Ask Terry Questions My pension & 401 k

My pension & 401 k

By Terry Savage on April 13, 2023 | Financial Planning / Retirement

I signed up for my company’s 401 K… I was alond to sign up online.
I also have a union pension.
When I signed up for the 401k, I put in the maximum % …they match about 3%.
I’m not sure if this was a mistake on there part or when I go to retire will they be able to take away my union pension or any money from my 401K.

Terry Says

Don’t worry. If you worked for a government agency, there would be an “offset” called the WEP, which would reduce your Social Security. But many companies offer both a 40l(k) and a pension to select employees. Check with your HR department, but this should not impact your retirement benefits.

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