**Women and				  PensionsU.S. Department of				  Labor**
| What Women Need to Know and				Do                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| *While all workers need to save more for				retirement, women face additional challenges because they have lower earnings,				experience higher job turnover, and are employed in industries with low or no				pension coverage. This pamphlet is designed to provide basic facts about				retirement benefits and identifies sources for more				information.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Does your employer have a pension				plan?**

Employers are not required to have a pension				plan. You need to find out from your employer if a plan is offered.

**Do you know what type of plan it is?**

There are two basic types of pension plans. A				traditional plan promises a specified pension benefit at retirement usually				based on the years you worked and your salary. A defined contribution plan,				such as a "401(k) plan," maintains separate accounts for each person and				retirement benefits are based on the amount in your account.

**Are you included in the plan?**

Pension plans do not have to include every				worker. Some jobs may be excluded from the plan and part-time workers may not				be covered. Check with your plan administrator (the person running the plan),				personnel office or union representative to make sure that you are a plan				member or to find out how to become one.

**Have you worked long enough to earn a				pension?**

Generally you must work five years under a plan				to qualify for benefits, although some types of plans still require ten years				of work to earn a benefit. Some plans require less than five years. Ask the				person running your plan for a summary plan description which describes the				plan and its requirements.

**Do you know how much your pension will				be?**

The summary plan description should tell you				how your benefit will be calculated. Your employer may give you or you may				request an *individual benefit statement* showing the value of your				pension benefit. The individual benefit statement should show the benefits you				have actually earned to date and a projection of your benefit at				retirement. |  | **Do you know what happens to your pension if you retire				early?**

If your traditional plan allows you to collect				pension benefits before "normal" retirement age (65 in many plans) your benefit				may be reduced since you will be getting benefits for a longer period of				time.

**Do you know what happens to your pension if you change				jobs?**

If you have not worked long enough to qualify				for benefits, you will lose your pension. If you qualify for benefits, some				plans will keep your pension until you reach retirement age. Others will allow				you to take your money out in a lump sum. If you take the money, you will have				to pay a tax penalty unless you roll the money over into another pension plan				or IRA.

**Do you know what				happens to a pension if you or your spouse dies?**

In a traditional private pension plan, you may				be entitled to receive a benefit from your spouse's plan when he dies. This				"survivor" benefit is automatic unless both spouses agree, in writing, to give				it up. If you are in a government plan or a defined contribution plan the rules				may be different.

**Is your pension				insured?**

Most traditional company and union pension				plans are insured by the federal government through the Pension Benefit				Guaranty Corporation (PBGC). PBGC pays benefits up to a maximum guarantee if				plans fall short. Plans where you have an individual account and government				plans are **not** insured. |

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| **Is your pension				insured?**

Most traditional company and union pension				plans are insured by the federal government through the Pension Benefit				Guaranty Corporation (PBGC). PBGC pays benefits up to a maximum guarantee if				plans fall short. Plans where you have an individual account and government				plans are **not** insured.

**Do you have				pension information from all your jobs?**

If you earned a pension at a previous job,				contact the plan to get information on your benefit. Also, when you apply for				Social Security, you can find out what private sector pension benefits you may				have earned. Finally, contact PBGC for help in locating your benefits from a				private sector plan that no longer exists. Be sure to keep all employment and				pension-related records with other important papers.

**Do you know what				benefits your spouse's plan provides?**

If you are a beneficiary under your spouse's				pension plan, you may request a copy of a summary plan description from the				plan administrator (generally the employer) which describes the plan, your				rights under the plan, and whether survivor annuities or other death benefits				are provided under the plan. You may also make a written request for copies of				plan documents and a statement describing your spouse's vested benefits under				the plan. There may be a charge for the information and your request may have				to be in writing.

**Are you entitled				to a portion of your spouse's pension benefit if you get				divorced?**

As part of a divorce or legal separation, you				may be able to obtain rights to a portion of your spouse's pension benefit (or				he may be able to obtain a portion of yours). In a private plan, this is done				using a "qualified domestic relations order" (QDRO) issued by the court. You or				your attorney should consult with the administrator of your spouse's plan to				determine what requirements the QDRO needs to meet. |  | **Do you know the				Social Security benefits to which you may be entitled?**
- Your Social Security benefits will be based				  on your earnings during your working career. You may also be entitled to				  benefits as a spouse, ex-spouse, or widow based on your spouse's earnings.				  Periodically, you should verify that your earnings on file with the Social				  Security Administration are correct.

**Can my pension				benefits be reduced by Social Security or other government				payments?**

Some pension plans offset a portion fo your				benefit by some of the amount you receive under Social Security. Likewise, if				you or your spouse have a government pension, it may affect the amount of your				Social Security benefits. Your plan administrator will be able to advise				you.

**Do you know how				you can save for retirement if you do not have a pension plan?**

Anyone with earned income can put money into an				Individual Retirement Account (IRA). Or, if you are self-employed, you can				establish a Simplified Employee Pension (SEP) or "Keogh" plan. |
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| *How to				Find Out More*
For more information, contact these				agencies:
**Employee Benefits Security Administration**U.S. Department of				  Labor(202) 219-8776Internet:				  http://www.dol.gov/ebsa/**Pension Benefit Guaranty				  Corporation**(202) 326-4000Internet:				  http://www.pbgc.gov**Social Security				  Administration**1 (800) 772-1213Internet: http://www.ssa.govInternal Revenue				  Service1 (800) 829-3676Internet: http://www.irs.gov*Reference				List*
For more information about retirement plans,				you may request the following free publications from the Pension and Welfare				Benefits Administration's toll-free Publication Hotline:				1-800-998-7542.

**Top Ten Ways to				Beat the Clock and Prepare for Retirement**

**Power to				Choose**

**What You Should				Know About Your Pension Rights**

**Protect Your				Pension**

**QDROS -- The				Division of Pensions through Qualified Domestic Relations				Orders** |  | *Pension Checklist for				Women*Y NDoes your employer have a pension					 plan?Do you know what type of plan it					 is?Are you included in the plan?Have you worked long enough to earn a					 pension?Do you know how much your pension will					 be?Do you know what happens to your pension					 if you retire early?Do you know what happens to your pension					 if you change jobs?Do you know what happens to a pension if					 you or your spouse dies?Is your pension insured?Do you have pension information from all					 your jobs?Do you know what benefits your spouse's					 plan provides?Are you entitled to a portion of your					 spouse's pension benefit if you get divorced?Do you know the Social Security benefits					 to which you may be entitled?Can my pension benefits be reduced by					 Social Security or other goverment payments?Do you know how you can save for					 retirement if you do not have a pension plan? |
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*Produced by PWBA's Division of		Public Affairs -- 1998.*