Legal Question in Employment Law in Florida

Pension Payout

I recently found out that I have a pension plan through a company that I was with for 8 yrs. I then contacted this company regarding a payout and they told me that since the amount is over 5000 I cannot take a payout. I would like to know if I can be denied the option of taking a payout? I was told by the head of the human resources dept. that the plan is simply designed that way, and if the value was less than 5000 I could take a payout. Is this legal? I thought I could take it with penalty at the least. Thank you.


Asked on 2/02/09, 2:16 pm

1 Answer from Attorneys
Kelly Henderson

Re: Pension Payout

If we are talking about a 401k plan, then the company does not have a right to withhold funds from you. My answer may be different if we are talking about an older defined benefit plan that pays you some set amount upon your retirement.

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Answered on 2/02/09, 3:06 pm


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