Are you going to receive what you have earned?  Pension and retirement benefits provide a monthly or periodic income to individuals who have met the requirements found in their summary plan description or union agreement. Typically, the employee must work a certain number of years before the benefits vest. Sometimes there are provisions in the agreement that allow for the benefit to be paid before early or full retirement age. Usually this early payment is based upon disability and may allow for a full retirement or pension benefit. 

    It is very important to thoroughly read the summary plan description and follow it when making the claims for pension or retirement benefits. The pension benefits may be paid out in a number of ways based upon what is contained in the summary plan description or agreement. Sometimes the benefits may be paid as a lump sum or they may be paid as a monthly benefit. Benefits in some instances may continue after the death of the employee and be paid over to a spouse. A spouse may have an interest in your pension benefits, so when making changes to benefit elections, your spouse’s consent may be required. 

    It is important to pay attention to your pension retirement benefits by requesting a statement each year. Your plan administrator, (this will be the person or entity listed in your summary plan description), is required to provide information to you periodically under federal law. You have a right to request information periodically as well. If you run into difficulties with these types of benefits, please contact me.