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|Subject: Re: pension plans||Date: 10/20/1998 12:59 PM|
|Author: TMFPixy||Number: 6126 of 75335|
Greetings, Rgood, and welcome. You asked:
I have a question about a totally sponsered pension plan by company A.
I worked for co. A for 10 yrs (i am vested in the pension plan). The business unit (that i work in) was sold to co. B.
Co. A did not roll over the pension benefits (money) to co. B.
Co. B states that though yrs of service at co. A will count towards vacation time and medical leave and other things, yrs. of service in co. A will NOT count towards pension in co. B. Co. A is not willing to roll the pension money over to Co. B.
Questions: Is Co. A in their legal rights? I'm 35 yrs old. when i retire, will i have to hunt down Co. A to get my pension money from them?
Also, my pension money from co. A is cut by 40% (ouch)
since my years of service is no longer accumulating with them.
As far as pension from co. B, years of service start jan 1, 1999.
Yes, everything is legal and above board. You no longer work for A and thus are no longer in that plan. A is not required nor does it have to transfer your vested interest in that plan to B's plan. Also, B is under no obligation to credit you with years of service in its plan and can impose a waiting period before you become eligible for that plan because you are a new employee of B for that purpose. And yes, when you finally retire you have to track down A to get the pension due you at that time.
Looks like you were in the wrong place at the wrong time.
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