What You Should Know About Your Retirement Savings Plan
Your employer’s retirement savings plan is an essential part of your
future financial security. It is important to understand how your plan works
and what benefits you will receive. Just as you would keep track of money
that you put in a bank or other financial institution, it is in your best
interest to keep track of your retirement benefits.
Those responsible for the management and oversight of your retirement plan
must follow certain rules for operating the plan, handling the plan’s money
and overseeing the firms that manage the money. You should also understand
and monitor your retirement plan and your benefits. You will find Action
Items in each chapter to assist you in doing this.
This article helps you understand your plan and explains what information
you should review periodically and where to go for help with questions. It
includes information on:
Different types of retirement plans
What information you can get about your plan
When and how you can receive retirement benefits
What to do if you have a question or find a mistake
The responsibilities of those who manage the plan and its
Your responsibilities to understand and monitor your plan
Specific circumstances such as how a divorce or change of employer
ownership may affect your retirement benefit.