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Maverick, Lawyer
Category: Employment Law
Satisfied Customers: 5749
Experience:  20 years professional experience
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I signed my final retirement pension papers ön 7/14/16

Customer Question

I signed my final retirement pension papers ön 7/14/16 choosing my pension option of a lower pension to qualify for a partial back drop that I rolled over into my deferred compensation account with the same company. I regret this decision and would like to change my pension to the higher amount with no drop back. Can I make this change legally if I do it within 1 to 3 business days or with 72 hours.
Submitted: 3 months ago.
Category: Employment Law
Customer: replied 3 months ago.
If I can change my pension options today, I would need to meet with a retirement counselor at work by 4 pm today
Expert:  Maverick replied 3 months ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

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ANSWER: The answer to your question depends on the election language found in your plan. Your retirement counselor should know. But there should be a clause in the plan that states something like this one:

"Election – If you wish to participate in DROP, you may make your election up to 6 months before the date you plan to begin participation, but the Division of Retirement must receive your election no later than the month you wish to begin DROP. You must make your election within a 12-month election window that begins when you first reach your normal retirement date unless you are eligible to defer your election as described below. If you do not apply within your prescribed election window, you will lose your eligibility to participate."

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