Can the Union Keep Your Pension Money?

[jchristine23]

What is the name of your state (only U.S. law)? New York

My husband has been in his carpenter's union for the past 5 years. For approximately 2 years they have not been able to find him any work so he is planning on leaving the union and continuing with college. He will be able to get his annuity money, but they are refusing to let him have the money in his pension. My husband was told a while ago that he was vested after 5 years OR 5000 hours. But now the Union is telling him that he has to have 5 credits before he can even touch any of his pension money. A credit is given for each year that you work 1000 hours in one year. My husband only has 2 because the union can't keep him working. So now the Union is telling him that he can't have a dime out of his pension if he leaves. If my husband has paid money into this pension, isn't he entitled to his money? I understand that there may be fees like there is for the annuity, but they can't just keep it, can they?

 

[swalsh411]

They can't keep what he has paid in but if they contribute or there is a match of some sort then he doesn't get that.

 

[justalayman]

They can't keep what he has paid in but if they contribute or there is a match of some sort then he doesn't get that.

it's a pension plan, not an IRA.

"he" hasn't paid anything in. Money was paid into a pension in his behalf. OP needs to read the rules of the pension program. Most likely, if he does not have enough time for his pension to vest, then he loses what is in there.

even if he was vested, he would not be able to withdraw any money. It is a pension. He gets to draw his earned benefits when he retires.

 

[spider17]

Retired NYC Carpenter

it's a pension plan, not an IRA.

"he" hasn't paid anything in. Money was paid into a pension in his behalf. OP needs to read the rules of the pension program. Most likely, if he does not have enough time for his pension to vest, then he loses what is in there.

even if he was vested, he would not be able to withdraw any money. It is a pension. He gets to draw his earned benefits when he retires.

I' 52 with 28 years vested pension credits,I just retired on a Disability pension(same as regular).You must get SSDI and your job was the reason for your disability to do this.Member NYC district council of Car[enters.Your pension is part of your benefits package which is paid by your employer not you.Your husband was not vested,but if he goes back to being a carpenter he has to work the same amount of years he was out and then he can get back the pension credits he might of lost.He still would not be able to collect a pension(if vested) i think it is ten years now not five until he is 55 or is deemed Disabled before that.A pension is a general fund not a private account.

 

[cbg]

If the pension is vested, he gets it.

If the pension is not vested, he doesn't get it.

If the pension is only partially vested, he gets on the part that is vested.

It really is that simple.

 

[FlyingRon]

If the pension is vested, he gets it.

Of course, even if he is fully vested, he has to wait until he reaches the minimum age for benefits. It's not like a 401k or an IRA where you may have the option to roll it over or even perhaps take an early distribution.

 

[Zigner]

This thread is from 2012...

 

[cbg]

Damn it, I hate it when that happens.

 

[justalayman]

don't feel bad. I got bit even worse the other day.