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Pension plan payout after firing

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LindaSette

Guest
What is the name of your state? CA

I was fired from my job in February of this year. To date I have not received any paperwork or notification on my pension. I was fully vested in the pension (100%). I have not yet requested any information to be sent, my job was in a small office and I have yet to speak with my former employer.

What is the protocol on forwarding my pension funds and is there any time limits as to when I should recieve them?

Thank you for your help. Linda
 


Beth3

Senior Member
We need to define what type of plan you had. When you say "pension" plan, are you using that in the generic sense simply to mean a type of retirement plan?

A true pension plan is a defined benefit plan and is not portable. If you have defined contribution plan, such as a 401(k), that's very different.
 
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LindaSette

Guest
Pension plan payout

I'm not sure as what type of pension it is. I only received paperwork on it once and few years ago. My employer did anything possible to avoid having to provide it, one of those things included trying to 1099 me at the end of the year so that I would be considered an independent contractor. Just to give you an idea as to why I'm confused about this... I never felt comfortable talking with him as it was a "requirement" as he told me.

Anyway, the paperwork that I do have states "______(employer) Target Beneft Pension Plan" We were required to file an IRS Form 5500 by 10/15/year annually. I am almost sure that it is not a 401K as I know that I'm allowed to match the employers contribution, I was never given that opportunity.

Hope this helps! Linda
 

Beth3

Senior Member
Sounds like a 401(k) plan to me.

The original information you should have been provided when you joined the Plan also outlined circumstances in which you can withdraw funds, which are limited to hardship withdrawals, termination of employment, and retirement, and likely also told you how to initiate withdrawal procedures.

Many employers do not automatically contact departed employees to initiate withdrawal procesees. For one thing, if you have more than $5,000 in the account, you can leave it in there until you are 70-1/2 years old if you wish. The employer does not automatically assume you want to take the money out.

If you wish to withdraw or transfer the funds, simply call your employer and ask how to do that. They may send you the paperwork themselves, or they may refer you to an outside plan administrator.

If you get the run-around, then contact the federal Department of Labor.
 

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