Pension Benefits

[F.Gage]

What is the name of your state?What is the name of your state? Texasundefined
Three years ago at age 62, I received my options in writing from the benefits administrator that in is MN, stating lump sums, amount at 62, benefits at 65 etc. I followed up this year before age 65 and now am told they made a mistake and there was no lump sum option. I would have started benefits at 62 if they had not misinformed me in writing.

Shouldn't they have to obide by their calculations?

 

[Beth3]

I highly doubt it. Pension plans are HIGHLY regulated by the federal government. If the administrator made a mistake, they almost certainly have to correct it. They wouldn't have the latitude to say "Well, we goofed. We'll just let this one slide..."

 

[F.Gage]

Beth3.

Thanks for replying, Beth. Since these incorrect calculations for my retirement affected my not signing for benefits at 62 years old, legally, do you think I would at least be given that option and draw the back pay for the last three years?

 

[Beth3]

F, it is impossible for me to even hazard a guess, much less offer an opinion. Defined benefit plans (i.e. "pension" plans) are very complicated and not my area of expertise. All I can tell you is that an employer does not have much latitutude in how they admister these types of Plans and how they correct mistakes they may have made.

You may want to contact the federal Department of Labor in Washington D.C. and see what they say. They have compliance oversight on employer sponsored retirement plans. 202-693-4650