Entitlement to Pension Funds Upon Termination, Lay-Off or Retirement
As a benefit of employment with a company, employees commonly receive pension benefits to which they are entitled upon leaving the employer or upon retirement. As a general matter, a 401(k) plan is a defined contribution plan in which the employee is entitled to receive payment from the fund upon leaving the employer. A defined benefit plan where benefits begin upon retirement means that it is not likely that distribution upon the end of employment will occur.
The terms of the benefit plan will provide when such pension funds are made available to an employee. Plan limitations could include age limitations and waiting periods from end of employment. A company’s benefits department or a pension plan administrator will likely be able to provide more information relating to an employee’s rights to pension funds. This information is also likely provided in a Summary Plan Description (SPD) which provides information on entitlement benefits and future payment calculations.
Finding the Answer to Specific Retirement Fund Questions
The requirements of pension funds are usually regulated by ERISA (Employee Retirement Income Security Act), the Internal Revenue Code, and state and federal statutes governing employee benefit plans. An employee should contact the Law Offices of Kevin J. Dolley if he or she faces questions regarding denial of pension or disability benefits or questions regarding specific rights under ERISA or a particular pension plan, including the following issues:
● Denial or restriction on Pension or Disability Benefits
● Benefit entitlement issues arising from the sale of a business
● Retiree medical plan claims
● Pension miscalculation claims
● Executive compensation cases
● Severance plan disputes
● Long-term disability, COBRA, life insurance, and other welfare benefit plan contests
● HMO and other managed care cases
● Spousal election benefits
Contact our Labor and Employment Law Firm
To set up a consultation, please contact the Law Offices of Kevin J. Dolley at (314)645-4100 or by email at email@example.com. All legal consultations are held strictly confidential. For experienced legal counsel in labor law, employment law and business law matters, please
contact the Law Offices of Kevin J. Dolley.