When To Call In The Pension Police

You are putting in your years with the company, but you better make sure you will get what you are due when you retire. Over 42 million workers and retirees are covered by employer-sponsored pension plans. The Pension Benefit Guaranty Corporation (PBGC) keeps an eye on private sector pension plans and in some instances involving corporate financial distress, may take over those plans that are not adequately funded. You need to protect yourself by learning all you can about how your pension works. Every plan is required to provide a summary explaining how the plan operates, how to calculate your benefits, and how to file a claim. They even have information on how divorce decrees affect pensions. The PBGC has several free publications including Your Guaranteed Pension and Your Pension: Things You Should Know About Your Pension Plan. For more information, contact the Pension Benefit Guaranty Corporation, 1200 K St., NW, Washington, DC 20005; 800-400-7242; {www.pbgc.gov}.

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