How do I know if my employee pension is being managed properly?
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UPDATED: Jul 16, 2021
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Making sure your employee pension is properly managed is essential to your financial health. At least once a year, you should receive a full financial report from the administrator of your pension plan. In order to ensure that your pension is being managed properly, it is important to keep an eye on these reports and monitor the progress of your accounts, noting any changes – whether they are increases or decreases in your balance.
Understanding Employee Pensions
Your pension plan is designed to give you continuing income even after you leave the workforce. Pension plans come into play under a number of circumstances, including retirement and disability. Typically, your pension payments will be paid out to you in a series of equal payments, in most cases once per month. When you take into account the fact that, should you retire or become unable to work, your pension payments may be your only source of income, you will realize the importance of ensuring that your pension account is handled properly while you are still working and contributing to the account.
Contacting Your Pension Plan Manager
Should you have questions about your pension plan, whether they are based on the annual report you receive or other issues, you should immediately contact the administrator of the plan. The contact information for this purpose should be provided by your employer. Many companies will have a specific account manager assigned to your pension, and it is worth your time to get to know this person so that you can ask questions should anything seem incorrect about your plan, or should you be concerned about a decreasing balance over a certain amount of time.
Many companies will willingly provide you with a way to monitor your balance on a regular basis, often offering online log-ins via their websites, so that you can keep an eye on any changes and follow the causes and effects of particular actions.
Getting Help – Contact a Lawyer about Your Pension
Monitoring your employee pension plan is one of the most important things you can do for your future, and mistakes do happen, so don’t be afraid to ask questions and make changes as you see fit. If you are confused or you feel your rights are not being protected, contact a lawyer in your area for advice and possible assistance.