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Allen M., Esq.
Allen M., Esq., Employment Lawyer
Category: Employment Law
Satisfied Customers: 19200
Experience:  Employment/Labor Law Litigation
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I've worked years and I retired at the age of 60 can I get

Customer Question

I've worked for smithfieldpacking for 39 years and I retired at the age of 60 can I get my pension in a lump sum payment?
JA: Because employment law varies from place to place, can you tell me what state this is in?
Customer: Virginia
JA: Have you talked to a lawyer yet?
Customer: no
JA: Anything else you think the lawyer should know?
Customer: no I just wanted to know if I had to recieve my pension in monthly payments
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Employment Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Employment Law
Expert:  Allen M., Esq. replied 1 year ago.

Thank you for trusting your question to JA today. I am a licensed attorney with over a decade of law practice and over 20 years of experience in the legal field. I’m happy to be of assistance.

Nothing in employment law would force an employer to have a lump sum payment option for a retirement. So, the only way the employer would have that option is if it is contractually established. You'd have to address this with your benefits coordinator. Certainly, some retirement systems do have a lump sum option, but it can't be compelled on them. They either offer it or not.

Other than that, you'd have to look to annuity purchasers. These are entities that buy from you, at a severely reduced rate, your rights to income based on the span of your life. They'd require a full physical to gauge your health and you'd have to assign your rights, forever, to the payments.

If you have any further questions, please let me know. I invite follow up questions, so use REPLY for those. If you have no further questions then good luck going forward and please do not forget to rate my service with a top-three rating so that I receive credit for working with you today. Also, feel free to request me in the future, if you have questions concerning a different matter.

Expert:  Allen M., Esq. replied 1 year ago.

Hello, I wanted to check in and make sure that there was not any additional information that you required after the response I previously provided to you. If you need further assistance, please use REPLY and ask me for any additional information you may need. If not, take care and have a great day.