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JBaxLaw
JBaxLaw, Employment Lawyer
Category: Employment Law
Satisfied Customers: 11396
Experience:  Government and private sector employment law experience
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I have a pension plan with mci/verizon and i can only get a

Customer Question

I have a pension plan with mci/verizon and i can only get a monthly
check,i would like a lump sum, they say i can protest it with
an application,i was wondering can say in the protest,to
recieve a lump sum....
Submitted: 6 years ago.
Category: Employment Law
Expert:  JBaxLaw replied 6 years ago.
Hello,

Please click the ACCEPT button, even if you have placed a deposit or are on a subscription plan.

When a retired employee requests a lump sum payment from a pension which does not normally make lump sum payouts, the employee is basing the request on hardship normally. The pension plan administrator will identify the basis for lump sum payments, if you ask. While they may vary, one would expect financial hardship to be a basis on which a lump sum payment may be made.

Thank you
JBaxLaw and 4 other Employment Law Specialists are ready to help you
Customer: replied 6 years ago.

Sir,I know what Hardship means,but eaxactly what shape finacially does one have to be in, and also is there someone their that could write in the application that

would sound better than i could..??

Expert:  JBaxLaw replied 6 years ago.
I appreciate your patience. I intended to convey that there is the plan will have its own requirement for requesting the lump sum payment. You need a copy of the retirement plan documents which explain the circumstances in which a lump sum payment is permitted. An administrator will only allow the lump sum payment if the plan requirements are met. The first step is to obtain the plan requirements for a lump sum distribution. That would be done before applying as one would need to know the requirements prior to submitting a request. Plans vary and this is why you must first check with your specific plan. This site can only provide information. We cannot actually complete an application or other documents for you.

Thank you