Should I Be Apprehensive About My Pension?

Fluctuations in the stock market, unstable economic trends, and stories about corrupt CEO’s and pension funds is enough to make anyone nervous about their retirement. Over the last several years it has not been uncommon for someone to learn that their pension has disappeared overnight because of actions taken by a member of their company.
How Can This Happen?
After a lifetime of service, an employee that is ready to retire all of a sudden finds out that a member of management - be it the CEO or CFO - has engaged in investment malpractice with the company's pension funds and the security of a pension is no longer available. Facing the prospect of having to retire on only a government benefit check is unacceptable, so many of these people are forced to continue working or resort to selling personal property or belongings to afford retirement. 

These employees, however, can take action against the company and/or the individual that caused the loss of the pension. There are legal obligations that the company must meet when they offer a pension and the employee agrees to enter into the pension plan.

An experienced attorney can help the individual by determining responsibility for the loss of pension funds and demanding compensation for the actions. The attorney may sue the company, the individual responsible, the CEO for negligence, and even the pension plan holder if it is determined that they should have suspected there was a problem with the plan. The individual filing the suit may also have special rights under the Whistleblowers Act when reporting that there are fraudulent actions taking place with the company pension fund. 

How To Protect Yourself
When a company offers a pension plan, normally employees will participate and take advantage of the program. Some in American feel that social security government benefits are not enough to live on, and that they may not be around much longer. If that is the case taking advantage of a plan your company provides is one way to prepare for the future.

However, there is always a risk with this type of plan. You may move to another job, you may become unable to participate, or your company may in fact misappropriate the funds. The best way to protect yourself from any of these issues is to make sure that you have a “Plan B” in effect at all times.

Take the time to set up a personal retirement account on your own that is separate from your company pension. Invest and save on your own, with the help of a financial adviser if necessary, to ensure that if something does go wrong with your company pension, you will have something else to fall back on in retirement. If nothing does go wrong, it will be more money available for you to enjoy.

In the end, employees that find that their company has committed an act that endangers or nullifies their pension, there is legal action that can be taken to recover what is owed. It will take some time and the assistance of a professional lawyer, but it can be accomplished.

Jeanetta Champion, a concerned citizen, contributes this article wanting Americans to think of the future and prepare. Page Perry LLC specializes in protecting people from investment malpractice. They have comprehensive experience in many areas of law, but they specialize in fraud and breach of fiduciary duty with an emphasis on investments. The firm has helped dozens of investors recoup more than $85 million from 12 different firms since January 2005.
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