Retirement vs. Layoffs

By: Steven Muller

Americans lost 2.4 million jobs last year. And more workers are worried about getting a pink slip any day now. This economic blizzard has many people in both groups -- as well as retirees -- wondering how safe their workplace retirement funds are. If you're laid off -- or, even worse, your employer folds -- how do you get your pension benefits? How about your 401(k) account? Is there anything you can do now to protect access to workplace retirement assets after a layoff or bankruptcy?

In a season of bleak headlines, the good news is that at least limited safeguards exist for both traditional pensions as well as 401(k) plans. And the more you know in advance, the easier it can be to maintain unimpeded access to your retirement benefits and unimpeded control over your 401(k) account.

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