Pension Action Center (free help solving pension issues)
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About this facility
- Service
- Temporary
Notes
from the site:
The New England Pension Assistance Project and the Illinois Pension Assistance Project, the individual case advocacy arms of the Pension Action Center:
* provide comprehensive assistance on private or public pension issues at no cost;
* unravel complex pension plan documents and calculate benefit amounts;
* digs in to search for lost pensions, spending the necessary time that others just cannot give;
* have recovered over $50 million in pension benefits that were earned but, for whatever reason, were not paid.
The New England Pension Assistance Project has been operating for over 20 years and is one of six pension counseling projects funded by the U.S. Administration on Aging. The Illinois Pension Assistance Project began serving clients in July, 2012, and is funded by a grant from The Retirement Research Foundation.
Policy Work
In addition to helping more than 7,500 people, the Pension Assistance Project’s work helps to inform the Pension Action Center’s issue analysis and policy reform agenda.
Through its pension counseling experience, the Pension Action Center identified the issue of “lost pensions". A pension becomes lost because a company has moved, been acquired, or merged. Working in collaboration with the Pension Benefit Guaranty Corporation, the Pension Action Center authored a widely distributed self-help guide for individuals, “Finding a Lost Pension".
An ongoing concern of the Pension Action Center is women and retirement income. The center successfully worked to have Massachusetts state law amended to make the choice of providing a survivor benefit the actuarial equivalent of other pension payout options state employees have. This work went a long way to insure that spouses of state employees maintain financial independence and avoid poverty.