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6186328908
Guest
What is the name of your state? Nebraska now Illinois
In 1987 my company offered an early retirement program to employees age 50 and older with the lure of enhancing their retirement income by adding 5yrs to their age and years of credited service. I was given a choice of receiving a company pension of $1400 a month at my the age (51) for the rest of my life in addition to a SSA at age 62 or I could receive a Level Income option that would give me $2000 a month from the company until age 62 when I would be elgible for a reduced annuity from Social Security. Under this option, at age 62 my company pension would be reduced to $1200 monthly as the company projected I would receive $800 monthly from Social Security. These benefits were based on the circumstances existing on my last day of service in 1988. I chose the Level Income option.
At age 61 I visited my local Social security office and was advised the monthly SSA benefit projected by my company was overstated. In lieu of receiving $800 monthly I would only receive $650 per month or $150 less than the company told me. Needless to say I was shocked and felt I had been deceived. As fate would have it I suffered a severe MI that left me in a disabled condition and was awarded a Social Security Disability annuity which was more than $800 monthly. That was 5 years ago.
In May of this year I received a letter from my company requesting I secure my earnings record from Social Security and they would recalculate my pension benefit. Two weeks after furnishing my Social Security earnings record I received a letter advising I had been overpaid by the company. Their new pension calculation indicated I should have only received $1800 monthly from the company until age 62 when the company's portion would be reduced to $1150 per month and I would receive $650 per month from Social Security. A total reduction of $200 monthly. The company is not asking me to repay any money, thank God, however I gave up a good position based on the info the company gave me in 1987. I would have never considered participating in the program if the company had proposed a $1800 monthly Level Income amount to me. I feel I was deceived and that I am at least entitled to the $2000 per month as initially advised and that the company is responsible for the additional $200 per month retroactive to age 62 and increasing the company pension I am now receiving by $200 per month. I have written documentation as to what was proposed as well as an award letter. It is important to remember that the amount of my benefit is based on the circumstances existing at the time I left company service. Any events occurring subsequent are moot. Am I justified in my expectations from the company? Your advice is sincerely appreciated. Thank you..
In 1987 my company offered an early retirement program to employees age 50 and older with the lure of enhancing their retirement income by adding 5yrs to their age and years of credited service. I was given a choice of receiving a company pension of $1400 a month at my the age (51) for the rest of my life in addition to a SSA at age 62 or I could receive a Level Income option that would give me $2000 a month from the company until age 62 when I would be elgible for a reduced annuity from Social Security. Under this option, at age 62 my company pension would be reduced to $1200 monthly as the company projected I would receive $800 monthly from Social Security. These benefits were based on the circumstances existing on my last day of service in 1988. I chose the Level Income option.
At age 61 I visited my local Social security office and was advised the monthly SSA benefit projected by my company was overstated. In lieu of receiving $800 monthly I would only receive $650 per month or $150 less than the company told me. Needless to say I was shocked and felt I had been deceived. As fate would have it I suffered a severe MI that left me in a disabled condition and was awarded a Social Security Disability annuity which was more than $800 monthly. That was 5 years ago.
In May of this year I received a letter from my company requesting I secure my earnings record from Social Security and they would recalculate my pension benefit. Two weeks after furnishing my Social Security earnings record I received a letter advising I had been overpaid by the company. Their new pension calculation indicated I should have only received $1800 monthly from the company until age 62 when the company's portion would be reduced to $1150 per month and I would receive $650 per month from Social Security. A total reduction of $200 monthly. The company is not asking me to repay any money, thank God, however I gave up a good position based on the info the company gave me in 1987. I would have never considered participating in the program if the company had proposed a $1800 monthly Level Income amount to me. I feel I was deceived and that I am at least entitled to the $2000 per month as initially advised and that the company is responsible for the additional $200 per month retroactive to age 62 and increasing the company pension I am now receiving by $200 per month. I have written documentation as to what was proposed as well as an award letter. It is important to remember that the amount of my benefit is based on the circumstances existing at the time I left company service. Any events occurring subsequent are moot. Am I justified in my expectations from the company? Your advice is sincerely appreciated. Thank you..
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