Regardless of the state of the investment markets, it’s wise to keep track of your pension (if you are lucky enough to have one). Many states are far behind in funding state pensions and corporate pensions may be at risk during this severe recession and corporate bankruptcies.
More than 100 multi-employer pension plans covering 1.4 million participants are underfunded by $56.5 billion and could fail in the next 20 years. (Thanks to WSJ Ask Encore columnist Glenn Ruffenach, 6/8/20). Sobering!
Read your “Annual Funding Notice” to asses the status of your pension. As of May 2020 Trump’s Labor Department has ruled that your pension administrator no longer has to mail you a copy (as previously required). The info will be online, placing the responsibility on you.
You could also read and monitor your plan’s Form 5500 which is available online at the Employee Benefits Security Administration: Go to: https://www.dol.gov/agencies/ebsa
Under Quick Links, click on: Filing Searches
How to interpret what you find…
The Pension Rights Center http://www.pensionrights.org/
Read: “Tips for keeping Track of your Pension”
“Pension Funding Notices” and “How well-funded is your pension plan?”
Good luck and keep monitoring the status of your future.
Source: Financial Planning for Women