If necessary, such as occurred with the Piggly Wiggly pension fund, the PBGC will take court action. In light of these findings, experts interviewed by Gannett News Service offer some tips to ensure that the pension check a participant receives is correct. Understand the plan. Most errors, say the experts, occur in defined-benefit plans, in which the employer makes all the payments to the plan. Know the factors.
All plans use various factors in determining the benefit amount.
These include salary history, years of service, and the like. Summary plan descriptions usually spell out these factors. Monitor plan progress. Get a plan statement at least annually, and ask questions. Evaluate the lump sum.