Several factors can be responsible for a lost pension plan; the company you work for may be acquired by another company, leading to many changes which can affect even your pension plan. Moving to another company during your active years can also lead to a loss of a pension plan.
If you lost your pension plan, all hope is not lost; you can still trace your pension and claim it. Finding your lost pension plan will only require some procedures, and you can reclaim your plans. Read on to discover the processes involved in finding your lost pension plan.
- Reach Out To Your Former Employer
In order to find your lost pension plan, the first action plan is to reach out to your former employer or the new company if it is merged. Either you moved over to another company or are retired, contact the company through the human resource unit.
All information about employees is usually kept in the human resource unit, the HR manager or personnel of the unit will assist you with information or directions on how to reclaim your lost pension plan.
The legal responsibilities are primarily transferred to the new company if your former employer is under new ownership. Note that provision of appropriate documents will be demanded to prove your eligibility for the pension claims.
- Check With Insurance Companies
Companies sometimes may forward pension plans and entitlements to insurance companies, whose responsibility now is to pay all pension scheme beneficiaries.
Records and information about your lost pension plan would help reclaim your pension plan from the insurance company if your former employer had handed over your pension to the insurance company.
- Consider The Pension Benefit Guaranty Corporation (PBGC)
Another place you can check for your lost pension plan is the PBGC insures the PBGC pensions from companies and enterprises in the private sector in case of pension plan failure. The PBGC pays out limited percentages of the pension benefits to the beneficiaries.
New York rank as one of the top states with unclaimed pension plans, only behind California and Texas. According to information from the PBGC, the aggregate sum of the unclaimed benefits is more than $300 million, with varying personal benefits.
- Assemble All Necessary Documents
Before laying claims to your pension plans, you must provide the required documents to locate and access your pension benefits. Documents such as the annual reports, pay slips, etc., can prove your ownership of the pension and benefits eligibility.
- Ensure You Are Vested
You must be vested to be eligible for benefits when you attain retirement age. The pension plan summary description gives insights into the principles guiding vesting, depending on the type of pension plan you signed up for.
The vesting of pension plans differs, from 5 years, 10 years, or 20 years or more. You are entitled to your retirement claims at the retirement age even if you left the job.
Getting your pension plans vested now, especially if you are in New York, is very simple and easy. Get in touch with us by calling or filling out our contact form to book an appointment.