I am 70 years old and laid off. I receive unemployment benefits. I also am receiving a lump sum from pension and want to rollover this pension lump sum to an IRA C.D. At my bank. Do I have to deduct the pension rollover
amount from the pension from my unemployment benefits?
This is the rules on that in NJ:
If you are eligible to receive a pension from an employer that is included on your unemployment claim, the benefits may be reduced. The term "pension" includes benefits paid in a lump sum, such as 401K, as well as pensions that are paid on a monthly basis. If you have applied, received or expect to receive a pension, a claims examiner appointment will be scheduled to discuss the pension. If you contributed the entire cost of your pension, your unemployment benefits will not be reduced. If you and your employer contributed to the pension, 50% of your the weekly pension amount will be subtracted from your unemployment benefits. If your employer contributed the entire cost of your pension, your unemployment benefits will be reduced by 100% of your weekly pension amount.
I lost my job and I received a check for my 401k. Unemployment is holding up my check to see if I am getting unemployment or if my unemployment wages will be reduced. Can unemployment figure in my 401k and deny me benefits or lower my wages that I should be collecting