Not an expert, but if the pension is a qualified retirement plan, it should be safe from being seized if your company goes bankrupted, This is not true for non-qualified pensions. See if you can acquire your pension's SPD. Check if your pension plan is covered by PBGC and what the guarantee amount is. The guarantee amount is what PBGC will cover. Note that PBGC also has a maximum amount, so if your pension exceed that, you will get PBGC max.
Who holds the pension? My mom worked for decades at a factory. The pension was run by the union. When the factory went under, she still had the pension. The pension was covered by PBGC. Recently she has gotten notices of pension having funding issues. If the pension is taken over by PBGC, it will probably not affect her payment because her pension amount is way under the max.
Who holds the pension? My mom worked for decades at a factory. The pension was run by the union. When the factory went under, she still had the pension. The pension was covered by PBGC. Recently she has gotten notices of pension having funding issues. If the pension is taken over by PBGC, it will probably not affect her payment because her pension amount is way under the max.
Statistics: Posted by gavinsiu — Sat Jun 01, 2024 11:16 pm — Replies 6 — Views 951
