How do you find out the value of a pension?

Posted by Dolores
Falling Snow asked:


My husband worked for a Teamsters Union for 24 years and is now back in the union. How can we find out what the value of his pension is?
The company he worked for filed for bankruptcy in 2003. So I could not contact them.

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This entry was posted on Saturday, April 17th, 2010 at 1:04 am and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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One Response to “How do you find out the value of a pension?”

  1. frugernity Says:
    April 20th, 2010 at 8:57 am

    Caffeinated Content

    Contact the employer or the company that administers the plan or the union.

    Note that there are 2 types of pensions:

    Defined benefit plans guarantee a certain monthly income at retirement based on things like years of service, income while working, etc. The value of these accounts would be something like if you stop working now and start getting checks at age 65 your monthly payment will be $2,000.

    Defined contribution plans are a promise by the employer to put a certain amount into the account. The monthly checks at retirement depend on how much the account is worth when the payout starts. These accounts have a cash value so the value would be an actual dollar amount.