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If an employee has worked for the same company for more than

25 years but has another...
If an employee has worked for the same company for more than 25 years but has another 8 years before retirement can he or she be entitle to early retirement benefits?
And what circumstances or conditions need to be true in order for the employee to entitle for maximum remuneration benefits or compensation possible?
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Answered in 2 minutes by:
8/3/2013
Marsha411JD
Marsha411JD, Lawyer
Category: Employment Law
Satisfied Customers: 20,417
Experience: Licensed Attorney with 29 yrs. exp in Employment Law
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Hello,

Thank you for your question. Can you tell me what type of retirement plan the employer has? For example, a pension plan, 401K, etc.? Has the employee read the Summary Plan Description for the employer's retirement plan to see what it says about early retirement or vesting?
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Hello again John--I see where you have read my request for more information but not where you have replied to it. The Site is a little buggy lately so we are not always getting replies and ratings that the customer thinks have gone through. If you still need assistance, then once you reply with the information I requested, I can try to assist you. Once again, I will need to know: Can you tell me what type of retirement plan the employer has? For example, a pension plan, 401K, etc.? Has the employee read the Summary Plan Description for the employer's retirement plan to see what it says about early retirement or vesting?
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Customer reply replied 4 years ago
The employee is a Malaysian employed by an American company. He has been been working as an expat for several years. I am not not sure of his retirement plan details. However, the company has been contributing to his Malaysian Empployment Fund on monthly basis.
Hello again John and thank you for your reply. Can you tell me is the "Malaysian Employment Fund" some sort of Government fund like our Social Security,or is it a private investment of some sort?
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Customer reply replied 4 years ago
Is a government social security fund
Thank you for that. I wouldn't know about Malaysian retirement laws and we wouldn't have access to that information. But I can tell you that under U.S. law, if the employer offers a ERISA covered pension/retirement fund, such as an employer sponsored pension, 401K, etc., then the terms of that Plan must be specifically laid out in something called a Summary Plan Description (SPD). The law does not mandate that the employer allow an employee to receive pension benefits earlier than normal U.S. Social Security retirement age, but it does mandate that the vesting of benefits must be spelled out and when they are payable as well. In addition, traditionally, vested funds in 401K's, may be rolled over and cashed out when the employee leaves employment. If the employee is under 59 1/2, then they will usually have to pay a tax penalty for early cash out, but not for rolling it over into another self-directed retirement account.

The employer must strictly conform to the provisions set out in the SPD's of their retirement plans. In other words, they cannot be flexible, so whatever it says about the age of eligibility for first withdrawals and for vesting is exactly what they must do.

You can find out more about pension plan issues by going to: http://www.dol.gov/ebsa/faqs/faq_compliance_pension.html

Please let me know if you have any specific follow up questions. I would be glad to assist you further if I can.
Marsha411JD
Marsha411JD, Lawyer
Category: Employment Law
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