Ask the Experts - Getting Your First Pension Check

Q. I am preparing to retire this year. My company says that it may take up to three or four months to get my first pension check. Does that mean I’m going to lose three or four months of pension pay?

A. Generally, when you apply for a benefit, the plan administrator has 90 days to tell you whether your request will be granted. If your plan administrator needs more time to review your request due to special circumstances, such as an unusually large number of pension requests at your company, the administrator must tell you in writing within 90 days that additional time is needed, why it is needed and the date by which the plan administrator expects to render a final decision.

In most cases, if you are eligible to receive benefits, a delay will not result in lost pension pay to you. To learn more about how your pension plan is set up, consult your Summary Plan Description. If you don’t have a copy, ask your employer to provide you with it.

For more information about filing for and receiving pension benefits, go to the Department of Labor online at http://www.dol.gov/ebsa/faqs/faq_consumer_pension.html.

Source: John Turner