Taking Care of Mom and Dad: Pension Checklist

If your parents are covered by a private defined benefit plan, they should know the following key things:

• the name of their defined benefit pension plan;
• the plan's EIN (Employer Identification Number);
• the plan's PN (Plan Number);
• the name and contact information of the administrator;
• the date when they are vested in the plan;
• the age at which they can take early retirement, with reduced benefits;
• the age when they can retire with full benefits;
• the age of normal retirement;
• how their benefits are calculated;
• what their benefit would be if they die before retiring;
• what their benefit would be if they are disabled before reaching retirement age;
• whether their plan allows them to receive benefits in a lump sum and/or as an annuity in monthly installments for life;
• whether they declined in writing the joint-and-survivor option that would allow them to continue receiving a portion of their retirement benefit if one dies before the other; and
• the benefits covered by PBGC insurance if their plan is terminated and taken over by PBGC.