Pension & Benefits

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state = virginia
I have worked for a company for 28 years. I am almost 49 years of age. August of 2002 I will be 50. My employer tells me that if you are 50 and have 20 years of service, you will receive 72% of your pension at age 55. I am being offered a severance package with a termination date of 04/01/02. That will put me 5 months shy of the 50/20 rule. If I take the severance package I will only receive 40% of my pension at 55. If there any law that can help me?

 

[buddy2bear]

Laws governing pension benefits fall under ERISA. I do not know much about them but you could surf the web and read up on it.

However, since they have offered you a severance package, you can come back with a counter offer. Since you would want to extend your "service" until you qualify for the 50/20, that can be something you counter with. I would suggest that you call an employment attorney and have him take the negotiations over. You might find that it is well worth his/her fee to do this for you.