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My father was in a defined benefit pension plan through his

My father was in a defined benefit pension plan through his employer. The plan stated that at 60 years of age and 30 years of service, the employees would be eligible for a full unreduced retirement benefit.My father was 59.75 years when the company was purchased and his employment was “terminated” with the old company.The company that is handling the pension is stating that he now has to work until age 65 to receive the full unreduced amount. They are stating that he had to be employed by the old company at age 60 to be eligible for that benefit.His retirement monthly payment went from around $2000 per month on October 1st 2016, before the buyout, to $1386 per month, commencing on the same date, after the company was purchased.Can they do this with a frozen account? Wouldn't he be eligible for the amount he was promised through all these years of working there at age 60? He is losing over $500 per month for a three month age difference at the buyout? What do we do?

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John

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I recently contacted my Target Pension Plan to find out why

I recently contacted my Target Pension Plan to find out why had not been contacted at the age of 65 about pension payments. The agent said he did not know but I was eligible for payments now. I am currently 69 years old. He said the longer you wait to receive payments the higher they become. My question is since I was not informed by them can I receive the amount available at age 65 and retroactive amount for the last 5 years or do I have to accept the higher monthly amount and begin now. Thank you so much for your help.JA: Because laws vary from state to state, could you tell me what state is this in?Customer: Pension Plan is from MN I currently live in FLJA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: No.

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Marsha411JD

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My father worked a company as a pipefitter for 18 years and

My father worked a company as a pipefitter for 18 years and the company suddenly went out of business in 2010. He received a severance package but nothing more. In 2011, the company opened back up and resumed operations. He found another job and ever since has been fighting to get his retirement money from the company. They contacted him today and told him he would not be receiving any money from them, even though they took funds out of his check for 18 years. Is this legal and what steps should he take to get his money back?

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John

Attorney

Doctoral Degree

7,484 satisfied customers
I am 81; ret.RN; received notice I was due pension in2006

I am 81; ret.RN; received notice I was due pension in2006 -never received; amt. now either lump sum (20% tax!!) or annuity; I am 81. Notice " do by Aug 21 or they decide - also irrevocable decision. I worked in a Florida hospital -Marion County. Don't know if interest on this money is due me. The amount is $95.66 mo and I figure 124 months to 8/1/16. That is the amt they say as lump sum or annuity. How about 16+ years of no money. If I owed a hospital bill for 16 years??? Need to decide by Aug 21, according to the letter. Hope you will be kind enough to review and advise. Many thanks.

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Law Educator, Esq.

Attorney At Law

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I joined nycers in 1997 and elected the 57/5 plan. I also

I joined nycers in 1997 and elected the 57/5 plan. I also transferred my previous B.O Education pension 62/5 service where that transfer came through in 1999. In 1999 nycers gave me a refund check with no explaination so I thought that was something everyone got because my pension plan 57/5 did not change. In 2004 I notice nycers changed my plan from 57/5 to 62/6 I called and asked why and was told "we have to honor the state" I mentioned that i don't want the 62/5 I want to stay in the 57/5. I was told sorry. Recently I viewed the 62/5 plan and it indicated if you where a transferee and was enter red in the 57/5 as a new member, you have an option to elect to stay in the 57/5 or go for the 62/5 plan. I had on option or notification. I told this to nycersand request to be placed back in the 57/5 planand was told in a letter that they made a mistake and that they should not have placed me in the 57/5 plan in 1997. Is there anything I can do to be in the 57 plan. I'm 54 and have 29 years of service

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Law Educator, Esq.

Attorney At Law

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106,664 satisfied customers
After approximately eight years in a non-profit organization

After approximately eight years in a non-profit organization pension plan can an employer establish by decree a policy that creates a new category for retirees and reduces the financial remuneration (by approximately 25%) of the former employee? Is this legal?

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John

Attorney

Doctoral Degree

7,484 satisfied customers
Type your question hereTime Warner cable was bought by

Type your question hereTime Warner cable was bought by Charter communications. Charter froze the Time Warner pension plan and created their own savings plan called the retirement accumulation plan. We are being told that we will have access to the funds upon retirement or termination of employment. If Time Warner Cable no longer exists and Charter is not continuing the pension plan then how can they legally block us from taking the lump sum?

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Marsha411JD

Doctoral Degree

18,816 satisfied customers
I worked at holycross during 1978 augst to1988 march then i

i worked at holycross during 1978 augst to1988 march then i left for better job. now i am 66 years old i am tetired from my current job .question is do i get something from holycross i worked all of thoes years, i caled talk to the hr they told me i dont qualified. please healp met. B.T Sreedhara

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,664 satisfied customers
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?

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Alex Esquire

Managing Attorney

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