Legal Question in Civil Litigation in Maryland
accounting error
I took my cash balance account from my job pension and cashed out. 1 1/2 year ago. Now the pension company says that they made an accounting error and they want all of the money back. I claimed the money on my taxes as income and talked them several times on the phone before the money was given to me and a 1 1/2 later because of a mistake they made they want a lump sum payment back of the money.
2 Answers from Attorneys
Re: accounting error
There are several aspects of law that apply to your situation. I need to see the type of plan, vesting requirements, whether there is an issue with insolvency, etc. Notwithstanding there may be equitable issues. Also relevant is the size of the plan and the type of payment. Contact me by phone to discuss.
Re: accounting error
This is a relatively fact intensive question to answer. I assume you have not yet been sued and that you are in receipt of a demand letter. This is not something that can be readily answered in an email - assuming the position of a civil defendant, the pension company would bear the burden of proving by a preponderance of the evidence that you owe the money back. To evaluate that would require an examination into the documents and a closer query into the substance of the transaction. I believe you need a consult with a lawyer with all of your documents available.
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