Your pension moved to an insurance company. What now?
Plain-language answers for retirees and employees whose pension benefits were transferred to an insurer through a group annuity contract.
Will my monthly payment change?
In a standard pension risk transfer, the insurer is required to pay the benefit described by your plan. Your notice and annuity certificate show your exact amount. If something looks wrong, contact the insurer listed on your certificate first.
Who do I call now about my payments?
After the transfer, the insurance company named on your annuity certificate handles payments, address changes, tax forms (1099-R), and direct deposit. Placeholder DIETRICH could list insurer service phone numbers here.
Why did my employer do this?
Many employers move pension obligations to insurers to reduce financial risk and administrative cost. Your employer must follow federal rules, including choosing the “safest available” annuity provider under DOL Interpretive Bulletin 95-1.
Is my benefit still protected?
Your benefit is backed by the financial strength and claims-paying ability of the insurance company, which is regulated by state insurance departments. State guaranty associations provide additional protection up to limits that vary by state.
I received a lump-sum offer. What should I consider?
A lump sum and a lifetime annuity are different. One gives you control of the money, the other gives you income you can’t outlive. Consider talking with a financial professional. This site does not give individual advice.
I think I’m owed a pension from a former employer that closed.
The PBGC offers a search for unclaimed pensions at pbgc.gov.
Still have questions?
The DIETRICH team supports participants days, months, years, and even decades after an annuity placement.