Lost Pension

Lost Pension

DEAR TRUST OFFICER: 

Years ago, when I worked for a large company, I believe that I earned some pension benefits. However, I don’t have any paperwork to prove it, and I’m not sure how to determine my status now. The company went out of business. What’s my next step? — SEARCHING FOR ANSWERS

DEAR SEARCHING:

Your next step is the Pension Benefit Guaranty Corporation, which handles terminated pension plans, including those of companies that have gone bankrupt. Go to find unclaimed retirement benefits to begin your search, using your last name and the last four digits of your Social Security number. 

Another resource for finding lost retirement benefits could be on the way soon, because Congress directed the Department of Labor to develop its own searchable database of retirement plans (part of the SECURE Act 2.0 enacted in 2022).

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