Lost severance and pension benefits

[nelsons]

I work in the State of VA.

I work in a small, 2 person office in VA and the company’s HDQ is in New York.

We have gotten word that our office in VA is most likely closing in June or July. We have not been given “official” word that the office is closing, however our boss in NY has told us to start cleaning our office and keep a look out for a new job.

With that said, I’ve received word through the grapevine, that our company is trying to change the severance and pension benefits by mid June. As it stands now, based on my 9 years of service, I would receive 9 weeks of severance, plus my ~$16,000 I have in my pension. If they do make changes to the severance and pension benefits by mid June and then let me go within a few weeks, what would my legal rights be?

Just a little more background. I’m currently on disability for 6 weeks for ankle surgery. I’m due to go back to work the 1st of June. With all this stress of losing my job, not having my severance and pension benefits, it making me a wreck?

Any advice??? Thank you.

 

[Beth3]

With all this stress of losing my job, not having my severance and pension benefits, it making me a wreck? Then I'd suggest you quit listening to unfounded rumors. Of course the worst case scenario is making the rounds now that a closing has been announced - it always does.

Yes, I suppose it's possible your employer could be making changes to their severance benefits but there's no reason to assume that's true simply because a rumor is floating around on the grapevine. Why don't you just call your supervisor or HR rep and ask?

As to your pension benefits, I find it extremely unlikely that any changes can be made, much less by June. Retirement plans are HIGHLY regulated by the federal goverment and when an employer wishes to make Plan changes, it takes months and months (and months) for the DOL and the IRS to review and approve those changes. There's no way that your employer can make changes of any substance to their retirement/pension plan and get those approved with in a couple of months, particularly any changes to the detriment of the participants.