Do You Know Whats Going On With Your Pension Plan?
Thats a good question, do you know whether or not your pension plan is stable, and if so will it remain that way? Well, if youre part of your employers pension plan, you should find out the answers to these questions. Once you find out, stay informed about your pension plan.
You say you know you have a pension plan but really dont know what this is. A pension plan is a retirement account that your employer contributes funds as part of your future retirement. The amount paid to your retirement fund by your employer is based on the number of years you have worked and the amount of income you have earned.
How long will it take for me to become eligible for my employers pension plan? It is normally between 3-5 years that you become eligible for the plan offered by your employer.
What if I no longer work for the employer after I become eligible will I still be vested? Yes.
I hear some employers have terminated their pension plans, why is this? Some employers are finding it very expensive to continue with their pension plans due to: increased number of retirees, low interest rates and...
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