If your pension plan was started within five years before the plan was terminated, then your benefits may not be insured. Also, if your pension plan was improved within five years before it was terminated, these improvements might not be insured. Lump sum death benefits and disability benefits are usually not insured. If your pension plan is terminated for any reason other than financial problems, you will get all of the benefits you have earned under the plan. Otherwise the pension plan funds are generally used to purchase insurance annuities that will pay your pension benefits when you retire.
Funding is monitored by actuaries and adjusted every three years to assure the soundness of plans.
A fiduciary is also subject to such other equitable or remedial relief as a court may deem appropriate, including removal. Find the right lawyer fast. Know the cost up front. Get help from a legal professional.