One woman had been in the workforce for 33 years but not at any one place long enough to become vested in a pension plan. There were also numerous problems involving divorce cases. The first initiative was called Pensions Not Posies. For the past three years there has been no funding, but now there again is money for a major public awareness campaign. Since 1974, spouses must sign off on the distribution of all pension plans.
Pension assets are also a part of divorce settlements.
The amount is based on the portion accumulated during the time of the marriage. Jim says it is becoming more difficult for people to understand all of the pension options available now. There are few defined pension plans resulting in the need for more individual decisions on how you want your funds invested. The Federation wants to form a coalition with women's organizations who are interested in pension and retirement issues to start a public awareness campaign targeted at women. The Federation is also looking for volunteers to help with casework.