Finances: Pensions
This document is intended to provide
general information on pensions and other financial matters. It is
not intended to provide legal advice. For answers to questions
regarding personal financial matters, consult with an attorney or
accountant.
YOUR
PENSION
Many pension plans require 5 years of employment with the company before
"vesting"--becoming entitled to future pension benefits.
Retirement age and length of employment requirements will vary among
various plans. Retirement benefit amounts are based on salary and
years of service. Because women generally earn less than men and
are more likely to move in and out of the work force, these factors tend
to yield lower pension benefits for women than for men.
YOUR
HUSBAND'S PENSION
Under federal law, you will receive a "survivor" benefit from
his pension if your husband dies, unless you both decided not
to have a "joint and survivor" annuity on his pension and you
agreed to this in writing. Choosing this option provides a higher
monthly benefit upon retirement, but leaves no pension income after his
death. Minnesota law requires public pension plans to notify the spouse
of any pension benefit options and both wife and husband must sign the
option chosen.
PENSION
RESOURCES
For questions about your pension, contact the administrator of the
pension fund. Your employer can tell you who this is. For Minnesota
public employees, call: Public Employees
Retirement Association (651) 296-7460 or toll free
1-800-652-9026, or Minnesota State Retirement System (651)
296-2761.
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