asked to sign away my retirement rights

[Ken_Knight]

What is the name of your state (only U.S. law)? SC

(Sorry, This post is much longer than I intended)
Last year I was laid off from a job that I had held for over 35 years. The next week, as I was getting my resume up to date and assessing where I go from there. I received additional information on the layoff .

One item in that information baffled me. It was a form that I was to sign and return to the company, giving up any retirement rights that I might have with the company. Now I should add that when the company stopped the original defined retirement plan, they purchased an annuity which guaranteed payment, so that money was guaranteed.

I spoke to a lady in the company’s HR department and according to her other than the right to join a few company sponsored sports clubs, I would be giving up the right to company sponsored insurance during retirement. She went on to say that if I used the retirement insurance, I would be paying $1100 a month. However if I signed, and used COBRA during my unemployment, that the cost would still be $1100 a month BUT that a government HTCT (?) program would pay 65% of the COBRA payment for several months. The program would not offer any assistance if I used the retirement insurance.

I felt that I had no choice but to give away my retirement rights, to save the $700 a month while I was unemployed.

I currently have a new good job, but with a very small employer that does not offer health benefits. As part of the proposed new health plan, the government will offer to pay my original employer (~80%) to carry my retirement insurance. That would be a great benefit in reducing my health care costs.

Assuming this part of the new health care plan passes,
I feel that I signed away my retirement rights under duress and that I am within my right to ask (demand) that they be reinstated.

 

[ecmst12]

I'm confused. You're not retired, so why should you be getting retirement benefits? You're on Cobra which you can stay on until it runs out, after that you'll have to find something else.

 

[Zigner]

OP - what did the employment attorney (that you hired to review the documents) have to say before you signed the document giving up your rights?

 

[Ken_Knight]

Zigner - The unemployed, hire few lawyers


ecmst12-
Perhaps retired is a misnomer.

It has always been company policy that upon reaching a give age and with a given number of years of service, one could retire from the company. Upon my layoff, I had reached that milestone to be considered an early retiree.

A retiree of the company is considered eligible for a few benefits
1. Continuation of health insurance (originally at reduced rates, now full price)
2. Participation in sports clubs and other company events
3. A company pension plan (now discontinued)

Availability of the health insurance plan would be a big help.

My post may have been sufficiently long to confuse you, But the question is –does the company have any legitimate right to ask me to sign away any (early) retirement rights that I may have.

 

[Zigner]

Zigner - The unemployed, hire few lawyers


ecmst12-
Perhaps retired is a misnomer.

It has always been company policy that upon reaching a give age and with a given number of years of service, one could retire from the company. Upon my layoff, I had reached that milestone to be considered an early retiree.

A retiree of the company is considered eligible for a few benefits
1. Continuation of health insurance (originally at reduced rates, now full price)
2. Participation in sports clubs and other company events
3. A company pension plan (now discontinued)

Availability of the health insurance plan would be a big help.

My post may have been sufficiently long to confuse you, But the question is –does the company have any legitimate right to ask me to sign away any (early) retirement rights that I may have.

Yes, they can ask. You agreed. You claim "duress", but nowhere in your post do you state that the conditions amounted to "duress" (look it up).

You FREELY & WILLINGLY signed a document. You had the opportunity to have the document reviewed by an attorney, yet you chose not to.

 

[Ken_Knight]

You may be right, that is why I ased for other opinions.

some recent court decisions have held that contracts presented at the last moment to an employee that had already left his previous job were signed under duress.

I have also found references in cases which a person faced potential money losses to have been considered duress.

My feeling that if I did not sign, my health care costs would be $700 more per month during a time when I was unemployed, was a form of finiancial duress.

 

[ecmst12]

It's still a fact that the federal Cobra assistence does not apply to retiree health insurance. They told you the truth. And it wasn't THEIR choice, that's how the law is worded.

 

[Country Living]

I'm still confused. Exactly what did you give up... health insurance, the annuity, what?