Things You'll Need:
- Retirement benefit plan specifics for age, length of participation in the program, and process to file your retirement claim.
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Step 1
Retirement Benefit Plan Protection
The first thing you need to know is that there is a law that protects your retirement benefits. The Employee Retirement Income Security Act of 1974 sets standards for those administering your retirement plan including requirements for processing your benefit claim, a time line for a claim decision once it is filed, and the claimants rights if a claim is denied. (ERISA does not cover all retirement plans.) -
Step 2
Retirement Benefit Key Document
The Summary Plan Description (SPD) provides an overview of your retirement benefit plan. It describes what your benefits are, the procedures for filing a claim, and your rights and responsibilities when you do file your retirement claim. Review the SPD before you are ready to file your retirement claim so you know and understand your specific retirement plan's procedures. Request a copy of this document from your plan's Administrator. -
Step 3
Filing A Retirement Benefit Claim
Know what the SPD is for your retirement benefit plan and ensure that you meet all the requirements of eligibility, ie. be certain age or must have worked so many years before you can file your retirement benefit claim. Understand what your plan requires to file a claim including where to file, what to file, and contact information for any questions you have. There should not be any charges to file a claim or filing fees for appeals. When you do file a claim be sure to keep a record of when you filed the claim and make a copy of all forms submitted, and any other correspondence, for your records. -
Step 4
Retirement Benefit Claim Waiting Period
The standard evaluation time frame, to decide whether you will receive retirement benefits, is 90 days. If your plan Administrator needs more time to decide about your retirement claim they must notify you within that time frame. They need to tell you why additional time is needed and the anticipated date you should receive their decision. -
Step 5
Retirement Benefit Claim Denied
When there is a denial for your retirement claim you should receive the notice in plain language, not legal wording you can not understand. Included in this denial notice should be all the reasons for the denial, what plan provisions were used to make the denial decision, let you know if further information is needed from you, what that is and why it is needed for them to decide on your claim. The denial notice must also clearly state how to submit an appeal. -
Step 6
Appealing a Denied Retirement Benefit Claim
The are many reasons retirement claims are denied including you are not old enough, you have not participated in the plan long enough, or the Administrator can not make a decision without more information. You have a least 60 days to file an appeal in which time you should gather all additional information and/or paperwork specified in the denial and all new evidence to support your retirement benefit claim. Send all information, via certified mail, to the person specified in your denial notice. Ensure they receive this package within your plan's specific appeal time-frame. -
Step 7
Retirement Benefit Claim Appeal Review Process
Your retirement plan Administrator (with a few exceptions) has a 60 day time-frame in which to review your appeal. When a final decision is made, and your retirement claim is still denied, you will receive a written explanation of the decision. Included will be information about any additional appeal options and explain your rights to seek legal review of the final decision. Another, or additional option, is to contact the EBSA - Department of Labor's Employee Benefits Security Administration.
Comments
LilacGirl said
on 11/13/2008 Good article, helpful and informative.
cyclegirl98 said
on 11/13/2008 Great advice, sometimes I wish I were there already!
hopekee said
on 11/11/2008 I'm not there yet, but this was a very good article for those who are going through this. Thanks!
momofour said
on 11/11/2008 Great article!! Thanks for sharing the information. My mom is getting close to retirement age and will appreciate your article. Passing it on to her right now!
lacurcio said
on 11/11/2008 Wonderful advice, great information!