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John
John, Employment Lawyer
Category: Employment Law
Satisfied Customers: 4523
Experience:  Exclusively practice labor and employment law.
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I work oil corp. From 1975 to 1982 until they closed down.my

Customer Question

I work for gulf oil corp. From 1975 to 1982 until they closed down.my understanding that the 1974 act a law that if the company close down we are 100% invested. I was informed by social security administration that there is a pension available through this company. I contacted the company and they said that I would have had to be there at least ten years. The company gulf oil has been brought out by chevron. This is who I contacted. My question is am I entitled to the pension according to the 1974 act? I can be reached Monday thru Friday.
Curtis Sellars (###) ###-####
Thank you
Submitted: 1 year ago.
Category: Employment Law
Expert:  John replied 1 year ago.

Hi, thanks for submitting your question today. My name is***** have over 13 years of legal and consulting experience in this area. I’m happy to assist you with your question today.

First off you cannot trust what they are saying now as a determination of whether you are owed a pension or not. At the time you retired, the 1974 act you are referring to (ERISA)had either a 10 year (cliff) vesting or gradual vesting mandates. But these are just minimums the employer must provide. Your employer could have provided a more generous vesting at that time, which may be different than the vesting period now.

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Your best bet at this point would be to contact the Department of Labor - Employee Benefits Security Administration to have them determine if you are owed anything. The Department keeps all plan documents and filing and will have the best and most accurate information on the plan in effect for your retirement. It very well be that the plan was terminated/ abandoned and there are funds sitting in escrow for you with the Department or otherwise. You can contact the Department through their website here: http://www.dol.gov/ebsa/contactEBSA/consumerassistance.html

Expert:  John replied 1 year ago.

I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation – simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers. Thank you, ***** ***** wish you all the best with this matter.

Customer: replied 1 year ago.
Thanks.
Expert:  John replied 1 year ago.

You're welcome. Please leave a positive rating before you exit this chat as it is the only way I get credit for my answers. If you have any questions in the future regarding this matter come back to this thread and I'll be happy to answer. Thanks and good luck with the matter.

Expert:  John replied 12 months ago.

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