Plan recoupment problems

14 Jan

Unfortunately, many people have, at one time or another, received a letter in the mail from the administrator of their pension plan informing them that “we made a miscalculation on your payments”. Typically, this kind of all-too-common error results in a request to reimburse the company the amount you owe them (if any), either as a one-time lump sum payment, or as an ongoing deduction from your payments.

In cases of overpayment, there is little recourse for a family. You must protect yourself upfront. The single most important thing that you can do is to thoroughly review the information from your pension company to make sure that the information they have recorded is accurate. Pay special attention to your years of service and your benefits level. Many people who are placed into situations like these are already on fixed incomes, and responding to and recovering from costly errors like this is something that they simply cannot afford.

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