Expert: Allen - 9/5/2005

Question
Hello i was vested in a hospital pension plan. In 1998 another healthcare system took us over & one year later closed us down. This healthcare system now administers our pension plan. They are financially in trouble I hear & was wondering what can happen to my pension? Can I take out a lump sum of money now while there is still money in the fund? I am 51 years old

Answer
The money in the pension account is in a trust. This trust is separate from the company. Even if the company goes out of business, the trust fund survives as a separate entity.
If you have terminated employment or been laid off, you may be able to receive your account or benefit. This depends on the terms of the plan. I would check with the plan adminstrator (who should be named on the papers they are supposed to send you each year) or with your human resources department.