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Ask Legalease Your Own Question
Legalease
Legalease, Lawyer
Category: Employment Law
Satisfied Customers: 16367
Experience:  13 years experience in employment law, unions, contracts, workers comp law
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My pension plan was terminated recently. I received a letter

Customer Question

Hello. My pension plan was terminated recently. I received a letter saying the proposed date of disbursement was 05/30/2016. I sent all the required paperwork in late April. I called the retirement company and they told me they can not disburse any funds until they receive all the required paperwork from all the participants. Is this legal?
Submitted: 1 year ago.
Category: Employment Law
Expert:  Legalease replied 1 year ago.

Hello there --

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Did the company have a cut off date for all required paperwork to be in from everyone? They are supposed to set a formal date of document return and then they have up to 90 days after that date to disburse funds. My suggestion here is that you contact them again and ask them what the date was when all required paperwork had to be submitted to them. I will tell you that the same thing happened to me in 2014 from the Shaws Supermarkets pension (I have lived and worked in MA all my life and am now an attorney) and I filed the paperwork with them in Aug 2014 and never received the disbursement until December 2014 -- so it can take quite some time.

I was actually a bit surprised by the ambitious thirty day timetable they gave to you (April to May). However, if they have a date for all documents to be received by them and you do not receive your disbursement within 90 days after that, then you can make a complaint to the Pension Guaranty Control Board (the government agency that controls pensions). I am not sure how much quicker they can make it for you, but they can help if your disbursement is grossly overdue.

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MARY