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I was a Wal-Mart employee from 1988 to 1995 in a store that has since closed, and I am trying to find out exactly what happened to my profit-sharing fund. I never received a payout and am wondering if it is too late to do anything about this. Do you have any advice? -- Rod Stemler, Waukegan, Ill.
We're happy to report that Rod's question has been answered -- and resolved. Kiplinger's got in touch with Wal-Mart's benefits department and Gene Stillwell, director of retirement and savings plans. Stillwell dealt with the matter personally after Rod provided the necessary information. "I can't describe how happy I am to finally have this matter settled," Rod told us.
Are you in a similar situation? Get in touch with your former employer's benefits department and request three pieces of information: the summary plan description in effect when you left the job, the current plan description (if different) and the most recent individual benefits statement.
Employers must provide that information within 30 days of your request. John Hotz, deputy director of the Pension Rights Center, recommends sending a certified letter. If you don't get a prompt response, contact the Employee Benefits Security Administration (call 866-444-3272 or go to www.dol.gov/ebsa), which is part of the Department of Labor, and ask to be connected to your regional office.
Things become more complicated for firms that no longer exist. You have to be a detective. Look up the plan administrator at FreeErisa's database of Form 5500 filings, which companies must submit regarding their retirement plans. Still no luck? FreeErisa generally charges $50 to search through older plan documents.
A cool car that's also safe
My teenage son is an exemplary student and highly responsible. So we told him that we would be willing to spend $10,000 to buy a car for his use. He has scanned the Blue Book and discovered that some of the earlier BMW Z3s fall into that price range. They apparently have a good safety record and crash-test results, and cost less to insure than other, more-conservative cars. I just can't get rid of the nagging feeling that buying a car like that for the use of an almost-17-year-old is nuts! -- John Rowland, Weaverville, N.C.
It may be nuts to buy a Z3, but insuring it would be surprisingly inexpensive. State Farm grades cars on their relative insurance costs in three categories: damage and theft, liability, and vehicle safety. The 2001 BMW Z3 earns high marks in all three, so insurance premiums are significantly lower than average for vehicles in its price range.
You can look up State Farm's vehicle insurance ratings for the 2003 to 2006 model years at its Vehicle Ratings page. To compare premiums from other insurers, go to www.insweb.com or www.insure.com.
Your son may be disappointed to learn that the least expensive cars to insure are much less cool. Among the 20 best-selling cars and small trucks for the 2005 and 2006 model years, the cheapest to insure are the Chrysler Town & Country minivan, Chevrolet Cobalt, Dodge Caravan and Chevrolet Impala, according to Insure.com.
GMAC's junk bonds
I have $21,000 invested in 7% GMAC bonds due in 2012. If General Motors were to file for bankruptcy, what impact would it have on GMAC? Are GMAC bonds safe? -- L.K., via e-mail
You can breathe a little easier holding bonds from General Motors Acceptance Corp. General Motors wants to sell a controlling stake in its financing arm to a group of buyers led by Cerberus Capital Management, a hedge fund. Cerberus has a reputation for turning around companies in financial peril.
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