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

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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
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2/4/2016
Employment Lawyer: Lucy, Esq., Lawyer replied 2 years ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 32,210
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.

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Lucy, Esq.
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Employment Law
Satisfied Customers: 32,210
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Experience: Former judicial law clerk, lawyer

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