The Illinois Pension Assistance Project (IPAP) has been added to the Pension Counseling and Information Program run by The Pension Rights Center. Residents of the state who have questions about their traditional pension plans, 401(k) plans or other employer-sponsored retirement plan can turn to IPAP for free personalized legal assistance to resolve their problem.
IPAP will be run by the Pension Action Center at the University of Massachusetts-Boston, which also oversees the New England Pension Assistance Project, which has been very successful. The Illinois program began July 2, 2012.
Illinois has a significant number of workers and retirees who have participated in pension plans. However, it was not among the 29 states served by a U.S. Administration on Aging Pension Counseling and Information Project. Thanks to the Chicago-based Retirement Research Foundation's generous grant, the Pension Action Center will help Illinois residents increase their knowledge of and access to retirement income benefits.
The 30 pension counseling projects across the country are run by local nonprofit organizations and are funded under the Older Americans Act through a grant program of the U.S. Administration on Aging. Legal training and support are provided by the National Pension Assistance Resource Center, an initiative of the Pension Rights Center in Washington, D.C.
Pension counselors can help people make informed decisions about their pension or retirement savings plan by working with them to ensure they understand and can exercise their legal rights. The program was founded in 1992, and in that time, the program has helped thousands of people to recover millions of dollars in retirement benefits.