Former Job Forcing Me To Wait A Year...

[Vincent Black]

What is the name of your state? AL

I left my job on good terms a little over a year ago. They told me that I had to wait a year before asking for my money due to me(I am fully vested in my pension plan.)which I thought was rediculous. Well, a year has gone by and I requested and was sent the form to ask for my money in a lump sum.(Taxable)

I filled out the form and mailed it to my former job who in turn mailed it to the corporate office. Well, it has been 3 weeks since and when I called, the personnel director told me that it usually takes a few months.

A few months?!? I think I have waited quite long enough and I would like to know what my options are at this point.


Vincent Black

 

[Beth3]

What money are you talking about?

 

[Vincent Black]

The money from the pension plan.

 

[Beth3]

I'm not trying to be a pest but we really need to be clear on terms here in order to answer your question. Are you using "pension plan" in some sort of generic sense to refer to ANY retirement plan? Might you in fact be referring to a 401(k) Plan or something similar?

 

[Vincent Black]

I am refering to the pension plan where the company contributes a certain ammount per month towards our pension/retirement fund. It's not 401k. After 5 years, we become fully vested. I was there for 7 1/2 years and I quit on good terms to move to another location. It seems to me that them making me and others wait a year before being allowed to collect our money is wrong, as in usery. I think that's why they make us wait a year to withdraw it so they can make money off the interest. Not to mention that they told me today that it might be several months before I get my money, which to me is rediculous.

 

[Beth3]

Pension plans are highly regulated by the federal government and are regularly audited. Consequently it's more likely than not that what your ex-employer is doing is lawful although since I can't review your employer's Plan Document, I obviously can't say with any certainty.

If you have the Pension Plan Document you should have been given when you enrolled in the Plan, that will describe the withdrawal process following termination of employment. If you have questions or concerns about what your employer is doing, you should contact the federal Department of Labor: 202-693-4650

 

[Vincent Black]

I spoke with the person in the Treasury Dept. at the corporate office and it was explained to me that they do an audit once a year hence us having to wait a year after we leave before starting the process. She said that since they are in the middle of doing the audit, that I should be getting my check in a about a month at that most. So unless what I was told was wrong, I can say for now :

Case Closed.