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Recent Pension Plan questions
About 2 years ago, I transferred a considerable amount of
About 2 years ago, I transferred a considerable amount of money from a managed account at LPL FINANCIAL to my current employer's sponsered 457 plan for government workers. These funds originated from a lump sum pension buy out from my previous employer and represent about 55% of the present value of my 457. What I wasn't told was that the funds would be locked and that I cannot make an in service withdrawal until I leave or retire, unless I meet one of the 4 hardship criteria. My employer will not consider a policy change citing a "fiduciary responsibility " with fear of some liability. Do I have any recourse?
I have a question regarding the distribution of my Defined
I have a question regarding the distribution of my Defined Benefit Pension Plan. I recently left my employer that had this plan, and basically they are saying that I can not take a lump sum, that I have to take monthly compensation, which I do not want to do. I want to take a Lump Sum and roll it over to a retirement account.The response I've received from our Plan Administrator is below. Do I really not have any options?:"Because you have not reached your earliest retirement age, the only option available to you to immediately receive pension benefits is the lump sum. However, because you were considered to be a Highly Compensated Employee (HCE) in the Pension Plan and the compensation you earned in 2011 ranks you as one of the top paid 25 employees, your ability to receive your pension benefit in the form of a lump sum is governed by an additional set of rules.To prevent HCEs from draining a pension plan's assets through large lump sum distributions, Federal tax regulations set rules on how much and when an HCE can receive benefits from a pension plan. You are considered to be a “restricted employee” under Treasury Regulation 1.401(a)(4)-5(b) which limits your lump sum option to a monthly payment that is no greater than the actuarial equivalent straight life annuity value of your accrued benefit.When you receive your distribution package, you will have only one option (lump sum) to elect from on the Benefit Application Form. If you wish to receive benefits now (starting 2/1/2015) and ultimately receive your benefit in a lump sum, then you will elect the lump sum option. However, as discussed above (and as described on the Benefit Application Form), your benefit will not actually be distributed in a lump sum, instead you will receive monthly payments of $479.67 (the actuarial equivalent straight life annuity value of your lump sum) until the lump sum restriction is lifted. Once the restriction is lifted, you will receive the remainder of your pension benefit in a lump sum payment. If you die prior to receiving your full benefit, then any remaining benefits would be paid to your designated beneficiary(ies)."
I've been off and applied to UC in May 2016. Started getting
I've been laid off and applied to UC in May 2016. Started getting pension from my employer since April 2016. During my base year which 2015 my employer has not contribute to pension plan because the pension plan was frozen in 2011. But my UC has been reduced by the amount of my monthly pension. Is it a correct decision? I live in Pennsylvania.
Allen M., Esq.
JAG officer and former adjunct prof.
Juris Doctor, Cum Laude
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
My father-in-law (FIL) passed away in April. He was an
My father-in-law (FIL) passed away in April. He was an employee with MCI for years and then Worldcom before and during the scandal that resulted in the CEO and CFO going to prison. My FIL was a director with Worldcom and lost his job after the company erupted. My FIL told me before he passed that he has a retirement coming from MCI/Worldcom. That is all I have. There is no other information. On behalf of my mother-in-law (MIL), I am researching any benefits available for her and this is, of course, of interest. Can you help with any information regarding the aforementioned matter? Thank you, ***** ********@******.***JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: My MIL lives in Nevada.JA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: I don't have any other information.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Employment Lawyer about your situation and then connect you two.
About 2 years ago I was diagnosed with Parkinson's
About 2 years ago I was diagnosed with Parkinson's Disease, I work for a very large company that uses Aetna as their benefit plan administrator. There are a few things that I am concerned of (I am a 52 year old Male) working in a very competitive sales environment, I have a very good income, retirement and pension plan. I get concerned that if I lose my job for any reason I will not have the insurance nor any other income. I would like to go out on permanent long term disability and need to understand how to do it and how to get there. I asked around for an attorney here local and could not find one with disability insurance experience. I am starting to have discussions with my doctor about long term and they suggested that I take a feasibility test and get an attorney.... So now I have several questions, do I really need an attorney? What is the test? how long will it take? what is the best way to go about this. How bad off do I need to get to qualify for Long Term disability?
Plant Closure and Pension Question: Can I technically extendView more employment law questions
Plant Closure and Pension Question: Can I technically extend my June 30, 2016 severance date by initiating a legal process? It seems that I need less than 4 months to qualify for full pension. The basis for lawsuit isnt the question; I want to know if I can achieve my goal on technical grounds of the lawsuit?However, the basis of a lawsuit may be as follows:The Company, via the Union, negotiated terms having to do with plant closure provisions. The provisions promised that the Company would counsel Labor in regards ***** ***** The Company has not provided anysuch services in regards ***** ***** pension other than have an HR person, who now no longer works here, give us incorrect information or deferred responses such that, two weeks prior to layoff, we still are hunting through Pension legal jargon in order to discover our status. The company has however very graciously provided other promised services such as Unemployment Insurance, Keep Your Home California, and Resume seminars.If the Union would have initiated Pension education / counseling prior to 2016 in light of having informed us of plant shutdown, we would have been able to see that some of us, such as myself, could have been able to bridge the gap to full retirement by making the right moves of working more overtime and accumulating more vacation and personal time to then sell back to company.The union and company both have a history of abandonment / dereliction and have not acted in good faith to assure Labor employees of upholding their ends of the bargain. I can provide the abandonment / dereliction information later if interested. Ultimately this results in myself and perhaps others not being able to reach full pension benefits after 25.5 years of service.