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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Can you lose your pension if you are fired?

Customer Question

Can you lose your pension if you are fired?
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.
HI

Thank you for using justanswer. The law does protect pensions, and also if you are "vested" they cannot take that away because the "vesting" is considered similar to a contract. Unless personnel policies or the union rules state specifically that someone can lose their pension if they are terminated for misbehavior, then it cannot be taken away from the person without legal repercussions.

I truly hope this information is helpful but please do not rate until you are satisfied. If you want to click on 1 or 2 just click on the continue to work with me button instead. You will then be able to add any other info or respond to what I have posted so far. Rating 3-5 gives me credit and a good rating but you can still converse with me.

Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1703
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Anne and 4 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

I put in 10 years worth and my employer put in the next 10 years. I will have to check the contract..

Expert:  Anne replied 1 year ago.
Yes, you should check your contract. I'm "vested" from day 1 whether I put the money in or my employer puts it in.

I don't want to get ahead of you and give you false hopes, but MOST people are either vested immediately, or after 5 years.

Please feel free to get back to me after you check your contract if you have further questions, (Actually, I'd be interested at what point you became vested)

Also please don't forget to rate my service to you as 3 or better. If you feel you can't do that, then Please talk to me so that we can figure out how I can better help you.

Our goal here at Just Answer is that every customer is fully satisfied.
Expert:  Anne replied 1 year ago.
Thank you very much for the accept and the positive rating.

Please feel free to ask for me by name if I can help you in the future.
Expert:  Anne replied 1 year ago.
It has been brought to my attention that it makes a difference if you contributed to your 401K, or if only your employer contributed. Here is the statute from New Jersey,

and Please....DO NOT ACCEPT THIS ANSWER YOU HAVE ALREADY PAID, AND I DO NOT WANT YOU TO BE CHARGED AGAIN.

It is our goal at justanswer to give the best possible information that we can. I still believe you will need to call, but here is the statute.


The State of New Jersey Department of Labor and Workforce answer that very question on their website as follows:

 

"If you are eligible to receive a pension from an employer that is included on your unemployment claim, the benefits may be reduced. The term "pension" includes benefits paid in a lump sum, such as 401K, as well as pensions that are paid on a monthly basis. If you have applied, received or expect to receive a pension, a claims examiner appointment will be scheduled to discuss the pension. If you contributed the entire cost of your pension, your unemployment benefits will not be reduced. If you and your employer contributed to the pension, 50% of your the weekly pension amount will be subtracted from your unemployment benefits. If your employer contributed the entire cost of your pension, your unemployment benefits will be reduced by 100% of your weekly pension amount."

 

See: http://lwd.dol.state.nj.us/labor/ui/content/faq.html

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