1. Defined Benefit Pension(정해진 급여형 퇴직연금)
If you are enrolled in a defined benefit pension, you will receive a personal income statement every three years. Review this document to check the amount you are eligible to receive and the total accumulated pension amount. It is also important to verify that your personal information, such as your birthday and employment start date, is accurate. You will receive information about the status of your pension fund annually.
2. Defined Contribution Pension(정해진 기여형 퇴직연금, e.g., 401(k))
If you are enrolled in a defined contribution pension, you will receive a personal earnings statement quarterly, or if you invest in your account yourself, you may receive an annual earnings statement. When you receive your earnings statement, you should ensure that all information included is up-to-date and accurate. The information that may be included in the statement is as follows:
- Salary amount
- Contributions made by you and your employer
- Duration of employment with the employer
- Home address
- Social Security number
- Job title
- Marital status
- Investment performance
- Amounts contributed or charged to the participant (for more information, check 401(k) plan fee disclosure or call 1-866-444-3272)
- Information included in investment options, pension summary, or annual report (Form 5500)
Additionally, two examples of the balance corresponding to your lifetime salary should be specified (in your name or joint name).
Action Items
- Make sure to receive a detailed pension summary. Read this document carefully and check how the pension will be handled.
- Review any documents received separately, and if there are changes to the pension, ensure that those changes are accurately reflected in each statement you receive.
- If you are enrolled in a defined contribution pension, research investment options and find out when and how you can invest.
- If you are enrolled in a defined benefit pension, check the amount deducted from your salary for the pension to prepare thoroughly for retirement.
- If you believe there is an error in the information, notify the pension administrator or HR department immediately to have it corrected.
- If there are changes in personal information such as marriage, divorce, or address changes, inform the pension administrator and HR department, and keep records of these events to prepare for any future issues.
To avoid having your retirement account information hacked or falling victim to scams like voice phishing, remember the following tips:
Online Account Monitoring: Regularly check social media and other online accounts for suspicious activity or inappropriate content. Manage your privacy settings to restrict access to your personal information and posts.
Use Strong and Complex Passwords: Set passwords that are difficult to guess by combining letters, numbers, and special characters. Avoid easily guessable information like birthdays or names, and consider using a password manager to generate and store secure passwords.
Update Personal Contact Information: Keep your personal contact information, such as email and phone number, up to date and share it only with trusted individuals. Avoid publicly posting personal information on social media.
Beware of Scams: Be cautious of phishing attempts or fraudulent activities that may occur online. Always verify the source of suspicious links or unsolicited messages, and check if it is trustworthy before sharing personal information.
Know How to Handle Cyberbullying: If you are a victim of cyberbullying, do not confront the perpetrator directly; save evidence (screenshots, messages, etc.) and report it to the platform administrator. Blocking the perpetrator and seeking help from friends, family, or professionals is also an important response method.
By following these steps, you can protect yourself from cyberbullying and maintain a safer online environment.
For more information, click the link below (in English)
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