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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Employment Law
Satisfied Customers: 41220
Experience:  I provide employment and discrimination law advice in my own practice.
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While I was employed with my former company I was in a

Customer Question

While I was employed with my former company I was in a deferred compensation program. I was fully invested and retired after 13 years being 70 years old. The plan has a forfeiture provisions which basically states that if you leave your loose the monies that company put in. Since I retired, they are trying to hold back their portion of the money since I got bored and went back to work. Also in my state, this covenant is against state law. So they are claiming the program fall under ERISA . My question is, assuming it is under the ERISA Regs then since it becomes a pension, and I am over seventy then should I be entitled to all the monies since I was fully invested. By refusing to pay me the extra(their portion) vested monies, I become an indenture servant Since I would be only allowed to work for them. Looking forward to your response. R
Submitted: 1 year ago.
Category: Employment Law
Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

Once you are fully vested, you are entitled to all funds, and their position is only reasonable if there is language in the deferred compensation plan that you forgo part of their compensation if you continue employment. But that would violate ERISA since that would bar you from ever being able to quit--most plans have a period of time when the matching funds finally become 'yours' and the employer cannot take them back. Therefore I would see the employer's position as potentially unreasonable subject to the language of the program and the requirements under it.

Sincerely,

Dimitry, Esq.