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Hi - My name is Carol and I'm in shock
Old 07-22-2009, 01:09 PM   #1
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Hi - My name is Carol and I'm in shock

Last week, I was told my job was being eliminated and that I have until October 1 to find something else in the Company. I am 58 years old and eligible for my pension, but I'm not sure what to do.

If I reach October 1 and have not secured a postion in the Company, am I eligible for unemployment compensation. If I am? Can I choose to take my pension at a later date?


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Old 07-22-2009, 01:16 PM   #2
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This is a matter of state law. Some states allow you to collect a pension at the same time as UE benefits, others do not. This guide may help you: Comparison of State Unemployment Laws

We also don't know your employer rules about when you can or must take your pension.


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Old 07-22-2009, 01:16 PM   #3
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Hi, Carol!

Short answer is: it depends on Pennsylvania law. It might not be a bad idea to consult with a lawyer in the appropriate area of specialization to go over the rules before making a costly mistake.

Longer answer is: There are a few things you need to look at before October 1:

* Does PA law allow you to collect UI even with pension income? (In some states, it is allowable but benefits may be cut back somewhat by an offset for pension income.)

* If you can collect UI, does the severance package impact your ability to immediately qualify? In some states your severance can be used to offset what would have been paid out.

As for deferring the start of the pension, that's likely dependent on the details of the pension plan itself. There's really no substitute for professional knowledge in this case, and knowledge which specializes in PA law. Good luck!
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Old 07-23-2009, 04:06 AM   #4
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Get the company to lay you off due to shortage of work then collect the UI and when the UI runs out retire.
"Second star to the right and straight on till morning"
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Old 07-23-2009, 08:17 AM   #5
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You might want to ask your HR dept... esp. about the pension question.
They may or may not know the correct answer to UI one.
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Old 07-23-2009, 08:38 AM   #6
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You have a little time to check out the situation, and also to see if you are otherwise ready for ER. You probably should check your savings, possible pension and what you need to live on and see if you want to find more work, or if you are ready to ER.
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Old 07-28-2009, 01:28 PM   #7
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In Texas, my severence package did not affect my eligibility to draw UE. YMMV...

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