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