Legal Question in Employment Law in Florida

Florida Defined Benefit Pension Plan Vesting Period

Am I fully vested in my Defined Benefit Pension Plan before the mandatory vesting period of my company being a cliff of five years ? I heard in Florida that if you work for four years six months and one day you are automatically vested in the company sponsered pension plan. Is this true in all cases ? e.g. being laid off, fired or leaving on my own accord ? I am leaving on my own accord with approx 4yrs 9mos.

Thanks.


Asked on 4/09/06, 9:32 pm

1 Answer from Attorneys
Keith Stern Shavitz Law Group

Re: Florida Defined Benefit Pension Plan Vesting Period

If you work for a company and your employer's plan requires 5 years to be fully vested, then based on the information provided, no, you would not be vested because anything less than 5 years is insufficient. The law that governs these situations is a federal law (the Employee Retirement Income Security Act (ERISA)) and there is no Florida law that addresses the issue for employees in the private sector.

Read more
Answered on 4/10/06, 9:23 am


Related Questions & Answers

More Labor and Employment Law questions and answers in Florida