• Question
  • Requesting Lump Sum Benefits

    Asked by someone from Aurora, CO on 3/25/2019

    Upon reaching normal retirement age of 65 on 3/1/2019, I elected to request lump sum benefits of my pension plan. Representative informs me that I am not eligible for lump sum and may only receive monthly payments as I did not elect to do so within 90 days of termination. The plan states, 90 days of termination OR retirement, which I have now reached at age 65. How do I receive lump sum payment of my benefits upon normal retirement age without this prohibition? Please advise at your earliest convenience. Thank you! WH

  •  
  • Categories: Lump Sum or Pension?, Pensions and Retirement Benefits

Answers

  • Get a FREE 1-on-1 phone
    consultation with this advisor
  • Is it a public or private pension? I would need to speak with a representative of the pension, and would be happy to do so if you provide me with the contact info.

  • Login to rate this answer:   Answered on 4/1/2019
  • NewRetirement User

    Get a FREE phone consultation
    with an advisor. Learn more...
  • Often times, there are big changes that are made in the pension law, which will cause the elder people to suffer after retirement. The pension law has many different aspects, and it can get change, in Time. so whenever you feel like, some negative change was announced with your pension, you should directly take help from the elder law NJ ( http://www.scottcounsel.com/) and get the confusion solved, before time.

  • Login to rate this answer:   Answered on 11/1/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.