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Pension Plan Laws

We are all trying to save for our days of retirement. Pension plans are a great way to save. However many people do not understand what a pension plan is, or what it can do. They tend to ask questions like what pension plans are, what are retirement pension plans, and what are the pension plan laws? People may turn to Experts for help. Listed below are five of the top Pension Plan Questions.

What is a Pension Plan?

A pension plan is a type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit. The pool of funds is then invested on the employee's behalf, allowing the employee to receive benefits upon retirement.

Can someone collect their required annual pension plan disbursement and unemployment plan benefits at the same time in California?

In most situations, the individual can collect both the pension plan as well as the unemployment benefit in California.

If someone has a pension plan through their place of employment, is it legal for them to not let someone take their money out before your retirement age?

If you have a pension through your employer, the rules of the pension plan are defined in the pension documents and thus are defined by the pension administrator which would be the employer in the example that you give. Therefore, yes, they are allowed to set it up such that the pension is not eligible for distribution until retirement age.

Can someone borrow against their own pension plan to pay their taxes?

Generally, one cannot access their pension in such a fashion. You can, however, submit the request to your pension plan administrator for a formal determination based upon how your plan is set up. A pension plan is not similar to a 401k (which may allow someone to borrow against it).

Someone’s employer terminated their defined benefit pension plan and replaced it with a 401K. They also created a variable annuity in the party’s name and contributed money to it and the party paid taxes on their contribution. The party has been laid off; their former employer states that the money in the annuity is the employees; can they terminate the annuity and take the cash?

If the account is in your name and is not partially vested, you can transfer it or access it. You want to check the annuity terms which HR should provide you to determine if there are any conditions, the vesting issues, as well as penalties for terminating the annuity early.

Pension Plans can be confusing if a person does not know the pension plan laws. Many people are facing retirement age and are not sure what their pension plans entail, and have many questions and no answers. By asking the Experts you can get your questions answered quickly and promptly.
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Recent Pension Plan Questions

  • Ive worked for the City of Mesquite on a part time basis

    I've worked for the City of Mesquite on a part time basis for 17 years. I've researched the TMRS pension Plan & it appears I qualify in past years & am required to participate in the plan. The city has never allowed part-timers in the Plan. How do I make them allow me to participate in the plan retro active from the first day I qualified?
  • I am 63 years old and working in a new position as a nurse

    I am 63 years old and working in a new position as a nurse data specialist in the department of regulatory compliance for a hospital located in Rochester, Ny. The expectation is that within 13 weeks of orientation I should be able to know all the key elements listed in a 500 page dictionary and be able to apply that knowledge in abstracting elements from our core measures from an electronic medical record and intervening concurrently with the medical and nursing staff to assure that quality measures have been met in preventing "fall outs". These "fall outs" have a major impact on financial reimbursement to the hospital. There is zero tolerance for any errors. One error would result in a warning; the second error would result in being fired. Speed is also critical (up to 150 charts to do in 8hours). The dictionary can be very vague and if our interpretation is not the same as the company who wrote the dictionary, we would be in error and there is no recourse to fight it. It is difficult at times to find the info needed in the electronic medical record since the data doesn't always get recorded where it needs to go where it can be retrieved. Bot***** *****ne: I have been told that perfection without errors is the expectation and that I should be flying solo in this position within 13 weeks. It is now approximately 14 weeks since I have been on the job and there is not a day that goes by that I do not make one non-consequential mistake under the tutelage of a preceptor. I fear that I am about to be fired even though I believe the expectations are unrealistic. Question:

    1). Would I qualify for unemployment should I be fired?
    2). I could not live on unemployment alone if the maximum amount paid is $400/week (my net salary is approximately $1800/ bi-weekly). I am so close to retirement. Could I collect social security now to supplement my unemployment?
    3) Could I collect unemployment and supplement it with monies from my pension plan? I cannot afford ( at age 63) to live on my social security and pension alone, I would need a job as well. If I understand the social security rules I could not make more than $15,000 a year before the age of 65 to supplement it. Unemployment would be less than $15,000/y but could I receive it in conjunction with social security?
    4). If I could not get a job at my age would I be able to get unemployment and supplement it with my pension plan OR supplement it with my social security and/ or supplement the unemployment with both options?
    5) Would I qualify for unemployment if I quit? The stress at this age is incredible!

    Frustrated, Marion
  • As a surviving spouse, I got overpaid the pension since 2011

    As a surviving spouse, I got overpaid the pension since 2011 by over $9100 amount.
    They said, it turned to be 10 year pension plan after my husband death
    They are stopping payment as of July, 2014. Do I need to return the overpayment?
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