In the recent discussion "59 and Anxious", a reply asked if the OP's pension fund was solvent. This tickled a memory and I hunted down a WSJ Encore column from June 2020. Turns out this isn't such a simple task. Here's what columnist Glenn Ruffenach wrote:
WSJournal by Glenn Ruffenach, 04June2020
(excerpt)
....To gauge the health of your particular pension, begin with your Annual Funding Notice, which your plan is required to send you each year. This document is a snapshot of your pension: how well it’s funded, the value of the plan’s assets, how those assets are invested, and how much the Pension Benefit Guaranty Corp. (the federal agency that guarantees payment of basic pension benefits) can pay if the plan ends.
The hitch: Under new rules published in May by the Labor Department, your pension’s administrator can decide not to mail a paper copy to you, as previously required. The information will be available online, but “you will have to look for it yourself,” says Karen Friedman, executive vice president for the Pension Rights Center, a retiree advocacy nonprofit based in Washington, D.C. “This puts all the responsibility for disclosure on to individuals.”
In addition to the annual notice, you also can read your plan’s Form 5500, a detailed look at your pension, which your plan administrator must file each year with the Labor Department, the Internal Revenue Service and the PBGC. These reports are available online at the Employee Benefits Security Administration (https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/forms#filing-searches)
Of course, it helps to be able to make sense of the numbers and language in these documents. Several organizations can help. The Pension Rights Center (Pension Rights Center) offers a wealth of information about pensions and retirement income. In particular, search for and read on the group’s website: “Tips for Keeping Track of Your Pension”; “Pension Funding Notices”; and “How Well-Funded Is Your Pension Plan?” The center operates PensionHelp America, which can steer you toward groups and experts with answers (https://pensionhelp.org/).
There is also the Pension Action Center (https://www.actuary.org/content/pension-assistance-list-pal) at the American Academy of Actuaries. This service offers as much as four hours of free help from an actuary for workers and retirees who have pension questions.
HTH some folks!
WSJournal by Glenn Ruffenach, 04June2020
(excerpt)
....To gauge the health of your particular pension, begin with your Annual Funding Notice, which your plan is required to send you each year. This document is a snapshot of your pension: how well it’s funded, the value of the plan’s assets, how those assets are invested, and how much the Pension Benefit Guaranty Corp. (the federal agency that guarantees payment of basic pension benefits) can pay if the plan ends.
The hitch: Under new rules published in May by the Labor Department, your pension’s administrator can decide not to mail a paper copy to you, as previously required. The information will be available online, but “you will have to look for it yourself,” says Karen Friedman, executive vice president for the Pension Rights Center, a retiree advocacy nonprofit based in Washington, D.C. “This puts all the responsibility for disclosure on to individuals.”
In addition to the annual notice, you also can read your plan’s Form 5500, a detailed look at your pension, which your plan administrator must file each year with the Labor Department, the Internal Revenue Service and the PBGC. These reports are available online at the Employee Benefits Security Administration (https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/forms#filing-searches)
Of course, it helps to be able to make sense of the numbers and language in these documents. Several organizations can help. The Pension Rights Center (Pension Rights Center) offers a wealth of information about pensions and retirement income. In particular, search for and read on the group’s website: “Tips for Keeping Track of Your Pension”; “Pension Funding Notices”; and “How Well-Funded Is Your Pension Plan?” The center operates PensionHelp America, which can steer you toward groups and experts with answers (https://pensionhelp.org/).
There is also the Pension Action Center (https://www.actuary.org/content/pension-assistance-list-pal) at the American Academy of Actuaries. This service offers as much as four hours of free help from an actuary for workers and retirees who have pension questions.
HTH some folks!
