What You Should Know About Your Retirement Plan (2006) - PDF
نویسندگان: Department of Labor Contributors
خلاصه: 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 asyou would keep track of money that you put in a bank or other financial institution, it is in yourbest interest to keep track of your retirement benefits.Those responsible for the management and oversight of your retirement plan must followcertain rules for operating the plan, handling the plan’s money and overseeing the firms thatmanage the money. You should also understand and monitor your retirement plan and yourbenefits. You will find Action Items in each chapter to assist you in doing this.This booklet helps you understand your plan, explains what information you should reviewperiodically 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 investments;Your responsibilities to understand and monitor your plan; andSpecific circumstances such as how a divorce or change of employer ownershipmay affect your retirement benefit.Any terms you see that appear in blue in the text are explained in the Glossary.RETIREMENT PLANS COVERED IN THIS BOOKLETThis booklet covers private retirement plans that are governed by Federal laws and guidelinesin the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal RevenueCode. ERISA is a Federal statute that sets standards for most employer and union sponsoredretirement plans in private industry and imposes responsibilities on those running the plan.Participants in these plans have certain rights as well as responsibilities.The rules discussed in this booklet do not apply to all retirement plans. For example, theinformation does not apply to:State and local government plans, including plans covering public school teachersand school administrators;Most church plans; andPlans for Federal government employees.Also, if you are in a collectively-bargained plan, the rules that apply under ERISA may bedifferent in some cases.The information contained in the following pages answers the most common questionsabout retirement plans. Keep in mind, however, that this booklet is a simplified summary ofparticipant rights and responsibilities, not a legal interpretation of ERISA.