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I am about to be offered severance pay in a week or or. I have

a vested, qualified pension benefit...
I am about to be offered severance pay in a week or or. I have a vested, qualified pension benefit. My company is not going out of business, just cutting personnel. Can you confirm that by agreeing to this severance package, I am not forfeiting my retirement benefits. I plan to start receiving my retirement income as soon as my severance pay ends. My company is headquartered in Ohio. I live and work in Virginia. Thanks. Rich
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Answered in 8 minutes by:
6/3/2013
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 44,523
Experience: Texas lawyer for 30 years in Estate law
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Thanks for your question and good evening.It is normal here for you to receive your retirement benefits once you sign and receive your severance package.That said you need to sign the release only after you have read it carefully and certainly verify with the hr that this is the case.

But it is normal practice to offer the severance you giving up your job and agreeing to take retirement.So usually you are given a certain amount of severance salary pay and at that time your retirement pay begins.

This is the normal way it is done but again make sure you read anything you are signing and verify that the release and other documents confirm this is the case.It always pays to read these documents carefully because it affects your future retirement.

It has been my pleasure to assist you tonight.Please let me know if you have more follow up.Thanks again and good luck with your retirement.

 

 

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

 

RayAnswers
RayAnswers, Attorney
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Customer reply replied 4 years ago
I plan on using my severance pay as a bridge, then once my severance is exhausted, start receiving my retirement income. Do you see any problems with this arrangement? Rich
No I do not see a problem with it .This would be the normal process with severance package.I think you were wise to take the severance and retire.I wish you good luck here.
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