Protecting Your Pension for Dummies (ISBN - 0470102136)

386 Pages·2021·4.74 MB·English

by Robert D.Gary and Jori Bloom Naegele

Protecting

Your Pension

FOR

DUMmIES

‰

01_102138 ffirs.qxp 6/21/07 6:47 PM Page i

01_102138 ffirs.qxp 6/21/07 6:47 PM Page i

by Robert D.Gary and Jori Bloom Naegele

Protecting

Your Pension

FOR

DUMmIES

‰

01_102138 ffirs.qxp 6/21/07 6:47 PM Page i

Protecting Your Pension For Dummies®

Published by
Wiley Publishing, Inc.
111 River St.
Hoboken, NJ 07030-5774
www.wiley.com

Copyright © 2007 by Wiley Publishing, Inc., Indianapolis, Indiana

Published simultaneously in Canada

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form
or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as
permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior
written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to
the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax [phone].
Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing,
Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, 317-572-3447, fax [phone], or online at http://
www.wiley.com/go/permissions.

Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the
Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com and related trade
dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United
States and other countries, and may not be used without written permission. All other trademarks are the
property of their respective owners. Wiley Publishing, Inc., is not associated with any product or vendor
mentioned in this book.

LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REP-
RESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE
CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT
LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CRE-
ATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CON-
TAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE
UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR
OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A
COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE
AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANIZATION
OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FUR-
THER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFOR-
MATION THE ORGANIZATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE.
FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE
CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ.

NOTICE TO READERS

Applicability of the legal principles discussed in this book may vary substantially in specific situations.
The information contained herein should not be construed as individual legal advice.

IRS CIRCULAR 230 DISCLOSURE

To ensure compliance with the requirements imposed by IRS Circular 230, we inform you that any tax
advice contained herein does not deal with a taxpayer’s particular circumstances and is not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding tax penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein. Taxpayers should consult their own tax advisors regarding the tax consequences to
them of their own particular circumstances.

For general information on our other products and services, please contact our Customer Care
Department within the U.S. at 800-762-2974, outside the U.S. at 317-572-3993, or fax [phone].

For technical support, please visit www.wiley.com/techsupport.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may
not be available in electronic books.

Library of Congress Control Number: 2007926408

ISBN: 978-0-470-10213-8

Manufactured in the United States of America

10 9 8 7 6 5 4 3 2 1

01_102138 ffirs.qxp 6/21/07 6:47 PM Page ii

About the Authors

Robert D. Gary and Jori Bloom Naegele first began representing pensioners
in 1986. Since that time, they and their law firm, Gary, Naegele & Theado, LLC,
located in Lorain, Ohio, have represented more than ten thousand pension-
ers. Most of these claims were handled through class action lawsuits where
pensioners across the country sought recovery from their respective pension
plans for underpayments of their pension benefits. These cases have
returned tens of millions of dollars that the retirees should have received
when they first retired. Their pension class actions have resulted in decisions
establishing important legal precedents benefiting pensioners nationwide.

Bob has a JD from Case Western Reserve University School of Law and an
LLM from New York University School of Law. He has been in private practice
for the last 25-plus years. He started his legal career in the United States
Department of Justice in the Organized Crime and Racketeering Section,
where he got his first taste of how vulnerable pensions can be to manipula-
tion. He was a Special Assistant to the Governor of Ohio as well as an
Assistant County Prosecutor. He has been recognized throughout the years,
having received a United States Department of Justice Special Achievement
Award for sustained superior performance, a personal commendation from
the Director of the FBI for trial performance, a proclamation from the Ohio
Office of the Governor recognizing him as an outstanding citizen of Ohio, and
special recognition from the Ohio General Assembly for a unique class action
settlement that resulted in the distribution of free food to a million needy
families in Northern Ohio. He has lectured and published articles in legal
publications on class action–related topics.

Jori received her JD from Case Western Reserve University School of Law in
1979, and she’s been an advocate of retirement issues for most of her legal
career. In addition to representing pensioners, she’s also advocated on behalf
of all employees, helping to secure not only retirement benefits but safer and
hostile-free workplace environments. She has donated her time and skill to
helping seniors and others through her pro bono work and has been actively
involved in her professional community as well. She has served as the presi-
dent of her local bar association, as a mediator for the Equal Employment
Opportunity Commission (EEOC) and state and federal court, and has pub-
lished articles and lectured on a variety of legal topics. She was appointed
by a former Ohio Attorney General to its office’s Ethics and Professional
Responsibility Advisory Counsel and was recognized for her service on the
Ohio Supreme Court’s Task Force on Gender Fairness.

01_102138 ffirs.qxp 6/21/07 6:47 PM Page iii

Over the years, Bob and Jori’s experience has shown them repeatedly that
there is a wide gap between the knowledge of those who administer pension
plans and those who depend on them for their financial security. Attempting
to close that gap was the inspiration for this book. They realized that if ever
there was a time for a book on planning for and protecting retirement bene-
fits, it is now because the Pension Protection Act of 2006 has turned the gap
of information into a chasm. It’s their hope that with this book pensioners
will be better equipped to deal with the rules regarding their own pensions
and be able to ask the right questions of the professionals, whether they be
attorneys, accountants, or financial advisors.

Bob and Jori have practiced law together for almost 25 years. They invite you
to visit their firm’s Web site at www.gntlaw.com or e-mail them at