System error cuts DAK Americas employee’s retirement package by $120,000

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Submitted: Thu, 12/12/2013 - 10:51pm
Updated: Fri, 12/13/2013 - 2:00am

BRUNSWICK COUNTY, NC (WWAY) — A former DAK Americas employee says an error has cut the payout of his retirement package by more than $100,000.

William King says he was notified in October that he would be receiving more than $300,000 as a part of his retirement package, but Wednesday he received a letter in the mail from Transamerica, the company handling DAK Americas retirement packages, saying there was a system error.

The 58-year-old says he was shocked to find out his retirement payout from DAK went from $329,000 to just $207,000 because of a system error.

“I just don’t understand how a company that works in numbers and money every day can make a $120,000 mistake,” King said. “It just does not make no sense to me.”

And he is not the only one affected.

DAK Americas Corporate Communications Manager Ricky Lane says about 30 employees were given the wrong amount, and if they already received the extra money, he says they have to pay it back.

King says he already planned out how he would use the money, now he says he may be forced to go back to work.

“I got to take what I can get just to make ends meet for me and my wife and my grandbabies,” King explained. “But I said, ‘I don’t appreciate what you’ve done to us.”‘

Lane said he would do a phone interview with us this afternoon, but later declined.

Transamerica Vice President Wendy Daniels spoke with us instead.

“We regret that a calculation error was made for a limited number of DAK Americas retirees,” Daniels said. “We’re reaching out to the affected retirees to help them understand the next steps they need to take”

But she couldn’t tell us why there was a mistake in the first place.

“I can’t answer that,” Daniels said. “We regret that a calculation error was made, and we’re taking steps to ensure high quality in the future.”

King says he just wants people to know what happened, and he hopes he can keep the money.


  • Jason Davidson says:

    You don’t understand the difference between a pension and a 401(k). I too, check my 401(k) account weekly. However, when you’re dealing with a pension fund “buyout” where you will not get insurance through the pension fund anymore, you don’t know how much that is worth until they make you an offer. Once they make you an offer, it’s like buying a house. There are many pages of documents you must sign and it is all notarized by an outside person. How they mess up the offer that much is amazing!

  • Barry says:

    how do you, yourself not know what you have or do not have. I know within the dollar every month. that is over 30%. you sir are either mistaken,,or they are fraudulent in their services. dumb aint good

  • gayle says:

    Be thankful you are getting anything at all! Many retirees have no pension to fall back on or never got a dime of what was promised to them!

  • Guest1971 says:

    DAK Americas – A crooked company screwing people even after they closed.

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