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  • I must thank you all for such a positive and knowledgeable Expert in your Employment Law category. She has provided much relief and answers for me in the midst of dealing with a case. I am totally pleased with her customer service and care. Mildred Washington, DC
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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.

Ask an Employment Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8097
Experience:  JD, BBA, recognized by ABA for excellence.
4460311
Type Your Employment Law Question Here...
characters left:
Employment Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
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Employment Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 7759
JD, BBA, recognized by ABA for excellence.
Marsha411JD
Lawyer
Satisfied Customers: 10539
Licensed Attorney with 27 yrs. exp in Employment Law
Infolawyer
Lawyer
Satisfied Customers: 9785
Licensed attorney helping employers and employees.

Recent Pension Plan Questions

  • Need advice on Deferred Vested Pension - I recently

    Need legal advice on Deferred Vested Pension - I recently made a decision to receive a lump sum payment of my deferred vested pension; however, I had to fill out an authorization form and have it notarized and provide a copy of my marriage certificate and sent in no later than December 1st. Unfortunately, I cannot find my marriage certificate and requested one sent to me which takes 10 days to process. I was married in 1981 in the state of Pennyslvania. I cannot get my lump sum now - do I have
  • Hi, I started with my firm February 2013. The owner

    Hi,
    I started with my firm February 2013. The owner told me that the time I started accruing time for what they call a pension, that takes 6 years to until you're 100% vetted. I never received a statement for last year and I asked recently. They said that if someone died that money would go to their beneficiary 100%, not having life insurance I thought that was a good deal.
    His response to my questions was that because I didn't start in January I wasn't eligible. Last year I earned a lot more than I did this year from the company because I had thyroid cancer and I was off for many months. Is there any recourse I have?
  • I retired in 2003 suspending and resuming 4 times until 2013

    I retired in 2003 suspending and resuming 4 times until 2013 when I retired permantly . The iron workers St. Louis district council pension trust fund sent a letter after a review of the past 10 years and determined I owed 14269.00 dollars due to errors made by them and myself. They gave 2 months to appeal . Can they go back 10 years ? In 2003 I had 21.65 pension credits. As i resumed working I acquired 7.00 more years which amounted to 746.00 dollars. Due to actuarial offset amount they are keeping 647.00 dollars I feel this is an excessive amount . Am I right?
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