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  1. #1
    Join Date
    Dec 2008
    Posts
    6

    Default Recovering Pension Money Paid In if Pension Doesn't Vest

    My question involves employment and labor law for the state of: Virginia

    I have been paying in to a pension for over 10 years now and it doesn't look like I'll will ever make the 20 years required, can I get the money back that I have payed in and if so how hard would it be and what would it cost?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Recovering Pension Money Paid In if Pension Doesn't Vest

    You're posting thus under labor organization, so presumably you're talking about a pension that is governed by a union contract. Read your contract, or talk to your union rep. Odds are, though, that you're not going to get any money back.

  3. #3
    Join Date
    Dec 2008
    Posts
    6

    Default Re: Recovering Pension Money Paid In if Pension Doesn't Vest

    thanks for your advice.

  4. #4
    Join Date
    Sep 2007
    Posts
    23

    Default Re: Recovering Pension Money Paid In if Pension Doesn't Vest

    Federal law as defined in ERISA governs multi and single employer pension plans. As long as you are vested in your pension, as defined in the plans documents, you are entitled to whatever benefits you have accrued.
    There are two types of vesting schemes. One is five year cliff vesting. If you are on the job and meet all the minimum working criteria as defined in the pension plan documents you are vested in all you benefits after five years.
    In a step vesting scheme you have vested in a percentage of your benefits for each year, with 100 percent vesting occuring no later than the 7th year.

    Your benefits are guaranteed, must likely, by the pension benefit guarantee corporation in the event that the plan does not have the money to pay you your vested monthly benefit upon retirement.

    Goodluck

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