Can an employer hold your pension savings plan after you have been terminated?
I was terminated from my job of 26 years on Nov.7 2000. I asked for my pension-savings plan to be released so I could turn it over to my financial advisor. I was told there was a block on all the employee's plans because they were changing companies. I told them I was no longer an employee. I was told it didn't matter that it was blocked out. I continued to ask for it about every 2 weeks. At the end of the 4th quarter I had roughly 65,000.00. They still wouldn't give it to me. Finally after the end of the 1st. quarter it was released to me. It was ten thousand dollars less. I feel that it should have been turned over to me within 2 weeks and at the latest, the end of the 4th quarter because I was not an employee. They say no and that the stock market was bad, that is why I lost money. I feel that it was my 10 thousand to invest. If I lost it that would have been my problem. I should have been given the money by the end of the 4th quarter.
The question is do I have a case? That was my life after 26 years.
Lynn Majzun RN,CNOR,CRNFA
Answers (1)
Lynn:
Write to your employer and ask for the pension plan document. Also ask for the summary plan description. The employer may want to give you the summary only, but make sure you get the full document. You have the right to get it.
Read it carefully and see what it says about releasing money to participants who terminate their employment. You should also contact an employment attorney specializing in an area of the law called ERISA. This law govern's an employer's administration of health and pension benefits.
Generally speaking, an employer's obligations are governed by the plan document. That is why you need to get it and read it. In addition, you have some other rights under ERISA that might help. That is why you should see an attorney.
Do both things quickly. Your time to challenge and then appeal decisions of the pension plan are very limited.
I hope this helps.
Neil Klingshirn
posted by Neil Klingshirn | May 10, 2001 10:17 AM [EST]
Answer This Question
Sign In to Answer this Question
Related Questions with Answers
Contact Neil Klingshirn
Neil Klingshirn
AV rated Super Lawyer and Employment Law Specialist
Independence, OH
Phone: 216-382-2500