Protecting Your Retirement Savings from Potential Creditors
State and federal laws provide strong protections to New England residents to shield their retirement savings from creditors. The particular protections available depend on whether you have filed for...
View ArticleSummary of Mass State Pension Reform Law Chapter 176 of the Acts of 2011
Massachusetts passed significant changes to its public pension system meant to create cost savings for the state and to encourage employees to work longer. Most of the changes apply only to people...
View ArticleMy Company is Freezing the Pension Plan: What does this mean?
As employers move away from traditional defined benefit pension plans in favor of defined contribution 401(k) plans, the number of frozen pension plans is rapidly increasing. While most companies...
View ArticleFinding a Lost Pension
Workers may be tempted to shrug their shoulders and write off the pensions as “lost.” Indeed, some pensions may in fact be gone forever. In many cases, though, the pension money is sitting safely in a...
View ArticleProtect Your Pension: Important Documents You Should Keep
No matter what kind of pension or retirement plan your employer offers, you should keep certain documents indefinitely to ensure that your retirement benefit is paid correctly. Based on our experience...
View ArticleLetter Regarding IRS Form 8955-SSA Participant Notice Requirement
On April 27, 2012, the Pension Action Center wrote to the Internal Revenue Service to advocate for the pension rights of American workers and retirees. The Pension Action Center’s letter was prompted...
View ArticleTestimony before the ERISA Advisory Council
I am the director of the Pension Action Center of the Gerontology Institute at the University of Massachusetts Boston. In that capacity, I run the New England Pension Assistance Project (NEPAP), a...
View ArticleLetter Regarding PBGC Request for Information on Missing Participants in...
On August 19, 2013, the Pension Action Center wrote to the Office of the General Counsel of the Pension Benefit Guaranty Corporation in response to their request for comments on the implementation of...
View ArticleUnderstanding the Differences Between Defined Benefit Pension And Defined...
In recent years, more and more employers are offering employees defined contribution plans instead of defined benefit plans. Although, there has been a shift away from the defined benefit pension...
View ArticleUnderstanding the Specialized Language of Retirement Plans
Whether you are a participant in a defined benefit plan or a defined contribution plan, the realm of pension benefits can be tricky and confusing to navigate. Some of the terminology used might be...
View ArticleGetting the Most Out of Your 401(k)
Planning for your retirement is an active and ongoing endeavor. It requires a certain amount of diligence and knowledge to ensure you have an adequate amount of financial stability at retirement. In...
View ArticleHardship Withdrawals and Loans: Some Words of Caution
As defined benefit pension plans become more and more rare, the responsibility of saving for retirement falls increasingly on individuals. Many studies have been published about the average or median...
View ArticleIllinois Secure Choice Savings Program Act (Passed Jan. 4, 2015)
The Illinois Secure Choice Savings Program Act, passed on January 4, 2015, creates an automatic enrollment payroll deduction IRA. The purpose of the program is to promote increased retirement savings...
View ArticleYour Former Employer’s 401(k) Plan
When you leave a job where you have participated in a 401(k) plan, you may have a number of different options about what to do with the money in that account. This fact sheet explains those options...
View ArticleFinding a Financial Planner
This fact sheet provides information on how to find the right financial planner to help you meet your retirement planning goals. This fact sheet suggests things to consider prior to picking a...
View Article401(k) Plan Expenses
Under a 401(k) plan, your benefit is your vested account balance. This account balance reflects the contributions you make to the plan, the contributions your employer makes to the plan on your behalf...
View ArticleProtect Your Retirement Income: Documents to Keep and Questions to Ask
No matter what kind of pension or retirement plan your employer offers, you should keep certain documents indefinitely to ensure that you receive the retirement benefits you have earned. This fact...
View ArticleLump Sum vs Annuity Payments: Which is right for me?
As employers are looking to reduce pension plan liabilities, more and more participants are being given the option to receive a one-time lump sum payment from their pension plan in lieu of receiving...
View ArticleProtect Your 401K When You Leave Your Job
This fact sheet was produced by the Pension Action Center at the University of Massachusetts Boston in conjunction with the COVID-19 Rapid Response Systems Summer Institute, a joint partnership of...
View ArticleHow to Track Down Your Lost 401(k)
This fact sheet was produced by the Pension Action Center at the University of Massachusetts Boston in conjunction with the COVID-19 Rapid Response Systems Summer Institute, a joint partnership of...
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