pension question

[momrn0112]

my state is Massachusetts
I was terminated from an RN position on Sept.1. I am in the MNA. It is currently in the greivance state and I was told it will go to arbitration. I was paid out my holiday time. My insurance ended 2 days after I was terminated and I have been attempting to collect unemployment until my new position starts on November 1 with a new hospital. I am expecting UI will be declined and I will appeal it . However, I was vested for my pension after 5 years. I was terminated after 15 years. I am wondering if I am entitled to a payout of my pension? I do not plan on returning to my old employer after arbitration if i win. Thank you for your advice.

 

[Beth3]

I am wondering if I am entitled to a payout of my pension? Only your employer can answer that question. We don't even know what kind of pension or retirement plan you have.

 

[cbg]

If it is a bona fide pension plan (and not a 401k or other deferred tax plan) and you are under the age of 55, no, you are not entitled to a payout of your pension plan. Federal regulations prohibit the distribution of a pension plan until a minimum of age 55, and to do it that early would almost certainly mean a lower payout than if you waited till age 65.

This doesn't mean you can't ever receive the money; only that you can't receive it now.