in there from when she worked for a state university... a friend's dad had two separate $100+ checks from State Farm Insurance... It's worth doing a search to see if your state has their list online!

[lookout123]

as long as there is a system in place to account for mistakes such as a legal worker having the wrong ssn # listed i think the money should go into the general fund.
illegals have no right to the money, since they had no legal right to hold the job in the first place. this should be a no brainer. i don't care what kind of documentation a formerly illegal person can provide to connect the money to them, they shouldn't receive it.

[xoxoxoBruce]

It said even if they do become legal, they more than likely worked under a false name and false SS number. That makes it almost impossible to prove their claim.

[Griff]

You guys are talking as if this money exists.

[Cyber Wolf]

You do have a point...somehow when the federal gov't and money get into the same sentence it's like the gov't is sitting on a big pile of cash when they're fundamentally broke.

[Elspode]

Originally Posted by Griff

You guys are talking as if this money exists.

It exists inasmuch as any money exists in this country nowadays. After all, it is all just binary code anyway. It isn't like our currency is actually backed by anything beyond our military ability to come kick people's national asses.

There's a thin line that divides mass foreclosure by a foreign interest holding notes against US investments and an invasion by a foreign nation.

[classicman]

bump

Thought this was an interesting thread with all the hoopla about immigration this election.