Pension question

[Anonymous]

If you get fired, do you still keep your pension that has been accrued ?

 

[Anonymous]

Fired no; laid off yes. They lay out parameters....if you leave it be, 5% til reach the magic age. If it looks like you are gonna get "fired". Lawyer up and fight for everything you have have worked for. TRUST NO ONE. HR say they are there to protect you. BS, they are among the WORST. Im so sorry so many good people are caught up in this. As a child I was always taught the Golden Rule. Today it's "Do unto others and then run like hell!"

 

[Anonymous]

U sure? Seems like they would just fire people as they got close to retirement if that were true.

 

[Anonymous]

It is your pension even if you get fired. That guy is a moron who knows nothing.

 

[Anonymous]

It is your pension even if you get fired. That guy is a moron who knows nothing.

Better re-read your policy manual Elroy!

 

[Anonymous]

Once you are vested, your pension belongs to you. You may have to be a certain age to collect (59.5?, 65?) but your pension has been vested in a separate fund and cannot be denied regardless of the terms of you losing your job

 

[Anonymous]

The above poster is correct, once vested your pension is yours no matter what.....you will pay taxes and an additional 10% unless you are 55yo, then the 10% addit penalty tax does not apply. You can take your pension at retirement or 55 yo or older at yearly payments for 20 years or you can take a lump sum and re-invest as you wish.

 

[Anonymous]

The above poster is correct, once vested your pension is yours no matter what.....you will pay taxes and an additional 10% unless you are 55yo, then the 10% addit penalty tax does not apply. You can take your pension at retirement or 55 yo or older at yearly payments for 20 years or you can take a lump sum and re-invest as you wish.

Unless you r 55, 20% taxed immediate and 10 % penalty at tax time if you cash out or take the monthly. You can roll over to ira no tax no penalty or you can leave it where it is for now and deal later. On hr connect/money

 

[Anonymous]

Within 45 daysnof being severed, you will receive specific directions and the different options

 

[Anonymous]

Once you are vested, your pension belongs to you. You may have to be a certain age to collect (59.5?, 65?) but your pension has been vested in a separate fund and cannot be denied regardless of the terms of you losing your job

This is the correct answer...the pension is yours once vested.

 

[Anonymous]

And you can take your pension and roll it over into an IRA with no penalty

 

[Anonymous]

Unless you r 55, 20% taxed immediate and 10 % penalty at tax time if you cash out or take the monthly. You can roll over to ira no tax no penalty or you can leave it where it is for now and deal later. On hr connect/money

One slight variation to this. Yes- if you are 100% vested, you get it all no matter what happens to you. 10% early withdrawal penalty applies. As far as the 20% taxed immediately part. True, however, this money is treated as income and depending on your tax bracket, you will pay the balance come tax time. So for instance- Yes you get taxed 20% right away, but if you are in the 28% tax bracket- you will pay the difference at the end of the year. Quite expensive to take this out early! If you don't need it all, you can take a partial withdrawal, and roll the rest into an IRA. GL