How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Maverick Your Own Question
Maverick, Lawyer
Category: Employment Law
Satisfied Customers: 6423
Experience:  20 years professional experience
Type Your Employment Law Question Here...
Maverick is online now
A new question is answered every 9 seconds

I signed my final retirement pension papers ön 7/14/16

Customer Question

I signed my final retirement pension papers ön 7/14/16 choosing my pension option of a lower pension to qualify for a partial back drop that I rolled over into my deferred compensation account with the same company. I regret this decision and would like to change my pension to the higher amount with no drop back. Can I make this change legally if I do it within 1 to 3 business days or with 72 hours.
Submitted: 1 year ago.
Category: Employment Law
Customer: replied 1 year ago.
If I can change my pension options today, I would need to meet with a retirement counselor at work by 4 pm today
Expert:  Maverick replied 1 year ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

Note: (1) If you want legal advice, consult with a local attorney before acting or deciding not to act; information given here is for educational purposes only; (2) Most questions are answered within the hour; however, if I am not signed on, please allow up to 24 hours; and (3) Please assign a feedback rating so JA will compensate me. By continuing, you confirm that you understand and agree to these terms and to JA’s other site disclaimers.

ANSWER: The answer to your question depends on the election language found in your plan. Your retirement counselor should know. But there should be a clause in the plan that states something like this one:

"Election – If you wish to participate in DROP, you may make your election up to 6 months before the date you plan to begin participation, but the Division of Retirement must receive your election no later than the month you wish to begin DROP. You must make your election within a 12-month election window that begins when you first reach your normal retirement date unless you are eligible to defer your election as described below. If you do not apply within your prescribed election window, you will lose your eligibility to participate."