My father was in a defined benefit pension plan through his
My father was in a defined benefit pension plan through his employer. The plan stated that at 60 years of age and 30 years of service, the employees would be eligible for a full unreduced retirement benefit.My father was 59.75 years when the company was purchased and his employment was “terminated” with the old company.The company that is handling the pension is stating that he now has to work until age 65 to receive the full unreduced amount. They are stating that he had to be employed by the old company at age 60 to be eligible for that benefit.His retirement monthly payment went from around $2000 per month on October 1st 2016, before the buyout, to $1386 per month, commencing on the same date, after the company was purchased.Can they do this with a frozen account? Wouldn't he be eligible for the amount he was promised through all these years of working there at age 60? He is losing over $500 per month for a three month age difference at the buyout? What do we do?
On July 15th I worked my last day at my former employer and
On July 15th I worked my last day at my former employer and received what I was expecting to be my last paycheck on the 20th. At that time I had accrued 2 weeks vacation time and was assuming that I had lost until August 5th when I looked at my bank account and saw that I got paid. Unfortunately two weeks go by and the Director of operations calls me and tells me that they forgot to take me off the payroll and I will need to pay the money back. I explained that the money was already spent and I would not be able to immediately pay them back and I don't hear anything until 5 days later when the owner of the company calls demanding repayment stating that I would be sorry if I don't pay them and burn a bridge with them. Then come to find out she had been calling up to my current job asking for me and keeps calling me asking about when I will be paying them back. I explained to her that I have every intention to make things right but can't do it right away. They are now holding my 401k until they are paid back.
I recently contacted my Target Pension Plan to find out why
I recently contacted my Target Pension Plan to find out why had not been contacted at the age of 65 about pension payments. The agent said he did not know but I was eligible for payments now. I am currently 69 years old. He said the longer you wait to receive payments the higher they become. My question is since I was not informed by them can I receive the amount available at age 65 and retroactive amount for the last 5 years or do I have to accept the higher monthly amount and begin now. Thank you so much for your help.JA: Because laws vary from state to state, could you tell me what state is this in?Customer: Pension Plan is from MN I currently live in FLJA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: No.
1991 retiree received pension for 22 years, including
1991 retiree received pension for 22 years, including company-sponsored group health insurance and tax-free medical stipend (incentive for early retirement). Company was sold in 2012, at which time we lost group coverage and were required to contract for individual health insurance coverage. In 2016 Wife went to US govt coverage thru VA at no cost to us.New company retained stipend in April with no explanation--after repeated inquiries--renaming it "reimbursement." We have lost $250/mo. To date.Pls. Advise.
Type your question hereTime Warner cable was bought by
Type your question hereTime Warner cable was bought by Charter communications. Charter froze the Time Warner pension plan and created their own savings plan called the retirement accumulation plan. We are being told that we will have access to the funds upon retirement or termination of employment. If Time Warner Cable no longer exists and Charter is not continuing the pension plan then how can they legally block us from taking the lump sum?
I am a US citizen living and working (in Houston, Texas)
I am a US citizen living and working (in Houston, Texas) for a multinational publicly traded company. When they bought my UK employer I was under an employment contract. Then I became a employee of the multinational (I have an employee number). However, they have not paid me my benefits such as 401K, medical insurance etc. I have been persuing this with the UK and US HR people for a year. I keep getting the runaround. What is my recourse? Thanking you in advance, Vivian Fulks
According to the ERISA fact sheet: "You immediately
According to the ERISA fact sheet: "You immediately vest in your own contributions and the earnings on them. This means you have earned the right to these amounts without the risk of forfeiting them. But note – there are restrictions on actually taking them out of the plan." This is from this link: https://www.dol.gov/ebsa/faqs/faq_consumer_pension.html. Can you tell me what they mean about restrictions on actually taking the money out of the plan? What restrictions can they impose?
Defined benefit pension was stopped and hospital red a third
Defined benefit pension was stopped and hospital hired a third party diversified to manage Have began receiving monthly statements" estimates" of for years what my lifetime monthly payments would be started off(###) ###-####down to 200 then 0Hospital HR rep states based on admits ration plan Erisa rule it doesn't matter who made the errors in estimatesFinal calculation 56.00 /month vs as much as 600 based on yrs of service and rules of the planWhen a business decides to hire a 3 rd party to manage this over the years and wrong information is delivered to 3rd party or actuary calculates monthly estimatesHR dept today says it doesn'tMatter based on Erisa lawThey have to pay me based on what they have calculated correctly now based on rules of administrative plan
I am about to retire from an employer that offers an
I am about to retire from an employer that offers an ERISA-qualified pension (401a). I read the official plan document and found out that the employer can cancel the pension plan at any time for any reason. Most likely this good employer will not do that, but if it does, the plan says that retirees receiving a monthly pension could be turned over to an insurance company for continued annuity or given a lump sum to replace their remaining benefit. Let's say this happens several years from now and I have outlived my life expectancy. Could it be that I will have completely exhausted my benefit and my remaining benefit will be $0?Thank you for your advice,Jane