What is the name of your state? Florida
Last September, I was laid off due to my company being purchased by another company, and subsequently closed. As part of my severance package, my pension was pro-rated for length of service and given to me. The terms were that if the company's pro-rata calculation came out to $5000 or less, the pension would be distributed to me in a cash lump sum. If over $5000, I would receive the pension in monthly payments beginning at age 65.
Turns out the pension amount calculated was $5715.09. I am to receive monthly payments of $258.86 at age 65. That is well and good if my company is still around in 35 years and can pay it, but to be honest, after being unemployed for almost a year, I could really use that money now. Is there any way for me to obtain this benefit now? I don't know what the law is concerning private company pension benefits and disbursement rules. Thank you in advance.
Last September, I was laid off due to my company being purchased by another company, and subsequently closed. As part of my severance package, my pension was pro-rated for length of service and given to me. The terms were that if the company's pro-rata calculation came out to $5000 or less, the pension would be distributed to me in a cash lump sum. If over $5000, I would receive the pension in monthly payments beginning at age 65.
Turns out the pension amount calculated was $5715.09. I am to receive monthly payments of $258.86 at age 65. That is well and good if my company is still around in 35 years and can pay it, but to be honest, after being unemployed for almost a year, I could really use that money now. Is there any way for me to obtain this benefit now? I don't know what the law is concerning private company pension benefits and disbursement rules. Thank you in advance.
