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Recent Retirement Plan questions
According to the ERISA fact sheet: "You immediately
According to the ERISA fact sheet: "You immediately vest in your own contributions and the earnings on them. This means you have earned the right to these amounts without the risk of forfeiting them. But note – there are restrictions on actually taking them out of the plan." This is from this link: https://www.dol.gov/ebsa/faqs/faq_consumer_pension.html. Can you tell me what they mean about restrictions on actually taking the money out of the plan? What restrictions can they impose?
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
I'm currently on LTD disability, exp'g. on Aug, when I turn
I'm currently on LTD disability, exp'g. on Aug, when I turn 65; my former employer terminated me due to disability. At the time, the Co. considered an Ee. to be fully vested in 5 years, which I had met. My question is: Am I entitled to Retirement Benefits?
I have been employed with my company 11 years. I've had no
I have been employed with my company for over 11 years. I've had no disciplinary actions or difficulties prior to the last couple of months. My supervisor tells me there are "complaints" about my "communications skills" and that I am "borderline inappropriate". I've worked as a health care professional for over twenty years (I am an RN), and have held management positions and interacted with patients and families throughout that time, without a problem. She won't tell me who has complained or what has occurred but instead says "it's their perception and since they've never complained about anyone else, it must be true". Today I was given a written verbal warning and she said "Is it really worth it?". I have always followed the rules and have never hesitated to tell a superior if something was outside my ethics. In the midst of all this, I was asked to do something against federal regulations, which I refused to do. When that same supervisor refused to take no for an answer, i filed a "whistle blower" report with my Compliance Officer. He investigated, and someone at our corporate level intervened and redirected the activity into regulatory compliance. No matter what I've said or asked in my last two meetings with this supervisor, I come out of it feeling threatened professionally. I know she wants me to quit, and that would be the easy way to walk away with some professional dignity. Do I have other options?
Our boss told the Board of Directors in December 2015 that
Our boss told the Board of Directors in December 2015 that one of my co-workers would be retiring in 2016. There had been no discussion that he would be retiring. The boss just assumed. The boss has now demanded to know when a co-worker will be retiring. He has even gone so far as to check the internet to see if my co-worker's house is for sale and find out any information he can. He has also made mention to me that "you will never retire" although I am of retirement age. I am afraid that he will begin to also badger me in this regard. Just what are my rights in this situation?
I enrolled in my employer's 401(k) plan, with a 6%
I enrolled in my employer's 401(k) plan, with a 6% contribution. This has been done every year for the past 4 years. I was basically on auto-pilot since I knew it was fixed at 6%, and since I am salaried, I don't really look at my pay stubs online. In March of this year, I logged in to our retirement plan provider's web site to check on things, when I discovered that my employer had not been taking the 6% out and contributing to my plan. Even though right on the webpage it shows I am contributing 6%, there were $0 in personal contributions. It did show my employer had deposited their 6% match for years 2012, 2013, 2014, but not (2015), and they have so far for 2016. However I had no contributions, which means exponentially reduced chance to accumulate money toward retirement (4 years worth)! My company's HR and Treasury have advised there is nothing they can do about this, but have just now corrected the error and my contribution is now being deducted starting on my 6/3/16 paycheck. Do I have any legal recourse for what seems to be a clerical error, or should I just consider this a loss?
My former employer advised when I left their employ I was aView more employment law questions
My former employer advised when I left their employ I was a fully vested member of pension plan. Now that I am retirement age they are telling me somehow I was only entered into the plan three years before I left so not vested and have no claim. Wouldn't it have been their responsibility to enter me into the plan at the appropriate time?