Filing a claim for your retirement benefits can become easy if you know the exact process. It can also become hard if you don’t know where to start and how to do it by yourself. You should get retirement benefits to support your daily needs when you retire. However, we should not only rely to social security, we should save and invest for our retirement for us to retire comfortably and live the lifestyle we want when we retire.
This eBook (PDF) is a useful guide when filing a claim for your retirement benefits. When filing a claim, the first step you need to do is to read the SPD or Summary Plan Desciption for your plan. Another useful tip from this ebook; when a claim is filed, be sure to keep a copy for your records. If your claim is denied, the plan must give you notice with a detailed explanation and a description of the appeal process.
Filing a Claim for Your Retirement Benefits PDF
|Highlights||If you have participated in a traditional pension plan, a 401 (k), or other employment-based retirement plan, you will want to know how to file a claim for your benefits. The steps outlined describe some of your plan’s obligations and briefly explain the procedures and timelines for filing a claim for retirement benefits.|
|Source||U.S. Department of Labor, Employee Benefits Security Administration|
The eBook consist of total 12 pages. You can download the book from the USA.gov publications. This ebook is offered for free. Here is the summary of the eBook “Filing A Claim For Your Retirement Benefits”.
Filing A Claim For Your Retirement Benefits
Check your eligibility for benefits before filing a claim. Read your SPD and contact your plan administrator if you have questions.
Once your claim is filed, the maximum allowable waiting period for a decision is 90 days (180 days if an extension applies). Usually, you will receive a decision within this time frame.
If your claim is denied, you must receive a written notice, including specific information about why your claim was denied and how to file an appeal.
You have 60 days to request a full and fair review of your denied claim. Use your plan’s appeals procedure and gather and submit new evidence or information to help the plan in reviewing its
Reviewing your appeal can take up to 60 days, and up to an additional 60 days, if you have been notified of the need for an extension. The plan must send a written notice, telling you whether the appeal was granted or denied.
If the appeal is denied, the written notice must tell you the reason it was denied, describe any voluntary appeal levels, and contain a statement regarding your rights to seek judicial review of the plan’s decision.
You may decide to seek legal advice if your claim’s appeal is denied. If you believe the plan failed to follow ERISA’s
requirements, you may want to contact the nearest EBSA office concerning your rights under ERISA.
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