Pension Administrator Problems
I am part of a company that was spun off by a Fortune 500 company 13 years ago. The new company is completely separate from the old, not a subsidiary, joint venture or any other association. All of us had pensions with the former employer, although they all stopped growing then and there of course. However, all of us are counting on those pensions as part of our financial plan, for some of us it's a substantial %.
Problem is the former employer treats us like third class citizens or worse. Examples: 1) Usually takes weeks and several calls/messages to get any kind of response when someone is ready to retire. 2) They keep tweaking the plan without telling us, stumbled on the fact they have changed how they're calculating lump sum amounts, and 3) They provide erroneous information, and most employees aren't savvy enough to know. 4) and so on.
What recourse do we have to get accurate, timely information from them short of hiring an attorney (at our own expense)?
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)