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Get the most out of your pensionPension plans help fund retirement for millions of American workers. Pensions, Social Security and personal savings make up the three primary components of retirement income. By carefully evaluating your company’s plan, you can be sure you will receive its full benefits.There are many different kinds of retirement plans, each with their own complicated provisions. How can you determine whether or not the plan your company offers fulfills your need? Ask questions like these: Who is eligible to participate under the plan? Most pension plans require employees to meet age and service requirements before they are allowed to participate in the plan. How is my pension calculated? When can you start receiving benefits, will those benefits increase over time, and how much money can you expect to receive? What are my payment options? Some plans offer a lump-sum payment option instead of monthly benefits. When do my benefits become vested? That is, when do your benefits belong to you—whether or not you keep working for the same employer, are laid off or fired? When can I retire under the plan? Will your pension be affected if you retire early or continue working past age 65? What if I have to leave my job temporarily? How is your pension affected if you leave your job to return to school, have a baby or care for an elderly relative? When can I begin collecting benefits? Will those benefits increase once they begin? Check out all your options before making any decisions about your pension plan. After all, it’s your retirement that’s waiting for you!
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