Fidelity: Pension Plan Participants Not Well Informed
A new survey by Fidelity Investments found that while most workers with pension plans expect the plans to help pay for their future living expenses, many don't know very much about how they work.
Fidelity said nearly a third of those surveyed didn't know their plans' vesting schedules and 27 percent didn't know how old they would have to be to start receiving payments.
A majority, 61 percent, said they've never asked about how much money they'll get when they retire.
At the same time, 56 percent said they'll rely on pension payouts for living expenses once they retire, not just for extra spending money. Respondents also said they'd live partly on Social Security, personal savings and money from 401(k)s or other similar plans.
The survey involved 500 corporate employees in employer-sponsored pension plans.
WBJ Web Partners
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