By Joellen Leavelle
A few weeks ago, the Pension Rights center moved to a new office. We’ve had to update our mailing address with the post office, vendors, people on our email list and just about anyone you can think of.
Millions of people move every day, too, and they do the same thing – they update their mailing address with friends, family, financial institutions and others. But how many of them update their mailing address with their retirement plans? Not enough, if you ask us.
“Lost” pension plans are among the most common reasons workers and retirees contact the Pension Counseling and Information Program. Moving to a new home is an exciting process and one that is filled with tons of minor details. It’s easy for a retirement plan to get lost in the shuffle, especially if you are no longer working for the employer sponsoring the retirement plan. Not many people think about updating their contact information with a former employer. Moving is just is one of the many reasons a retirement plan can get “lost”. Read our fact sheet, Tips for Keeping Track of your Pension, for ideas on how you can keep this from happening to you.
We recommend updating your mailing address with your retirement plan each and every time you move, especially if you no longer work for the employer where you earned the benefit. Doing so will help you keep track of your retirement plan – and help your retirement plan keep track of you.
Updating your contact information with your retirement plan takes just a few minutes and can save you a lot of headaches down the road.