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Survivor benefits

Should you take your pension as a lump sum?

Publication

Updated: August 2015

Some companies have offered to cash out the pensions of certain retirees and former employees and instead give them a one-time lump-sum payment.

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What is Recoupment?

Publication

Updated: July 2015


I received a letter from my pension plan stating that it has been overpaying me. The letter says that the plan is going to reduce my monthly payments and that I will also have to pay an additional amount to the plan. What can I do?

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Treasury Curtails Lump Sum Pension Payouts

News Item

In a sudden move, the Treasury Department said it will stop allowing employers to offer certain workers the option to take out their pensions in a lump sum. Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, applies as of July 9, 2015.

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Spouses should have a say in whether survivor benefits will be provided

Blog entry

A recent New York Post article drew attention to a widow facing a tragic situation. Her husband, a retired police officer, had taken his own life. Without going into the grisly details of the case, her husband wanted to cause his wife as much pain as possible.

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Decision on pension payout will last a lifetime

News Item

Take the money or wait? That’s the $90,402 question The New York Times Co. has put to me as it offers to buy out my right to the lifelong monthly pension I earned when the parent of the Times newspaper also owned the Globe.

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Accounting mistakes can squeeze pension benefits

News Item

An article in the Pittsburgh Post-Gazette details the problem of recoupment -- when a pension plan demand repayment of money that it overpaid to a retiree -- and highlights the work of the Mid-America Pension Rights Project.

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No divorce means widow is entitled to husband’s pension

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Maureen contacted the Mid-America Pension Rights Project with a unique issue. Upon her husband’s death in 2005, she was told that she wasn’t entitled to a share of his pension because the plan had no record that her husband was married.

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Restarting a pension becomes a family matter

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When Emma, a widow living in a nursing home, suddenly stopped receiving her monthly pension payments in May 2013, she turned to Lily, her granddaughter, for helpEmma had been receiving a survivor pension since her husband’s death in 1959 and didn’t know why her monthly pension payments had stopped

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Keep an Eye on Finances During a Divorce

News Item

Divorce at any age will send tremors through your finances. But when it comes later in life, it's sure to upend even the best-laid financial plans.

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An unusual victory for the Mid-Atlantic Pension Counseling Project

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When Carol Cascio’s husband suddenly died of a heart attack at age 52, her husband's pension plan told her that she would receive a survivor’s benefit in three years, when her husband would have been eligible for early retirement had he lived. The benefit would be based on the pension her husband had earned during his 33 years of work at a local supermarket.

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