Hello - I have a small pension from a large corporation in California. When I turned 65 I was able to start the retirement benefits. I had a choice to take a lump sum or a single life annuity.
I had a lengthy telephone conversation with a service representative from Mercer, the company that administrates the pension plan. My understanding from that conversation was there would be cost-of-living-increases and I chose single life annuity. Within six weeks I found out I had been given the wrong advice - there would be NO cost of living increases.
I tried to switch my plan to the lump sum. I was told I could not do this. I went through the grievance and appeals process and was ultimately denied. My contention was that I specifically asked for cost-of-living information and was given the wrong advice. (A transcription of the conversation verifies this up.) They state that although there was a miscommunication the plan was not culpable. They further stated that "the plan states there can be no change in the form of payment once payments have begun."
They informed me that I could civil action under ERISA section 520(a). I would indeed like to do this but before I proceed I would like to see the provision of the law that would apply to this case.
Thanks very much.
I had a lengthy telephone conversation with a service representative from Mercer, the company that administrates the pension plan. My understanding from that conversation was there would be cost-of-living-increases and I chose single life annuity. Within six weeks I found out I had been given the wrong advice - there would be NO cost of living increases.
I tried to switch my plan to the lump sum. I was told I could not do this. I went through the grievance and appeals process and was ultimately denied. My contention was that I specifically asked for cost-of-living information and was given the wrong advice. (A transcription of the conversation verifies this up.) They state that although there was a miscommunication the plan was not culpable. They further stated that "the plan states there can be no change in the form of payment once payments have begun."
They informed me that I could civil action under ERISA section 520(a). I would indeed like to do this but before I proceed I would like to see the provision of the law that would apply to this case.
Thanks very much.
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