Expert: Allen - 3/19/2006

Question
The company I worked 23 years for was sold March 1st. My 401k was transfered to Vangaurd as requested. They tell me I have no say in what happens to my pension. Their plan is to transfer it to an insurance company to be paid out as an annuity (as far as I can find out under different payout rules than the previous). Do I have any say in what happens to the pension and what are my rights/options if any?
          Thank You
                 Barry  

Answer
At some time in the past you should have received a document known as the Summary Plan Description which describes the plan and the options. If you can't locate it, you can request a copy from the Plan Administrator. If you don't know who that is, ask at the hr department.
Many pension plans (but not all) require that payment be made in the form of an annuity. However, there are usually different options as to the type of annuity and possibly the starting date. This should be laid out in the Summary Plan Description.
If you can not obtain documents, you can contact the local office of the U.S. Dept. of Labor Employee Benefits and Security Administration (EBSA) and they may be able to help you.