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LUMP-SUM RETIREMENT PAYMENT


Guest Di
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I am trying to take an early retirement from a company that I quit from after vesting into their retirement plan. They said that would be fine to take early retirement and sent me a form as to how I would like my payment. I requested a lump-sum payment and now they are saying that anyone who quit the company before January 1, 1998, is not eligible to receive a lump-sum payment. Is there any way for me to reverse this decision? Can a lawyer help me or am I forced to go with their decision? Thank you for your help with this matter.

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Di:

Did you r plan allow for lump-sum distributions prior to 1/1/98? Did they just amend the plan to allow for lump-sum distributions for employees who terminate/retire on or after 1/1/98.

Any changes in benefit options should have been communicated to terminated vesteds. Ask for a copy of the current Summary Plan Description. If that doesn't explain why you can't take a lump-sum, ask for the plan document and any amendments thereto. They may charge you a small copying for for the plan document.

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Guest PALAWYER

You should also make sure you comply with all appeal and administrative procedures in the plan. Most likely, this is a decision that should be appealed pursuant to the plan's claim procedures. There are often short time frames within which you can do this, so act quickly. The claim procedures should be set forth in the Plan's Summary Plan Description

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KIP KRAUS AND PALAWYER: I am really greatful for the advice. I am acting on what you said. I have already asked for a Summary Plan Description. We'll see what I come up with. Thanks so much - Di

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