In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.

Pension rip off!!

SpartacusSpartacus Member Posts: 14,415
edited May 2009 in General Discussion
just going thru the mail and there's a letter from retirement account.
I've been contributing the max allowed for last 4 years.
at 5 yrs you are vested and get matching contributions.
this letter says that because I'm leaving the fund (employer) before being vested that I loose all the $$ I've put in!!
supposedly, i was told this when i started with them.
Is this legal? we're talking around $50K!
I'll be paying out more money to the lawyer tomorrow.
I'm mad enough to hurt somebody right now!
never heard of anything like this.
· Share on FacebookShare on Twitter

Comments

  • moonshinemoonshine Member Posts: 8,471
    edited November -1
    no they can't take you money. they may be able to keep any of there money.
    · Share on FacebookShare on Twitter
  • Tailgunner1954Tailgunner1954 Member Posts: 7,734 ✭✭
    edited November -1
    Read it again, you should be keeping the money that YOU put in, BUT you WON'T get the matching funds your employer put in
    · Share on FacebookShare on Twitter
  • COLTCOLT Member Posts: 12,637 ******
    edited November -1
    ...Chill and re-read the statement. I imagine that the "money they keep", is any matching funds they have contributed...not your contributed money though there will be tax issues with that money...[;)]


    ani-texas-flag.gif
    · Share on FacebookShare on Twitter
  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    Tom,.......they can't take what you contributed. ( At least not yet.)

    The rest I don't know about.
    Read it again, calmly.
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
    · Share on FacebookShare on Twitter
  • A J ChristA J Christ Member Posts: 7,534 ✭
    edited November -1
    Whoa!

    They can't keep your money, the funds you've contributed.

    They can however keep the matching funds.

    Most plans have different levels of vesting. 25% at 2 years, 50% at 5 years or something like that. If your plan works like that, you'll get some of the matching.

    Might still be a good idea to seek legal advice.
    · Share on FacebookShare on Twitter
  • SpartacusSpartacus Member Posts: 14,415
    edited November -1
    OK, I took all of your advice and re-read it.
    it's the matching funds I don't get.
    there aren't any matching funds so I don't know why they even mentioned it!
    I feel better now. thanks!
    how do I avoid paying taxes on this? can I roll it over into something else?
    tom
    · Share on FacebookShare on Twitter
  • Jacob2008Jacob2008 Member Posts: 19,528 ✭✭✭
    edited November -1
    50k? Man.. thats a lot of grass... seed... you know for your lawn.
    · Share on FacebookShare on Twitter
  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    quote:Originally posted by tplumeri
    OK, I took all of your advice and re-read it.
    it's the matching funds I don't get.
    there aren't any matching funds so I don't know why they even mentioned it!
    I feel better now. thanks!
    how do I avoid paying taxes on this? can I roll it over into something else?tom

    Sure,.....no problem.
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
    · Share on FacebookShare on Twitter
  • RosieRosie Member Posts: 14,525 ✭✭✭
    edited November -1
    Roll it over into an IRA and you won't pay taxes until you withdraw it. At the age of 59 and 1/2 I rolled everything I had in the company into an IRA and that was the year they took a 32% hit! Talk about dumb luck! Actually I was keeping a eye on the market and felt it was time to run. [:)] Worked 7 and 1/2 years more and of course started over on the pension. Company started an 401K and every one was supposed to get rich. Every one had to roll over their company pension into the 401K but again I pulled mine out. The employees have lost about half of what they had! That makes about 80% of what they had in the beginning. Most are 55 and over and will never gain back what they lost. They can't pull out until age 59 and 1/2 so they are screwed.
    · Share on FacebookShare on Twitter
  • SpartacusSpartacus Member Posts: 14,415
    edited November -1
    OK, so I roll it over into an IRA, but what specific investment.
    currently its in stock base mutual funds that have taken a big hit since january.
    anyone got a good mutual fund that will at least protect the initial investment?
    I know there's no sure thing, but some are better than others.
    i always seem to pick the "others"[:(]
    · Share on FacebookShare on Twitter
  • Locust ForkLocust Fork Member Posts: 31,909 ✭✭✭✭
    edited November -1
    You know I feel like an "ooober-looser" right now because of how illprepared I am for retirement. I just felt like a standard looser until I read this post....thanks tplumeri. I'm gonna go eat something I shouldn't just for the heck of it!
    LOCUST FORK CURRENT AUCTIONS: https://www.gunbroker.com/All/search?Sort=13&IncludeSellers=618902&PageSize=48 Listings added every Thursday! We do consignments, contact us at mckaygunsales@gmail.com
    · Share on FacebookShare on Twitter
  • RtWngExtrmstRtWngExtrmst Member Posts: 7,456
    edited November -1
    Any money you put in is YOUR money. If you take it out make sure you roll it over into some tax-deferred retirement fund or else you will have to pay a tax penalty. You need professional help.
    · Share on FacebookShare on Twitter
  • SpartacusSpartacus Member Posts: 14,415
    edited November -1
    quote:You need professional help.

    yeah, that's what my wife thinks too![;)]

    LF, I'm an idiot when it comes to this. In the past (late 80's) I did well in the market, but now I always pick losers!
    maybe i'll put the money under the mattress and not file a return.[:0][;)]
    · Share on FacebookShare on Twitter
  • duckhunterduckhunter Member Posts: 7,687 ✭✭✭
    edited November -1
    Look at Vanguard GNMA pays about 4&1/2 %
    · Share on FacebookShare on Twitter
  • MMOMEQ-55MMOMEQ-55 Member Posts: 13,134
    edited November -1
    Good giveaway maybe?[:D]
    · Share on FacebookShare on Twitter
  • Locust ForkLocust Fork Member Posts: 31,909 ✭✭✭✭
    edited November -1
    My problem seems to be that ever since I joined the "adult" job market I have pretty much always worked for myself. I made commission rather than base pay and invested my money in purchases...not any monetary investments. Larry has a 401k with his job and Acipco has a wonderful retirement plan where the employees have great benefits and still draw the bonuses along with current employees. I just feel like I should be equally invested when it comes to our retirement. As it is now I don't know a THING about what to do....and it looks like I am setting myself up to work until the day I croak. I need a plan.
    LOCUST FORK CURRENT AUCTIONS: https://www.gunbroker.com/All/search?Sort=13&IncludeSellers=618902&PageSize=48 Listings added every Thursday! We do consignments, contact us at mckaygunsales@gmail.com
    · Share on FacebookShare on Twitter
Sign In or Register to comment.