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Accounting, Payroll & Pension Issues/pension payout
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Question
Can a company payout your pension in a lump sum if you did not elect to opt out of your pension plan because they want to clear their books?
It depends on the circumstances. If you are no longer employed by the company and the amount in your account or the value of your benefit is less than $5,000, they can send you a check. If they have terminated the plan and it is a profit sharing plan or a 401k, under many circumstances, they can send you a check no matter how much is in your account, whether or not you are still employed by the company.
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Accounting, Payroll & Pension Issues
Answers by Expert:
Allen
Expertise
Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions
Experience
Over 35years experience in the pension field
Organizations
Various actuarial organizations
Education/Credentials
MBA and various professional certifications
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