When the Pension AgencyTakes Over a Plan

You will still get your pension, but the payout might be reduced.

EDITOR'S NOTE: This article was originally published in the December 2009 issue of Kiplinger's Retirement Report. To subscribe, click here.

A little more than a year ago, Kenneth Hollis took an offer of early retirement as a staff engineer for Delphi, a global producer of automotive parts in Troy, Mich. Hollis, then 54, figured he would take some time off and then perhaps get a part-time job once the economy recovered. Although Delphi had entered bankruptcy proceedings in 2005, he assumed his pension and other retirement benefits were safe.

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Staff Writer, Kiplinger's Retirement Report