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Retirement Law Related Questions

Do you need answers to questions about retirement law? Or, can a person on social security retirement benefits collect disability insurance? Retirement planning is majorly dependent on an employee’s age, number of years of service and income. While some may be clear with their plans on retirement, others may have questions, issues or generally need help regarding various retirement laws. At this juncture, seeking inputs from verified employment or legal Experts can be exactly what is needed to understand one’s situation better.

Read below where Experts have answered a few questions about the law on retirement.

Can retirement and health benefits be offered to one candidate if the remaining 30 employees are not provided these benefits?

Case Details: A key manager candidate is requesting for retirement benefits to take up the job.

In this case, since the remaining 30 employees of the company do not have these retirement benefits, it may not be possible to offer just one candidate a tax free qualified status. This is because the IRS and Department of Labor (DOL) laws require tax qualified plans to be offered to all employees in a similar employment class (such as full-time, part-time, and so on). It would have been possible if the employer were willing to offer these retirement and health benefits to every other full-time employee as well. Another option for the employer, if they want the candidate onboard, is to offer them higher compensation allowing him/her to purchase or invest in personal retirement and health plans. However, he/she should be made aware that they will be taxed on it as it is considered income and therefore, not tax qualified.

As a retired person receiving Massachusetts unemployment, does receiving a lump sum distribution of pension plan affect weekly benefits?

If a retired person, receives pension funds from a previous employer who is not the base period employer, it is not considered income under unemployment. This implies if the lump sum payment was from a previous employer who was not responsible for the retired person to be laid off or not the reason to be collecting unemployment. It is not included under MA unemployment and therefore, will not affect the weekly benefit.

Can a person receiving social security widow disability benefits work part-time without losing benefits?

If social security or survivor benefits are taken prior to one attaining retirement age and your earnings are over a certain level, social security administration will withhold part of the benefit. In 2015, Social Security will withhold $1 benefit for every $2 of earnings over $15,720. $1 in benefits for every $3 of earnings above $41,880 in the year where one reaches full retirement age. However, it should be noted that when one reaches their full retirement age, the benefit is recalculated to provide credit for benefits that were withheld because of earning over the exempt amount. There is a possibility to earn $15, $120 without penalty.

How to correct the earnings worked and paid if it was reported incorrectly after retirement from public service?

The employer should correct the wages earned. If they are not doing so, the retiree can take information from the tax forms and pay stubs. This needs to be submitted to the retirement board and to the town. If the town does not correct the amount, the retiree needs to file an administrative appeal with the retirement board and obtain a hearing to present the evidence to the board. They will in turn issue a ruling on the amount of the pension, correct the amount due and ensure the retrospective amounts are paid out.

Will social security benefits be affected if one retires a job without notification?

Typically, the social security benefits will not be affected if one were not to provide notice to the employer while retiring because not providing prior notice is not associated with social security benefits in any manner. It is earnings that affect benefits.

Is one eligible to collect social security disability insurance (SSDI) along with social security retirement benefits?

The normal law does not allow a person to collect social security retirement benefits along with SSDI. However, there is an exception, if a person opts for an early retirement due to existing disability at the time they start to collect early social security retirement. If the social security administration determines that the qualifying disability existed prior to the person starting an early retirement, the difference between the early retirement amount and full retirement benefits would have been payable had the person been able to work to the full retirement age. This is approximately a 25% boost.

When you are planning for your retirement or in a state of imminent retirement, the laws and calculations can be confusing to deal with. To add to this stress, you may have several unresolved questions and doubts about retirement laws, age, income, early retirement and so on. Therefore, in order to get clarity and information to your specific questions, consulting employment Experts online can prove to be useful and necessary at a fraction of the normal legal cost.

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