ALERT!
MORE 'LAWS' AND 'REGULATIONS' BY THE USA
PRIVATE CORPORATION POSING AS YOUR 'GOVERNMENT' LIMITING YOUR RIGHTS AND
FREEDOMS
The noose around our necks is beginning
to tighten further.
A co-worker, recently retired, who has moved abroad and about to begin collecting on his pension has received a note from Fidelity our 401k/pension plan administrators. It reads as follows:
"As a result of federal government direction, there have been changes to the national payment system regarding the electronic transfer of funds which go through the U.S. Automated Clearing House (ACH) network. These rules impact how Fidelity handles pension payments and 401(K) distributions when using direct deposit programs such as Electronic Funds Transfer (EFT).
A co-worker, recently retired, who has moved abroad and about to begin collecting on his pension has received a note from Fidelity our 401k/pension plan administrators. It reads as follows:
"As a result of federal government direction, there have been changes to the national payment system regarding the electronic transfer of funds which go through the U.S. Automated Clearing House (ACH) network. These rules impact how Fidelity handles pension payments and 401(K) distributions when using direct deposit programs such as Electronic Funds Transfer (EFT).
Specifically, when an employee receives a payment from Fidelity through EFT to a U.S. bank, and then transfers either a fixed (i.e.$100) or a determinate (i.e.10%) amount of that payment to a bank located outside of the United States, this constitutes an International ACH Transaction (IAT). The rules require that IAT activity be identified and subjected to a high
level of scrutiny. There are specific disclosures requiring the collection of additional personal information from you which neither your plan's sponsor nor Fidelity are able to support. As a result, benefit recipients who are identified as conducting IATs may not continue to receive payments by EFT"
So, basically, he won't be able to receive EFT payments where he is living, and a check drawn on a US bank will have to be mailed to him every month.
Can you imagine the problems this is going to cause and the fees associated with this?
The original posting is located on our union site located here:
http://www.endicottalliance.org/ibmretireeissues.php
The entry is dated 4/30/2014 and it is signed by the
poster: -Welcome_to_the_Iron_Curtain-
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