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.

