http://www.dol.gov/ebsa/consumer_info_pension.html
Go to: What you should know about your retirement plan
Come up with a list including descriptions of what you should know about your retirement plan.
List anything that you found to be interesting, or something that you did not know about before.
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ReplyDeleteWhen information you can get about your plan how you can recieve your retirement,
ReplyDeleteyour responsibilities to understand your plan etc
special things you should know about retirement after divorce death, etc.
I found out there is many types of retirement plans.
You should know the 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 investments; your responsiblities to understand and monitor your plans; and specific circumstances such as how a divorce or change of employer ownership may effect your retirement benefit. First off, I didn't realize just how much you need to know about retirement plans. Also, I didn't know that you can receive retirement distributions even if you haven't retired before 70 1/2 years of age.
ReplyDeleteSome things that you should know about your retirement plan are what types of retirement plans there are, if you are getting retirement from your employer, how you are earning retirement benefits, can a plan reduce promised benefits, and how soon do you a right to your accumulated benefits. I thought it was interesting that defined contribution plans generally are required to provide advance notice to employees when a “blackout period” occurs. A blackout period is when a participant’s right to direct investments, take loans, or obtain distributions is suspended for a period of at least three consecutive business days. Blackout periods can often occur when plans change recordkeepers or investment options. I also thought that it was interesting that Federal law sets a mandatory date by which you must start receiving your retirement benefits, even if you would like to wait longer. This mandatory start date generally is set to begin on April 1 following the calendar year in which you turn 70½ or, if later, when you retire. However, your plan may require you to begin receiving distributions even if you have not retired by age 70½.
ReplyDeleteYou should know what types of benefits you have and how they will work. You should also keep track of all of these things. I didn't know that there were different types of retirement plans. A defined benefit plan is a specified amount of money while a defined contribution plan is not a specified amount. I didn't realize that some plans require a person to be 21 years old. I really didn't know a whole lot about the retirement plan and the process so much of the information that is listed is kind of interesting to me. I didn't know that if the employer goes bankrupt, usually your plan will not be affected. Sometimes the employer will stop managing the account then, and the responsibility would go to the employee.
ReplyDeleteIt is important to know about your retirement plan. It is important to understand how your plan works and the benefits you will recieve. You should make sure to keep track of your retirement benefits. You should know what rules for operating your plan follows. There are different types of retirement plans, you should choose the best one that fits you. Employers also may have more than one type of retirement plan. I didn't know that there ae four differnt types of 401K plans. A defined benefit plan offers you specific monthly benefit at retirement. It is important to know what types of benefits your retirement plan has.
ReplyDeleteYou should deffinately know: When you can recieve retirement benefits, Your responsibilites on running your own retirement plan, the differences between plans. YOu should also know what to do if you have a mistake on your plan. I definately didn't know that generally, you only have to be 21 to start working on a retirement plan with an employer. I didn't know that a plan can change or reduce your future benefits after you have started. That seems like it would suck a little bit.
ReplyDelete~Different types of retirement plans;
ReplyDelete~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 investments;
~Your responsibilities to understand and monitor your plan; and
~Specific circumstances such as how a divorce or change of employer ownership may affect your retirement benefit.
~federal law does not require employers to carry a reitrement plan
you need to know like what type of plans are availiable to you and be open minded.
ReplyDeleteYou need to figure out when you can legally start reciecing retirement and when you actually should recieve it. It is important to plan ahead with retirement
You should also figure you some information about your company and their responibilities to you as a customer
You should be aware of how these events can alter your original plans and what should be done if any of them happen and figure out alternatives.
Your retirement plan is an essential part of your future. It is important that you understand and figure out what you will need for retirment. Different types of retirement plans, when and how you can receive retirement benefits, what to do if you have a mistake, circumstances that may change your retirement benefits. I didnt know that divorce and marital status could change your retirement plan.
ReplyDeleteA defined budget plan, funded by the employer, promises you a specific monthly benefit at retirement. A defined contribution plan does not promise you a specific monthly benefit at retirement. You and your employer contribute money to the plan. I did not know that there are four types of 401(K) plans. Those four types are traditiona, safe harbor, SIMPLE, and automatic enrollment plans. There are also some hybrid plans like cash balance plans that are combinations of defined budget plan and a defined contribution plan.
ReplyDelete- Different Types of Retirement Plans: defined benefits or defined contribution plan (401K).
ReplyDelete- Earning Retirement Benefits: When will you start recieving benefits? How soon can you use them?
- Get all Neccessary information and be sure to look over info for any changes that are made to your plan.
- Payment of Benefits: When you can start getting your benefits? When is the latest you can get your benefits? How will your benefits be paid to you?
- Know what to do if you have a problem.
Something that I found interesting was that Federal law does not require employers to offer or to continue to offer a plan
-Different types of retirement plans;
ReplyDelete-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 investments
-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.
-Federal law does not require employers to offer or to continue to offer a plan.
-The government does not guarantee benefit payments for defined contribution plans.
-A defined benefit plan, funded by the employer, promises you a specific monthly benefit at retirement.
-A defined contribution plan doesn't promise you a specific benefit amount at retirement. Instead, you & your employer contribute money to your individual account in the plan.
You need to know, when and how you can start receiving your benefits. also need to know how to get answers to questions about it, you need to follow your plan and make sure everything is going right with it, or you need to change your plan when different life events happen, such as divorce, death or whatever else.
ReplyDeleteI didn't know that you can have a church retirement plan and you can actually have a really good big plan if you work for the government. actually i did know that mostly, depending on what plan you get with an employer you might not have to contribute to the funds of retirement they can just and your employer can just do it, you can have only worked at some places for 5 years or less and still get some retirement benefits out of that company, and you will also be given alot of money if you put alot of money into invested things because of inflation you can buy something at a low price and with time it will appreciate to a higher value and give you a profit.
You should know how much the company you are working for will match how much you have in retirement. You also need to know which retirement plan your employer has. You should also know the two types of retirement plans there are on is define benefit plan funded by employer promises you a specific monthly benefit at retirement. The second one is define contribution plan which does not promise you a specific benefit amount at retirement.Today with the economy being so terrible some of the younger people like us will have to start their own account to start saving up money for retirement. Some things i didn't know what that federal law does not require employers to offer or to continue to offer a plan.
ReplyDeleteIf an employee leaves after vesting in a benefit but before the plan’s retirement age, the benefit generally stays with the plan until the employee files a claim for it at retirement. Some defined benefit plans offer early retirement options. Specific circumstances such as how a divorce or change of employer ownership may affect your retirement benefit. Employers can choose whether to offer a retirement plan to employees; Federal law does not require employers to offer or to continue to offer a plan.
ReplyDeleteYou should know..
ReplyDelete-how your plan works: get all the info!
-benefits you will receive
-is it a defined benefit or contribution plan
-when it starts and when do you begin to accumulate benefits
-all the rules and what would happen if somethings changes: quit job, you die- does it go to a survivor? if you're fired or hurt, etc.
Some interesting things: for a 401(k) you can get it at the age of 59 1/2 if you suffer a hardship. At 70 1/2 you have to start receiving benefits.
You should know how to make all of your retirement plans early on. YOu should know how your plan works and all of the info that is involved with it. Often with retirement plans you can put in money that was not taxed.
ReplyDelete