• All relevant compensation, such as commissions, overtime, and bonuses, if these were included in the plan, was not included in calculating pension benefits.
• The calculation was not based on all years of service with the company, or all work within different divisions.
• The plan administrator used an incorrect benefit formula, such as wrong interest rate.
• Plan used wrong social security data in calculating pension benefits.
• Basic information such as birth date, and, or social security number is incorrect.
• The company merged with another company, or went out of business, and there is confusion over which pension benefits employee qualify for.
• Account assets were improperly valued.
• The employer failed to make required contributions on your behalf.
• Basic mistakes were made in the mathematical calculations.
• Employee failed to update personnel office with changes: marriage, divorce, death of spouse that may affect pension benefits.
Consumer Tips for Safeguarding Your Pension
• Know your pension plan. Obtain and review your Summary Plan Description SPD, the rulebook for your pension.
• Review your individual benefit statement and individual account information. Know what your accrued and vested benefits are.
• Maintain a pension file. Keep records of where you’ve worked, dates you’ve worked there, your salary and any plan documents or benefit statements you’ve received.
• Notify your plan administrator of any changes that may affect your benefit payments i.e., marriage, divorce, death of a spouse.
• Know the person in your company who has information about your pension plan and can give you plan documents.
• Know how the merger or acquisition of your company will affect your pension benefit.
• Know your pension rights. Request information on your pension rights and how to protect your pension. Call 1-866-444-3272 for publications.
• Contact the Department of Labor’s Employee Benefits Security Administration if you have any additional questions about your rights under the law.
Courtesy: Employee Benefits Security Administration