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justme73

Guest
What is the name of your state?iowa

i quit with a company 2yrs ago that had a 401k and pension plan, when i left i chose to rollover my 401k and pension to my new jobs plan. But, just this past month i received another paper from the old company stating that i am eligible to rollover/remove my pension $$. I'm so confused, i thought this was just a one time thing? I was at the other company for 5 years. And the amount shown on this form is about $100 diff than the one i filled out last year. ANy ideas what is up? Have they just screwed up some paperwork? thanks!
 


Beth3

Senior Member
How about calling your former employer and inquiring? Nobody here would have any idea what's taken place.
 
J

justme73

Guest
Yes, i have left a message with their HR dept but have heard no response so far. My question should have been more to the point i guess, i was wanting to know if anyone knows if this is how a pension works, do you get a payout for each year of service? I'm wondering if they did some kind of payout to the employees in their plan for a good year or such and i was eligible b/c i was employed during that business year. Thanks!
 

Beth3

Senior Member
A true pension plan is a defined benefit plan and there will be some formula used in determining the benefit paid at retirement consisting of years of service and earnings. However many people use the word "pension" to refer to any type of employer-sponsored retirement plan which is very inaccurate and confusing.

Since you said you rolled over your "pension plan" to your new employer, that leads me to believe that your former employer did not offer a pension plan as pension plans are not portable but rather some sort of defined contribution plan - a 401(k) and perhaps a deferred compensation profit sharing plan?

Again, no one here has any idea what type of retirement or pension plan your former employer offered nor what the design particulars were. There are many variations. I really don't see any options for you than to wait for the employer to return your call.
 

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