regarding your benefits when the company is going to close?
This question pertains to someone who has worked for a company for 36 years and they are 59 1/2 years old. Their main concern is questions regarding their pension and packages that the company may offer them.
They want to make the right choice, so any help you can offer would be greatly appreciated.
2007-01-23 08:10:25 · 5 answers · asked by Tee Tee 2 in Business & Finance ➔ Careers & Employment
I need more input people...thank you!
2007-01-24 01:57:36 · update #1
A friend of mine worked 15 years with Calloway Chemical Co. Then Calloway, sold to another Company and jopbs were lost and so were retirement pensions.
Imagine working all those years and then one day your making less money and lost all of your pension.
For the best of the best it was only they that survived the blow.
The rest got canned.
Rule of thumb.\\
Nothing is guranteed.
2007-01-30 20:40:15 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I stongly recommend seeing a labor lawyer for $300-$500
After working 36 years you want to get everything entitled to you.
Vacation pay (past and current)
Bonus
Stock options (which may have not been taken)
Severance allowance (if non-voluntary)
Pension plan (Company as well as anything he invested in over the years)
Bonds which he may have been deducted for while working
Any training being offered for a career change (or is it him that decide to leave)
Benefits (medical) that may continue after leaving
Accumulated sick days if any
Can the company transfer his pension to a another company
Can he roll over any lump sum payments into a retirement plan to postpone taxation.
Life insurance (does it continue or can he pay to have it continue at the same rate)
Don't forget to get papers as he may be entitled to collect workman's comp or unemployment insurance
2007-01-31 06:38:19 · answer #2 · answered by Johnny 5 · 0⤊ 0⤋
If the company is closing you have a right ot go to whoever handles the HR paperwork and ask
1) how do I get my pension?
Get paperwork to file and follow it.
2) Do I get to keep my health insurance?
Get paperwork on this, too.
3) What will the company do about the AAA part of my hiring package which I have not received?
You have to ask, and point blank is the best way.
2007-01-23 08:18:48 · answer #3 · answered by Marvinator 7 · 0⤊ 0⤋
Wow severance pay how much and how long
Job training if seeking a another job
Retirement benefits lump sum or roll over in IRA
health insurance is a biggie. it is hard to get coverage and expensive if you have preexisting conditions.
2007-01-31 04:02:23 · answer #4 · answered by tennessee 7 · 0⤊ 0⤋
its a matter of mutual understanding you have to think at the time of joining nobody can give you a proper advise do it yourself
2007-01-30 21:36:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋