If my employer faces economic difficulties as a result of the events of September 11th, can my employer terminate my pension plan, and if so, what happens to my benefits?
Federal law generally does not prohibit employers from terminating their pension plans. The law does protect your rights to benefits earned before the plan is terminated and requires that employers follow certain rules when terminating plans. There is, however, no right to earn additional benefits under the plan. The benefits you are entitled to will depend on the type of plan you participate in and how long you have worked for the employer. If you were covered by a defined benefit plan, the benefits you may be entitled to generally will depend on a formula that is contained in your plan documents and Summary Plan Description (SPD). The plans formula may include factors such as age, length of service and pay. Benefits may not be payable under the plan until you reach normal retirement age, generally age 65 or some other age specified in the plan documents and SPD. The termination of defined benefit plans is also regulated by the Pension Benefit Guaranty Corporation (PBGC), which guaran
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