Pension questions

[rocker7969]

What is the name of your state? Illinois

I have a pension in the Carpenters Pension and Retirement Savings Funds of Illinois. I've been off work for a while and fogot to pay my union dues. I'm at the moment suspended. To get back in , I just have to take a test and pay some money, but they said that once I do that, I would have a new start date, not the old one I orginally had, and everything would start from that date. That means I would lose the over $33,000 I already have paid into my pension from what I was told. Can they do this?? I've tried to get info from them about drawing out the money in my pension fund now, but all they say is it cannot be done. I know people in other unions that have done this, but I don't know why I can't. Not sure if I really cannot or they just won't tell me what I have to do. Any info anyone can give on this would really help. Thanks

[Beth3]

That means I would lose the over $33,000 I already have paid into my pension from what I was told. If you personally paid this money into a retirement plan, it cannot be forfeited.

"Pension Plans" come in all different shapes and forms and it's impossible to provide you specific information without knowing whether this is a defined benefit plan or a defined contribution plan. Contact the appropriate person at the union again and insist they send you a copy of the Plan Document. If they refuse or fail to do so, you may contact the federal Department of Labor and file a complaint. They MUST provide you with a copy of the Plan Document if you request one.

[LSCAP]

I know I'm very late with this but for general information.

How long does a participant have to wait to become a member of a pension plan and to become vested in their benefits?

Generally, a plan may require a person to reach age 21 to be eligible to participate in the plan and to have a year of service. Vesting means the employee has earned a non-forfeitable right to benefits funded by employer contributions. Employees always have a non-forfeitable right to their own contributions.

Beginning in 2002, there are two basic vesting schedules. Under the three-year schedule, workers are 100% vested after three years of service under the plan. The six-year graduated schedule allows workers to become 20% vested after two years and to vest at a rate of 20% each year thereafter until they are 100% vested after six years of service. Plans may have faster vesting schedules


[url]http://www.dol.gov/ebsa/FAQs/faq_compliance_pension.html[/url]