Old Age Pension Laws
Old Age Pension LawsPension benefits are one of the things that people look forward to post retirement. The government has also put forth pension laws to help the common individual get what they deserve and what they need with some sort of financial support after retirement. However, these rules and laws can be a little complicated to understand for the common person. Meeting an attorney to just clarify a doubt can be expensive also. The Experts can answer your questions and give information about pension laws and rules at an affordable cost. Given below are the top questions about pension laws that are asked on JustAnswer.
What is a Trade Union Pension Plan?A trade union pension plan is a pension plan in which the employer and the employee contribute to the pension funds. It has rules for retirement eligibility. When a certain amount or age qualifies an employee for it, he/she is given a fixed amount as retirement pension. The employee does not have access to the pension benefits until retirement or termination of service.
Can a Disability Pension be garnished by an ex-spouse for non-payment of alimony?Pensions and disability payments are exempt from garnishments and hence cannot be garnished for non-payment of alimony.
Can pension funds and unemployment benefits be collected at the same time?The laws regarding pensions and unemployment benefits may vary from state to state. In some states like California, the law states that one should be unemployed without any fault, should be able and willing to work and should be actively looking for work to get unemployment benefits. However, pension funds and unemployment benefits can be collected at the same time if the person is actively looking for work and intends to accept a job if offered. In such a situation, the weekly unemployment benefit will be paid according to the pension amount.
Can a person receive the pension of a deceased spouse?The pension of a deceased person can be given to a surviving spouse only if the surviving spouse has been elected as a beneficiary. This option is available only if the spouse does not opt out of taking lifetime payment from the pension. The pension plan should be reviewed to make sure there are benefits for the surviving spouse if he/she intends to be provided for.
Can an employee lose pension if he/she was vested and was fired?Being vested is similar to being in a contract. In most cases, if an employee who is vested is fired; he/she does not lose the pension benefits unless the company’s personnel policies or union rules specifically state that an employee will not be given pension if he/she is terminated. If this is not the case, the company cannot hold back the pension. Doing so can have legal repercussions.
Can the beneficiary for a pension plan be changed to a second spouse in case of a divorce?In most cases, the beneficiary for the pension funds is the spouse. However, in the wake of a divorce or legal separation, the pension document should state the ex- spouse is signing off and giving up all rights on the spouse’s pension. If this is not done, then the first spouse still has the right to the pension benefits.
Knowing what your rights regarding pensions are will make retirement or termination that much easy and stress free. Contact the thousands of Experts to get information about pension, retirement, wage agreements, employee rights and other employment law related topics.