jus terminated from job, now no pension contribution this year?

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survivor49
Regular Member


Date Joined Oct 2007
Total Posts : 241
   Posted 7/23/2008 5:10 AM (GMT -7)   
i was just terminated from my job, and was offered a 3 month severance with benefits which eould take me thru ocober.. this was verbal, and now they are trying to say that i will not be eligible for the pension/profit sharing contribution for the year. i was 100% vested in october of last year, and the plan put in about 3 times what i  contributed. the fiscal year started again in january. does anyone have any advice? can they do this legally?

sjkly
Veteran Member


Date Joined Dec 2007
Total Posts : 2113
   Posted 7/23/2008 1:24 PM (GMT -7)   
You need to check your companys policy and procedures manual or the benefits manual. In those documents companys have to clearly spell out who is eligable and many plans do state that an employee must be employed the entire fiscal year to receive profit sharing-other companies state they would pro rate the benefits. They can legally do either depending on what is in their manuel. You need to read those to get the specific information.
Sj

tlw
Regular Member


Date Joined Nov 2006
Total Posts : 87
   Posted 8/4/2008 8:05 PM (GMT -7)   
your guidelines should state the number of hours you must work during that year in order to qualify for your profit sharing/pension contribution. its usually around 100 hours.  check with your human resource person.  you should be eligible if you've worked several months.
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