Understanding Your Pension
A pension is a regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed during their working life. The money will be paid to the person after they reach a specific age. A formula determines how much a pension income will be received on that person retires. This formula is based on a combination of the years of service with the company, your age, and your compensation. Pension plan must follow specific rules set out by the Department of Labor. These rules specify how much the company must put away each year into an investment fund in order to be able to provide you a defined pension amount in the future.
Understanding your pension plan can help you make the best choices to prepare you for retirement. Reviewing your Pension Summary Description is the first step. This document provides a summary of the key provisions of the Plan and gives detail of the different types of pension benefits available. If you have any questions about the Plan, please contact the Pension Department at 800-236-6437.
Links to various websites are provided for your convenience only and are not endorsed by Ohio Laborers Benefits. This material is provided for informational use only and should not be construed as financial advice or used to replace a licensed financial professional’s independent judgment about the appropriateness or risks.