union pension bylaws

[thomas peters]

What is the name of your state (only U.S. law)? oregon
If i retire early with a union pension and work in the non union sector can the union with hold my pension?

[justalayman]

is that what it states in your pension rules?

[thomas peters]

yes it says that if you work one hour with in the union jurisdiction your benefits will be with held

[justalayman]

my understanding is that it is binding.

I don't like it either since that same rule applies to one of my pension funds but it is what it is.

[cbg]

There are also Federal laws that oversee pension payouts. How old are you?

[thomas peters]

I am 56 years old, three years to full pension. now unemployed and unable to pay mortgage. lots of work outside the union but can't do it according to union agreement oh well thanks for your help!

[Erudition]

I agree with previous posting. You need to read your pension plans SPD (summary plan discription). It outlines everything about the rules and regulations governing the pension.

Ours states that if we are found violating our "collective bargaining agreement" (our contract) that they can take our pension away for a certain period of time. For example, if we work "non-union" for one month, they take our pension away for 3 months. They can withhold it until we are age 64 if they want to.

Also, you need to find out what the penalties are for early retirement too. Ours says it's 1/2% per month which is 6% per year. That's a lot when the penalty NEVER goes away.

Consider that your going to get this money for the remainder of your life, and most pension plans don't give you a cost of living increase. You'll still be making the same amount when your 90 years old. Do you want that penalty?

Perhaps you can find a job outside of your field... Make sure you consider your options carefully. This is something you should weigh heavily.

And for the record, I've seen a lot of people waste money on attorneys in these situations. Attorneys write the pension rules. I'd save that money if I were you.