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Tag: pension benefits

Designated Pension Beneficiary Denied Deceased Pensioner’s Pension; Here’s Why

Designated Pension Beneficiary Denied Deceased Pensioner’s Pension; Here’s Why

Just because you designate someone as your pension beneficiary does not mean they will be legally entitled to receive it after you pass. A recent case illustrates just how complicated things can get. Verizon Emp. Bens. Comm. v Nikolaros, No. 23-cv-1982, 2025 U.S. Dist. LEXIS 49340 (E.D. N.Y. Mar. 18, 2025). Here’s what happened. Nick Nikolaros was born on October 13, 1970 and died on June 5, 2020 (at age 49). At the time of his death Nick was employed…

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Employers Must INDEFINITELY Maintain Records Sufficient to Determine Their Employees’ Pension Eligibility

Employers Must INDEFINITELY Maintain Records Sufficient to Determine Their Employees’ Pension Eligibility

I cannot tell you how many times over the years pension plan participants have called me to complain that their employer or pension plan administrator has told them they cannot find documents needed to determine whether they are eligible for a pension and, if so, the amount. That is ridiculous! Under §209 of the Employee Retirement Income Security Act (ERISA), employers must maintain records with respect to each of their employees sufficient to determine any benefits which are, or may…

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Out of a Job Due to Covid-19? You May Be Eligible for a Fully Vested Pension

Out of a Job Due to Covid-19? You May Be Eligible for a Fully Vested Pension

Most of us would be hard pressed to find anything positive to say about the Covid-19 pandemic. But, if you lost your job on account of the pandemic and were a participant in a pension plan where you had not yet vested in your pension, there may be a wee bit of good news. Under the Internal Revenue Code, participants automatically become vested in their accrued pension benefits upon the termination or partial termination of the pension plan. In the…

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