Company Pensions

[mdb]

Asking for a friend.
I know these are becoming a thing of the past. But if you are eligible for one when you retire, but leave before then, do you still qualify to receive it?


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[Maddox]

Asking for a friend.
I know these are becoming a thing of the past. But if you are eligible for one when you retire, but leave before then, do you still qualify to receive it?


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Yes, as long as your vested.

[mdb]

Yes, as long as your vested.

Even if you are asked to leave?


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[Huntindad]

Even if you are asked to leave?


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yes, the pension is separate. Like stated above... once you are vested, always vested.

[mdb]

Thanks.
Appreciated.
I’ll pass it on.


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[glen]

Only thing that will change once vested is age you can start receiving it without penalty. And I would also read contract if under contract. My pension can change based on conditions I leave

[mdb]

Only thing that will change once vested is age you can start receiving it without penalty. And I would also read contract if under contract. My pension can change based on conditions I leave

Thanks.

From what I’ve been told, leaving and beginning to receive early will be at a reduced amount. Also, from what I know, this person is not under a contract.


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[Shane]

Every company's pension has its own rules. They're not all the same. Only way to get correct answers to your questions is to talk with someone that knows the details of your specific plan.

[mdb]

Every company's pension has its own rules. They're not all the same. Only way to get correct answers to your questions is to talk with someone that knows the details of your specific plan.

Thanks.
I will pass this on and have them look at the HR rules. They also can make a call to cooperate HR to get it in writing.


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[Bayouboy]

Talk to corporate HR. Local HR rarely know the rules.

[mdb]

Talk to corporate HR. Local HR rarely know the rules.

Definitely


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[alwaysinshorts]

Vesting isn’t always 100%. You could be partially vested.

[mdb]

From what they’ve read so far, they were 100% vested after 5 years. And are now at almost 29 years.


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[jaspermac]

There maybe an option to roll it out lump sum if separated from service. Find out if return is fixed and fees. Sometimes the company will stop paying the fees on these accounts and deduct them from the account and it may not be making much money. If lump sum is an option, they need to see an advisor that can give them some options to take control of the money by rolling in into IRA that is managed

[mdb]

There maybe an option to roll it out lump sum if separated from service. Find out if return is fixed and fees. Sometimes the company will stop paying the fees on these accounts and deduct them from the account and it may not be making much money. If lump sum is an option, they need to see an advisor that can give them some options to take control of the money by rolling in into IRA that is managed

Yes sir. They will be rolling it over lump sum, into their own separate IRA account as soon as able.
Lots of good advice GS. They thank you.


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