Employment Law

Employment law questions? Ask an employment lawyer.

Ask a Lawyer,
Get an Answer ASAP!

When I got permanently off, and have a pension with the

Customer Question
when I got permanently laid...
when I got permanently laid off, and have a pension with the company do they have to give my pension to me in a lump sum? They did offer to give it in monthly payments , but I would like to get it all at once.
Submitted: 2 years ago.Category: Employment Law
Show More
Show Less
Ask Your Own Employment Law Question
Answered in 10 minutes by:
2/4/2016
Employment Lawyer: Lucy, Esq., Lawyer replied 2 years ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 32,264
Experience: Former judicial law clerk, lawyer
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

Pensions are usually paid in monthly payments rather than a lump sum. A pension differs from other types of retirement accounts in that it's governed by the terms of your contract with your employer. If you had a 401(k), they would have to allow you to withdraw the whole thing as a lump sum (although there would be tax consequences, that's between you and the IRS). But with a pension, they only have to let you take the money all at once if there is something in the plan documents that gives you that option. Go through all the paperwork you have, or ask them to send you the pension plan documents. What you're entitled to will depend on the terms of the plan.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Ask Your Own Employment Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an employment lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 32,264
32,264 Satisfied Customers
Experience: Former judicial law clerk, lawyer

Lucy, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I must thank you all for such a positive and knowledgeable Expert in your Employment Law category. She has provided much relief and answers for me in the midst of dealing with a case. I am totally pleased with her customer service and care.

MildredWashington, DC

Excellent direction from Socrateaser to help me preserve and pursue my rights as a proud American who has become unemployed in this messed-up economic downfall. Thank you

Happy CustomerDenver, CO

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Allen M., Esq.

Allen M., Esq.

Employment Lawyer

13,334 satisfied customers

Employment/Labor Law Litigation

Marsha411JD

Marsha411JD

Lawyer

12,490 satisfied customers

Licensed Attorney with 29 yrs. exp in Employment Law

Infolawyer

Infolawyer

Lawyer

12,478 satisfied customers

Licensed attorney helping employers and employees.

JB Umphrey

JB Umphrey

Lawyer

6,273 satisfied customers

Assisting employees and employers for over 14 years.

John

John

Employment Lawyer

4,029 satisfied customers

Exclusively practice labor and employment law.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

3,007 satisfied customers

I provide employment and discrimination law advice in my own practice.

ScottyMacEsq

ScottyMacEsq

Lawyer

2,893 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Employment Law Questions
I worked for Pepsi cola for 14 years. When I left, I could
I worked for Pepsi cola for 14 years. When I left , I could have taken around $9000 retirement, but did not. This was in December 1999. Recently I called Fedelity Investments, the Company that handles… read more
Robert L
Robert L
Juris Doctor
296 satisfied customers
I found out I had a pension of approx $34,000 by an
I found out I had a pension of approx $34,000 by an accident. I never received any notification of this money although Navicent The company that administers the pension says they sent me a letter and … read more
Robert L
Robert L
Juris Doctor
296 satisfied customers
I'm retired and receiving monthly pension from New Jersey
I'm retired and receiving monthly pension from New Jersey carpenters fund ,would like to cash out full sum,is there a way to do this. … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
1,396 satisfied customers
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 ha… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
12,478 satisfied customers
I am over 65 and a colleague told me that he arranged with
I am over 65 and a colleague told me that he arranged with our HR Dept to retire for a month and then got rehired and was able to collect both his pension and his salary. I feel stupid for not thinkin… read more
John
John
Employment Lawyer
Doctoral Degree
4,029 satisfied customers
As part of a severance package ghly compensated executive,
As part of a severance package for a highly compensated executive, can the executive be offered the option of a lump sum payment of a qualified (vested) pension and/or a non-qualified pension (non-ves… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have heard of people taking an early (voluntary)
I have heard of people taking an early (voluntary) retirement and getting their pension payout in a lump sum fashion (not necc. due to downsizing but because it's simply offered) then also applying fo… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
I am from PA. Can you collect unemployment if you are also
I am from PA. Can you collect unemployment if you are also receiving a pension? I retired from Dana Corp. in 2008 and have been receiving a pension since. I then worked at Allied Barton Security from … read more
Ray
Ray
Lawyer
Doctoral Degree
33,797 satisfied customers
The company I work for ( A ) has recently been sold to company
The company I work for ( A ) has recently been sold to company ( B ). Company A has stated that, for those eligible, we can start drawing our pension immediately while remaining employed with company … read more
RESPONDER9
RESPONDER9
336 satisfied customers
Can I cash in my employer retirement contribution and 401 K
Can I cash in my employer retirement contribution and 401 K and still receive unemployment checks from Illinois?… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
In Pennsylvania is a lump sum pension payout deductible from
In Pennsylvania is a lump sum pension payout deductible from Emergency Unemployment Compensation or Unemployment Compensation. The pension is from a job I worked at over fifteen years ago.… read more
A.J.
A.J.
Attorney
Doctoral Degree
1,796 satisfied customers
General Motors Corp offered lump sum pension buyouts. I did
General Motors Corp offered lump sum pension buyouts. I did not get an offer and when I called to inquire about not receiving an offer was advised that I was after deadline to apply. Later discovered … read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
Does a lump sum retirement benefit disqualify one from receiving
Does a lump sum retirement benefit disqualify one from receiving unemployment benefits in Texas?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have a pension plan with mci/verizon and i can only get a
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 lum… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
I was employed by an insurance company from 1977 through 1990.
I was employed by an insurance company from 1977 through 1990. I recieved an earnings record from SS that confirmed my employment record of 13.5 years. The SPD clearly states that I am entitled to ben… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If I were laid off today, according to the separation plan
If I were laid off today, according to the separation plan in our company policy would award me about 52 weeks of pay based on years of service. I will use an example to pose my question. If I formall… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
In MN, I got laid off back in Jan. Company gave me a check
In MN, I got laid off back in Jan. Company gave me a check for 12,000 $ All it said on check was "lump sum payment". I filed for unemployment and even mailed a copy of that check to the MN unemploymen… read more
Attorney Wayne
Attorney Wayne
Attorney-at-Law
JD
1,492 satisfied customers
I am considering taking a voluntary retirement option with
I am considering taking a voluntary retirement option with my company. I am still determining whether or not to take the monthly annuity payment or lump sum of my pension. The company is in financial … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
12,478 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x