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RetirementPlanner.org
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Your Resource for Retirement and Life Planning Issues. 
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Safeguarding Your Pension

Few investments are more important than the one you have in your pension plan. Because the average American will rely on pension savings for 18 years after retirement, it is essential that you understand your rights and obligations under your pension plan.

Participants in pension plans have certain rights that are governed by federal law. They also have obligations. Similarly, the people who sponsor your pension plan also have rights and obligations.

Below are some consumer tips for safeguarding your pension:

  • Know your pension plan. Obtain and review your Summary Plan Description (SPD), the rulebook for your pension.
  • Review your individual benefit statement and individual account information. Know what your accrued and vested benefits are.
  • Maintain a pension file. Keep records of where you've worked, dates you've worked there, your salary and any plan documents or benefit statements you've received.
  • Notify your plan administrator of any changes that may affect your benefit payments (i.e., marriage, divorce, death of a spouse).
  • Know the person in your company who has information about your pension plan and can give you plan documents.
  • Know how the merger or acquisition of your company will affect your pension benefit.
  • Know your pension rights. Request information on your pension rights and how to protect your pension.
  • Contact the Department of Labor's Pension and Welfare Benefits Administration if you have any additional questions about your rights under the law.
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