Help please; want to withdraw union annuity, union pension early

[upi402]

I'm willing to take the tax hit and penalty. I just want something before it disappears. I've been told I can't get my money out by our administrator of pension and annuity fund manager.


Can I get it? What are my rights? What is the best way to go, if possible?

:bows deeply in advance gratitude:

[WCGreen]

1. Ask to read the plan so you can see for yourself that there are no

early withdrawls...

[Brickbat]

2. Has it been going down?

What union? Defined benefit?

[TwixVoy]

6. Lol if you only knew what was coming....

[Statistical]

3. You need copy of the plan benefit guide.

There is no standard rule that applies to all situations.

Also it should be possible if you receive a lump sum to roll it into an annuity to avoid taxes.

Of course you would want to seek some tax and legal advice.

Step one would be get a copy of the plan docs.

Usually they are called something like "participant guide" or "member guide" or something like that.

Without the docs really any advice on a forum is just a random guess. You could get as good advice from magic8 ball. Mine just said "outlook is hazy try later".

[Davis_X_Machina]

4. It's a rare plan...

..that doesn't have provisions for 'unforseen emergency' withdrawals. There are broad differences from plan to plan about what qualifies as an emergency, however -- bankruptcy, educational expenses, house purchase, unemployment, all qualify some of the time, for some plans.

[upi402]

5. We have a new administrator and I need to request a copy of the rules

My friend got his over the phone. I tried that and was told "no". I think he may have got a loan against it, though.

Thanks for your help all!