Due to the loss in the market, many pension plans are now significantly under funded.

 

Pension Expert Explains Why Pension Bailout Won’t Help Self-Employed People
 
PLAINVIEW, NY (MMD Newswire) December 17, 2008 - - Due to the loss in the market, many pension plans are now significantly under funded.  To provide relief for many companies, Congress approved a temporary pension bailout that relieves companies from having to make large contributions this year.  Caught in the pension turmoil are self-employed people who may find themselves unable to access their own pension money.

 A new pension law called Adjusted Funding Target Attainment Percentage or AFTAP may prevent pension distributions to self-employed people. The new restrictions, which became effective in 2007, were enacted as part of The Pension Protection Act of 2006 and unfortunately apply to pension plans of self-employed people.  

 During this financial crisis, many self-employed people need their pension money to run their business, pay bills and put food on the table. AFTAP is preventing self-employed people from accessing their own money.  

 Unfortunately, the Congressional pension relief, which is expected to be signed by President Bush, does not exclude self-employed people from the restrictions of the AFTAP.  The Pension Bailout allows companies to use the value in their pension account as of January 1, 2008 for determining pension contributions and withdrawals.

 “The Pension Bailout is only a temporary fix,” explains Brett Goldstein, a Plainview, New York-based pension administrator and President of The Pension Department. “Many self-employed people may find out that even with the Pension Bailout, they may be restricted from taking out their own money. AFTAP should not apply to pension plans of self-employed people at all. This law needs to be corrected immediately,” he urges.

About Brett Goldstein:
Brett Goldstein is a pension administrator and president of The Pension Department, a consultancy based in Plainview, New York.   He is a speaker and media personality who specializes in providing businesses and individuals with affordable retirement planning solutions.  Goldstein’s timely advice and tips have been featured on Fox Business Network, Wall Street Journal Radio, MarketWatch.com, New York Daily News, The Chicago Tribune, and many others.  Investment services are offered exclusively through:  Cadaret, Grant & Co., Inc. Member FINRA/SIPC.
 
Brett Goldstein is available for interview:  In the Greater New York City area; nationwide by arrangement via telephone; available for interviews in print or broadcast.
 
Contact:
Brett Goldstein
Email: bgoldtpa@aol.com or bgoldtpa@optonline.net
Phone: (516) 346-2999 or cell 516-314-3289  
 
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