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Simple ways to find out if your pension’s outlook is for smooth sailing or heavy weather approaching.
We are often asked the same urgent question: How can I determine whether my pension plan is in trouble? So we’ve created a simple system based on basic weather forecasting to help you rate your plan.
But before we start, there are a few things you’ll need to know.
Is your pension plan a Single Employer Plan (SEP) or Multiemployer Plan (MEP)?
Virtually all pension plans are required to file detailed Annual Reports – Form 5500 – with the IRS and Department of Labor (DOL). These forms are readily available on a public website (www.freeERISA.com ). You should download a copy of your plan’s Form 5500 and familiarize yourself with it because it contains critical information about your plan’s financial situation.
ERISA requires plan administrators to distribute certain notices to participants. Some of these notices should set off alarm bells that your plan is in big trouble. Knowing what these documents signify is another easy way to get an initial fix on your pension security. With the rating section below, we’ll also tell you which notices to look for.
Okay. Let’s get started. |
