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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: 8108
Experience:  JD, BBA, recognized by ABA for excellence.
4460311
Type Your Employment Law Question Here...
characters left:
3 Employment Lawyers are Online Now

How JustAnswer Works:

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    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

  • I have a cash balance plan. A QDRO was submitted saying my

    I have a cash balance plan. A QDRO was submitted saying my wife would get 100% of my benefit and could take a lump sum. It turns out that the money would be calculated using her age of 54 and not mine at 64. She will lose about 100,000 if this goes through and she submits the paperwork, nothing can be done. However, she has not and as far as I can see on the internet the money has not left my account. How can we undo this?
  • I am trying to recover benefits from a pension system that

    I am trying to recover benefits from a pension system that were contributed in the 1970s.
    I had 8.5 years in the system when I left it. I needed 10 yrs. to be vested but the year after I left it was lowered to 5 yrs. The employer contributed $25 a month in lieu of wages. This was a negotiated benefit. I was told that the funds were still in the trust but not available to me. The trust is managed by Western Metal Industry Pension Plan. Funds paid in to the trust amount to $4800.79, I think I am due that plus interest! Am I on the right track?
    Bob Wenzlaff
  • In 2010, working in the MI charter schools,

    In 2010, working in the MI charter schools, I qualified by age and years to collect retirement. My school had pulled out of the pension and my employer became a 3rd party employer. I called the pension and asked if I could retire and continue to work as a principal. They said no and one manager warned that if I collected and got caught I could lose my pension. I stopped asking. I now find out I could have been collecting and was just given bad information by pension people. I finally did retire and they gave me 1 year retroactive when I inquired. I have requested the other 3 years. They say no based on statue allowing them to give one year retroactive. But I feel that this is for someone who just failed to file. I tried to file and once warned about losing my pension I finally stopped asking. Why would they give me one year retro if they didn't think I was entitled and they had prevented me from applying. XXXX XXXX at *****@******.***

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