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pension questions
#1
i was fired from my job of 13 years 6 months ago while on workers comp. what happens with my pension? this is the union company pension not a 401k can i cash out and get a lump sum payment?
 
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#2
blake Wrote:i was fired from my job of 13 years 6 months ago while on workers comp. what happens with my pension? this is the union company pension not a 401k can i cash out and get a lump sum payment?

That can only be answered by reviewing your pension plan documents. If your vested in the plan then under no circumstances should you cash it out.
 
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#3
i only worked 13yrs and the pension plan stinks i wouldnt be looking at much by the time im 65 im 31 now
 
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#4
i know i shouldnt take it but do they have to offer me a buyout lump sum?
 
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#5
In 34 years the amount of money you have in the plan will be worth considerably more than it is now. Also, are there any health insurance benefits attached to the pension plan? Don't forget you will also incur some stiff tax penalities if you take this money out as well.

Don't be in hurry to take this money out. I was in your same situation about 20 years ago. Now I am glad that I didn't touch the money. Even though I really needed it.
 
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#6
Blake, need your Local Number please.

You now call your Union pension dept. You need your SSDI award letter, you need your Birth Cerfiticate, and spouses, you need your Marrage certificate. You ask the Pension Dept about early retirement disabilty. You will collect these funds after 10 years of being in the Union. That is 10 pension years paid in, not meaning 10 years years employment or with the Union. This money is funded at a higher rate till retirement age, and the it is reduced, same as SSDI will be reduced.

If you collect your early retirment disability, my advice is to have them take $100.00 a month out for taxes. This is going to save you trouble come tax return time.
Reply's are intended solely for informational purposes. They are based on personal opinions, experience, or research and are "not to be taken as fact or legal advice", otherwise, always consult an attorney or a doctor.
 
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#7
how do i do this and who do i call? iam in ny and my union number was 390. i dont want to call my former employer and dont know who i call? yes there is health ins plan attached to it when i reach 65 but iam on my wifes plan full coverage. the way i look at it if they are willing to buy me out im for it. just didnt know if thats done like that? i have my 401k anyways. iam vested 12 years in the pension plan yes
 
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#8
like i said the comp i worked for the pension plan stinks anyways not much for the future so if i can get money now i will thats why i ahve 401k plan
 
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#9
Blake your Pension should be held by the Union.

You call the Union Hall, ask for the pension dept.

Ask if you are entiled to early retirment disability?

You won't get a a buyout so to speak. You will get a monthly check. A disability retirement check. It's your's for you worked for it, and employer paid into the Pension Fund for you, as part of your Union Contract.

http://www.afscmelocal390.org/
Reply's are intended solely for informational purposes. They are based on personal opinions, experience, or research and are "not to be taken as fact or legal advice", otherwise, always consult an attorney or a doctor.
 
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#10
i have no idea how to contact my union hall?
 
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