By Ricotta & Marks, P.C. on August 9th, 2021 in
Do you Lose Your Pension if Fired? If you are at risk of losing your job, you may wonder: Do I lose my pension if I get fired? Can I get my pension if I quit? The answers will depend on the type of pension you have and whether or not you are vested in your pension.
If your retirement plan is a 401(k), then you get to keep everything in the account, even if you quit or are fired. The money in that account is based on your contributions, so it’s considered yours.
However, if you have a traditional pension plan that your employer is contributing money toward, your employer can take back that money in the event that you are fired. However, if you are vested in the pension, then all the money in the account is yours to keep, even if you quit or are fired. Becoming vested depends on the rules of the pension plan. Some may require that you work for the company for three or five years before you become vested, but it may be even longer for your company.
CallRicotta & Marks, P.C., at 347-464-8694 orsend us an e-mailto schedule your free initial consultation today.
