Legal Question in Employment Law in New York
Pension Penalty
My pension plan has early retirement @ 55 with a6% per yr before 60 penalty, this is O.K. They also make you sign an agreement that says if you work at any other employment while collecting the pension they can stop your medical/health plan benefits.By signing the agreement they are allowed to check with Social Security to see if you had any contributions, that would show you had another job, no matter what kind of work it may be. This penalty does not apply if you retire at 60, and at 60 you get full benefits and can work anywhere, so long as you are not competing with the interests of this pension plan.Is this agreement legal/mandatory and aren't medical/health benefits vested?
1 Answer from Attorneys
Re: Pension Penalty
I can't tell without seeing the agreement or knowing some more about it.
It does sound as if there may be a violation of the Federal ERISA laws there; also, it seems to be a form of age discrimination, if it allows retirement benefits to vest at 60 (if you retire at 60)but does not do the same with 62 or 65 year old retiees who subsequently do work for other companies.
I can't tell without reading it myself.
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