Benefits payout for terminated employee

[Guest DanDWeaver]

Question:

My company was purchased, they started the close of our eployer sponsered pension and retirement plan April 30th, 2001. The new company laid off about 6 employees, myself included. I was laid off August 1st. The job market is tuff, and I need my retirement and pension, or a portion of it, to survive until I am employed again. The management told me, that since the plan was in closure status, they do not have to pay out benefits. Everything I found out stated that they have to continue to administer the plan, including putting eligible participants into pay status. I also found out, and just need verification, that they were supposed to pay, or roll over by the 61st day of the end of the plan year, which I was told was when I was terminated, Aug 1st, 2001. They have exceded that 60 days. Am I correct here that they should have settled my pension and retirement plans by now? Thanks for any info anyone can provide...

Dan Weaver

[david rigby]

Not necessarily. What kind of plan is this? profit-sharing? defined benefit pension? ESOP? 401(k)? more than one of the above?

[Guest DanDWeaver]

According to what I was told, we have a separate pension and retirement plan, employer sponsered, no employee contribution, as part of our wage benefit. Totally separate from the 401k plan. The plan was a vested retirement and pension, standard 5 year, at 20/40/60/80/100 percent vested. When I left the company in 95, they made me roll the funds over, as the benefits administrator told me they only had a certian number of days that they were required to do this. I have been fully vested since 97, as I was only away from the company for 90 days, less than the year required by law. Thats about all the information I have at this point. Thanks for the reply,

Dan