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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: 8063
Experience:  JD, BBA, recognized by ABA for excellence.
4460311
Type Your Employment Law Question Here...
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10 Employment Lawyers are Online Now

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Employment Lawyers are online & ready to help you now

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Recent Pension Plan Questions

  • If an Illinois Company with a pension plan that covers Workers

    If an Illinois Company with a pension plan that covers Workers in Illinois and Ohio if Illinois law permits employers to reduce pension benefits unilaterally without union approval but Ohio does not permit reductions unilaterally, can the Ohio Courts prevent an Illinois reduction from applying to the Ohio workers
  • I am an open shop employer. 5 union employees, 9 non-union

    I am an open shop employer. 5 union employees, 9 non-union employees. All employees are covered by the bargaining agreement. The union employees pay $1.40/hr of their wages to a pension fund. The non-union do not. All employees operate the same equipment, even the equipment that is spelled out in the bargaining agreement as "union" operated. The agreement also specifically spells out that only "union" employees will pay into the pension fund. We are being audited by the pension fund. It is trying to force us to pay pension payments for several or all non-union employees dating back to 2008 because "they are covered by the bargaining agreement", and they "operate union designated" equipment. This is even though the agreement clearly states only union member will pay into the pension. That wording has been in the contracts since 1980, and we have negotiated at least 16 contracts worded as such, examined by union "lawyers" each time, with no problems. Your opinion?
  • I was wrongfully fired from a job and the employer was found

    I was wrongfully fired from a job and the employer was found legally at fault for the dismissal. The case has been brought up for union arbitration. Two and a half years have passed since I was fired. If arbitration decides that I am eligible to return to work, will I be paid for the years waiting for arbitration and will this lost time be added to my work experience. A total of five years has passed since beginning this job and if included would make me pension eligible. Am I legally able to collect the salary I lost due to the employer's error and am I legally eligible for the pension(being vested)?
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