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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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One of my previous employers has filed for chapter 11 bankruptcy

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One of my previous employers has filed for chapter 11 bankruptcy and has sent me a "Notice of deadlines for submitting proofs of claim and requests for payment under bankruptcy code 503(b)(9)," Is my pension with this ex-employer in danger or is there some way I need to respond with the claim form?

WALLSTREETESQ :

you need to respond by filing the proof of claim,

WALLSTREETESQ :

however, be aware pension funds are protected by the Federal law,

WALLSTREETESQ :

so you would not be at risk of losing the pension, if the employer files for chapter 11 protection,

WALLSTREETESQ :

The federal Employee Retirement Income Security Act of 1974 (ERISA) protects employee pension funds when a company goes into bankruptcy. But ERISA does not govern whether a pension plan continues to operate after a bankruptcy. It depends on the individual plan policy whether a particular pension plan continues or if all accrued benefits are paid out.


Interest or earnings on pension money is protected if under the particular plan it is considered part of the pension assets available to pension participants. Similarly, whether an employee may remove their pension assets from a pension without penalty before age 55 also depends upon the policy of that individual plan. ERISA requires pension benefits to be paid out at normal retirement age, usually 65, but it does not require that pensions make the money available at 55 or any other earlier age in bankruptcies.

WALLSTREETESQ :

By filing the proof of claim you make sure that any benefits owed to you may be paid,

WALLSTREETESQ :

in regards XXXXX XXXXX pension, the trustee may force the employer to provide you the pension money earlier so filing a claim is beneficial as well.

Customer:

Any suggestions as to how I come up with a dollar value for my pension?

Customer:

Any suggestions as to how I put a $ value on my pension?

WALLSTREETESQ :

you should look into you last statement, and increase it by 10-15%

WALLSTREETESQ :

you can even put unknown, but it is best to give them a higher number if you have not been sent statements,

WALLSTREETESQ :

I would also try to contact the HR,

WALLSTREETESQ :

of the previous employer or the pension account broker they may have an exact amount

Customer:

Any suggestions about how to put a value on my pension?

WALLSTREETESQ :


you should look into you last statement, and increase it by 10-15%






11:21 AM



you can even put unknown, but it is best to give them a higher number if you have not been sent statements,






11:22 AM



I would also try to contact the HR,






11:22 AM



of the previous employer or the pension account broker they may have an exact amount



WALLSTREETESQ :

If these do not help you,

WALLSTREETESQ :

I would add 10% to your last known amount,

WALLSTREETESQ :

the trustee will not limit your pension payment

WALLSTREETESQ :

if you put a lower amount

Customer:

Thanks very much.

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you