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Investing > Retirement Investments

10 Common Causes of Errors in Pension Calculation

• All relevant compensation, such as commissions, overtime, and bonuses, (if these were to be included in your plan) was not included in calculating your benefits.

• The calculation was not based on all your years of service with the company, or all work within different divisions.

• The plan administrator used an incorrect benefit formula, such as wrong interest rate.

• Plan used wrong social security data in calculating your benefits.

• Basic information such as birthdate, and, or social security number was incorrect.

• Your company merged with another company, or went out of business, and there is confusion over which pension benefits you qualify for.

• Assets in your account were improperly valued.

• Your employer failed to make required contributions on your behalf.

• Basic mistakes were made in the mathematical calculations.

• You failed to update your personnel office with changes (marriage, divorce, death of spouse) that may affect your benefits.

The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).



Investing > Retirement Investment Archive


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