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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 27621
Experience:  Former judicial law clerk, lawyer
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When I got permanently off, and have a pension with the

Customer Question

when I got permanently laid off, and have a pension with the company do they have to give my pension to me in a lump sum? They did offer to give it in monthly payments , but I would like to get it all at once.
Submitted: 10 months ago.
Category: Employment Law
Expert:  Lucy, Esq. replied 10 months ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

Pensions are usually paid in monthly payments rather than a lump sum. A pension differs from other types of retirement accounts in that it's governed by the terms of your contract with your employer. If you had a 401(k), they would have to allow you to withdraw the whole thing as a lump sum (although there would be tax consequences, that's between you and the IRS). But with a pension, they only have to let you take the money all at once if there is something in the plan documents that gives you that option. Go through all the paperwork you have, or ask them to send you the pension plan documents. What you're entitled to will depend on the terms of the plan.

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