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

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

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