Legal Question in Business Law in North Carolina

i ELECTED TO RECEIVE MY PENSION FROM THE FURNITURE COMPANY IN MONTHLY INSTALLMENTS WHEN I TURNED 55 YEARS OLD. IT ONLY PAYS $70.32 PER MONTH. I'M 59-ALMOST 59 1/2 YRS OL NOW. I HAVE BEEN UNEMPLOYED SINCE LAST AUGUST. I'M NOT ABLE TO FIND ANOTHER JOB. CAN I CONVERT THIS MONTHLY CHECK INTO A LUMP SUM SETTLEMENT NOW? IF SO, WILL THE IRS PENALIZE ME?


Asked on 6/17/10, 5:16 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say more information is needed. You probably need to talk with your employer about lump sum conversion options. For the tax implications, see a CPA. Consult with an attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 6/17/10, 10:31 am


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