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LawTalk
LawTalk, Attorney
Category: California Employment Law
Satisfied Customers: 36125
Experience:  I have 30 years of experience in the practice of law, including employment law and discrimination law.
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I have a cash balance pension plan from Luxottica Retail

Customer Question

I have a cash balance pension plan from Luxottica Retail that I have not been employed with for over 5 years. The balance is $12,994. The benefit payment options are:
-If you are 100% vested and your balance is more than $5,000 you are eligible for distribution at age 65 or early at age 55. I am 100% vested and would like to get to my funds now (I am 45) I have the opportunity to invest in an IPO and other things. Are there any legal options that I have to get to my money sooner? Or can I roll it over into something else?
Submitted: 9 months ago.
Category: California Employment Law
Expert:  LawTalk replied 9 months ago.

Good afternoon Greg,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Unfortunately, the only options related to the taking of your pension, under the ERISA guidelines and the company providing the pension limits you, are set out in the pension contract and you are not eligible to take the pension funds before they are allowed to be disbursed under the pension contract terms. I am sorry.

You have no legal options that would allow you to force the pension plan to deviate from its contract language.

I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction.

Would you please take a moment to positively rate my service to you based on the understanding of the law I provided by clicking on the rating stars---three stars or more. It is that easy. That is the way I am compensated for having helped you.

Thank you in advance. I wish you the best in your future,

Doug

Expert:  LawTalk replied 9 months ago.

Good afternoon,

Do you have any additional questions that you would like me to address for you?

In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.

As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,

Doug

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