Can the amount of a retirement check be reduced?

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Can the amount of a retirement check be reduced?

I have been collecting for 4 years now.

Asked on September 20, 2010 under Employment Labor Law, Arkansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You should repost your question with more information--for example, what sort of a retirement check, from what kind of an account, fund,  etc.?

As a general matter, what will control is the terms of  the retirement fund, account, pension, etc. If it was that you are to get a fixed amount, each year, period, they need to provide a fixed amount, period (though see below). If the terms of the fund, plan, etc. allow reductions in some way--for example, you get X% of  the money in your account, and that account has gone down due to the recession and Wall Street's crash two years back--then it could be reduced. The first  thing to do is to look at the terms governing your payments.

However, regardless of the terms, if the fund, plan, etc. is having financial difficulty, it may be that as a practical matter, they have to reduce what's paid. You might still have a cause of action against them, to make up the short fall, but legal rights often take a back seat to practicalities or realities. You should therefore look into what's happening to the fund, etc. providing the money.


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