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- ...below is a list of common errors we've encountered.
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DOL Common Errors
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In calculating the highest average compensation,
a high year of compensation is omitted.
- Some years of benefit accrual service are omitted.
- The wrong lump sum factor is used to cash-out
a pension.
- The cash payout in the Cash Balance Plan is
too low.
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A minimum benefit, or minimum calculation, is
ignored.
- Mathematical mistakes are made.
- Enhanced or optional forms of benefits are not
offered.
- Mistakes in the calculation of death benefits
are made.
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| Often while performing
a pension calculation, the Plan Administrator is confronted with some unusual
aspect where a decision needs to be made, and often the least costly (lower)
benefit is decided upon. Apply for your pension benefit
inspection now!
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Copyright (c) 2001-2011 Pension Benefit Verification Service (PBVS)
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