Untangling pensions–get help in locating “lost pensions”

Today’s CSM has an excellent story on resources for locating “lost pensions” when a former employer has folded, but pension funds are held in trust for beneficiaries. 

The pension benefit many workers casually scanover early in their careers becomes increasingly important as they nearretirement. Whatever career stage you are in, the following resourcesmay help you to maximize this benefit or resolve problems collecting it:

• Personal documents: Preserve notification that you are vested in aplan, an exit letter describing plan benefits, and a summary plandescription. Also save W-2s. Documentation of income earned and datesworked can prove your pension eligibility. Also save your company’sofficial name and tax ID number, which can be used to track downsuccessor companies.

• The US Department of Labor – Employee Benefits Security Administration (www.dol.gov/ebsa 866-444-3272) offers a free booklet, “What you should know about yourpension plan.” It provides explanations of various types of retirementplans and your rights under the Employee Retirement Income SecurityAct. It also covers survivor benefits and addresses what happens ifyour plan terminates or your company merges.

• Pension Benefit Guarantee Corp., the trustee of 3,500 pensionplans, takes over plans for certain companies if they dissolve. It alsotakes over the administration of benefits for plan administrators wholose contact with retirees. If you lose touch with a former employer, aquick visit to www.pbgc.gov/search may lead you to missing benefits.

• Pension Counseling Projects can help you track down a missingpension or resolve a pension dispute. For a list of pension counselingcenters across the country, visit www.pensionaction.org/publications/ lostpension/appendixc.htm. These pension experts work for free.

• The National Retiree Legislative Network (www.nrln.org866-360-7197) is a nationwide activist group that provides a network tolobby legislators on pension and other retiree-related issues.

• The Association of BellTel Retirees (www.belltelretirees.org,800-261-9222) helps employees or retirees of any descendant company ofBell Telephone. This nonprofit group fights for pension and otherrelated benefits through proxy motions and regular communication withcorporate executives.

• Kirstein Library (617-523-0860) in Boston is one of the nation’sfirst business libraries. Mention “pension” to its librarians and theywill direct you to several useful publications and directories to helpyou track down lost companies or plan administrators.