By the time you near retirement age, there is a possibility that you will have pension plans with companies that are no longer in business. This situation is not all that uncommon, and when this happens you may be confused about just how to collect your benefits.
But although it might seem like an impossible task to locate an old pension, it can be done and one of the best places to start is the Pension Benefit Guaranty Corporation.
There are a few different ways that you can contact the Pension Benefit Guaranty Corporation; this can be done by mail, the Internet, or by phone. Before you enlist their help, gather as much information as possible concerning your pension plan as this will help streamline the process.
Some of the information that the Pension Benefit Guaranty Corporation will need may include your full name, social security number, date of birth, as well as your full address and phone number. You will also need to provide them with the name and location of the employer that sponsored your pension plan.
It’s also extremely helpful if you have any of the original documents from your pension plan; these documents will include important information, such as the employer’s tax identification number and plan number that can assist in the search.
Of course, pension plans no longer provide the same financial security as they once did, so it is important for people to maximize the benefits of other retirement plans, such as 401k plans and IRA accounts. But even with these in place, there’s no reason to give up on an old pension – a little determination can go a long way and being proactive is the only assurance you have of financial security during your retirement years.