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My company is going through a restructure, & will be freezing our pension plan in Dec 2016. How would I find out the amount in the account?
I have been with the company for 15 years with an average salary of about $50,000. We aren't vested until we have been with the company 5 years. Will the first 5 years count toward the pension, or just the 10 years after the vesting period? This is a company-based pension plan, and has nothing to do with my 403(b).
2 Answers
- Steve DLv 75 years ago
If you mean this is a defined benefit plan, then the amount in the account is irrelevant to you since it is not your money. Defined contribution accounts (where you put money in and the company/employer matches - like your 403(b) [which means you work for a government organization]) have separate accounts set up individuals - you would get a statement at least quarterly showing your balance.
- Beverly SLv 75 years ago
The first 5 years are included. It's only if you leave before the 5 years that you aren't vested fully.
