Wheeeeeeee free money!!

I just got a phone call from some insurance I did (or was done on my behalf –my hebrew was so bad just off the boat I had no idea what all I was signing and signing up for) when I started working at BGU. The insurance policy thing was for 8 years it seems. Now, they just called to tell me that the 8 years is up and they will happily send the 33,170 shekels that had accumulated in it right to my hot little hand. It is mine, all mine, and it won’t be taxed!! This must have been money that was put into the account out of each of my paychecks so it isn’t exactly free but earned but since I didn’t know about and it seems to be just falling out of the sky on me, it sure feels like free money!

Wow, wow, wow!!!!!!

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10 responses to “Wheeeeeeee free money!!”

  1. Lynne says :

    That is amazing!! Wow 🙂

  2. israeliminx says :

    Totally amazing. When the guy called, I couldn’t figure out what he was talking about — I was like Kupat what?!– and thought at first he was calling about some of my medical tests (we call our health care system kupat cholim). Then I couldn’t believe what I was hearing. I ran next door with the phone in hand and disturbed my friends in the middle of bathing their four little ones and was like, can you figure out what this guy is talking about? He seems to be saying he wants to hand over a wad of cash to me and well yep he did My neighbours were like wow, we have the same insurance saving thing company but we only have 2,000 sheks with them. So now I’m wondering, if I had one of these things at BGU, do I also have one at the IDC and if so, when does the ‘here’s your money’ time frame come due. Methinks I need to find out! This 33k sheks is almost a year’s worth of rent!

  3. erin says :

    HOLY COW! I just looked up the dollar equivalent. That is sooooooo awesome! Treat yourself on something:)

  4. Mac says :

    Let it build up now…. here it comes…. aaaaawwwweeessSSSOOOMMEEEE!!

    Congratz!

  5. Nicole says :

    it’s not insurance – it’s Keren Hishtalmut. And your employer and you both contributed to it equally over that time frame.

  6. Nicole says :

    Chances are that IDC was also paying into the same one. Unless because you didn’t know what you were doing then you didn’t give the info to IDC and they opened a new one for you (it’s better to pay into the same one because then you could have removed that money too – it can be removed X years from the time that it was opened, not from the time when the money was paid in)

    • tddpirate says :

      FYI:
      X is 6 years after the first deposit was made into the keren histalmut.
      However, if you need the money for a continued education related expense (however you probably do not plan to do something to educate yourself), the waiting time is reduced to 3 years.

  7. Lynne says :

    Nicole, I believe that you are right. Likely, the IDC has been paying into the same account. As a teacher, whenever I would move from one district to another, funds would continue as they had with my last employer. It would be wonderful to find that there are separate funds, but it may well be that the IDC has been paying in to the account as well.

  8. tddpirate says :

    If you and your employers paid into your Keren Histalmut, all of you probably contributed also to your pension fund (which could be Bituach Menahelim, Kupat Gemel or another pension program). You may want to inquire what exactly was done, and what are your options for getting the money either now or when you reach Israeli retirement age.

  9. israeliminx says :

    Good advice all round. This particular fund had an 8 year waiting period. I’m going to be checking with the IDC this week — they may well have paid into the same fund but they also tend to do most things separately from any of the publicly funded universities (I had to pay into two health funds because both places required it and they had different ones). I also paid an obscene amount of taxes my first few years at the IDC (nearly 70% of my salary) without realizing that it wasn’t the correct tax rate –if you teach half time each at both say BGU and TAU the second place automatically lets the govt know that it doesn’t qualify as a ‘second’ job but the IDC doesn’t. I gave up on trying to get the tax refund back because trying to get the needed paperwork off the IDC turned into a protracted balagan.

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