Pension Bankruptcy
How does my company BK 11 affect my pension plan (defined contribution )…………………………… … .?
My former employer recently filed for Chapter 11 bankruptcy. I have a vested defined contribution plan (pension) plan with them for almost 20 years. What are the facts? Anything to worry? All I have to do? Please advise! Thanks!
Your employer should have been paying insurance premiums a company called the Pension Benefit Guarantee Corporation, a government agency responsible for ensuring pensions. You can visit http://www.pbgc.gov/workers-retirees/benefits-information/content/page13181.html for a complete list of the protections that the corporation provide. You can also call (800) 400-7242. You should also check all the documentation that is available in conjunction with its plan, as defined contribution plans often convey a significant degree of ownership of the funds in your case. Does your plan really more of a 401 (k)? In that case, you should contact the plan administrator to be included in the recent statements.
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