Union pension

[indianlarry]

What is the name of your state? Nevada

I am in a union and we have a certain dollar amount contributed to the pension plan for every hour we work. We have built up the dollar amount over the years by taking money from our annual raise and putting it towards the pension. So, technically, this money is coming out of our hourly salary.
We are 100% vested after 5 years, but for those who leave before that, the union is claiming that they have no right to the money that has been contributed to the pension. As far as I understand, you have an immediate right to any money that you have contributed to a retirement plan be it a 401(k) or a pension.
??????

[cjt123]

I'm not sure exactly what you are saying, but I do know that you are right about being vested after 5 years which means you will receive retirement from the union at the specified age. Your 401 K is seperate from that. By the way, if you ever decide to leave the union be careful, they may never let you back in. They can be CRUEL!!! I know from experience.

[racer72]

Pensions are like a term life insurance policy, you pay into it but the money is not really yours. If for some reason you don't complete the terms of the policy, ie, pay into it for 5 years, you forfeit the money paid. A 401K would be like a whole life insurance policy, the money you put into it is yours. They are 2 completely different things and are treated as such. Your union is correct in the way they are handling it.