ST Alpha - "Can you withdraw a pension early (with penalty of course) like you can a 401K/IRA? -- nm" (Reading a Post)

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Can you withdraw a pension early (with penalty of course) like you can a 401K/IRA? -- nm

Posted by ty97 Aug 19 '21, 14:24

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Responses:

I don’t believe so unless they offer you a buyout. -- nm - spamlet Aug 19, 14:25 15
- I'm leaving my employer, but have a vested (small) pension with them. Does that change the answer? -- nm - ty97 Aug 19, 14:26 14
  - Did I miss news? -- nm - Dano Aug 19, 15:00 4
    - Old news, not new news. Announced in 4Q20 that my company was spinning off my division, with a planned 4Q21 spin date. -- (edited) - ty97 Aug 19, 15:11 3
      - Why on Earth don't people write it 20Q4 and 21Q4, etc.? -- nm - zork Aug 19, 16:34 2
        
        Because we say 4th quarter, 2020. 4Q20. -- nm - Will Hunting Aug 19, 17:14
        
        This is America, we write dates backwards. -- nm - loosilu Aug 19, 17:00
  - Everything I'm getting and reading suggests I can take a lump sum (if I pay taxes +10%) - ty97 Aug 19, 14:29 8
    - Ask your HR rep or a Benefits dept. contact. The rules on this stuff is very specific to the way the plan was designed - there's no stock answer. -- nm - rollo Aug 19, 14:47 1
      - Can't really get through right now, will try at some point -- nm - ty97 Aug 19, 14:48
    - Defined benefit plan? Its probably going to depend on the terms of the plan and also the terms of the spinoff agreement for your company -- nm - decline Aug 19, 14:34 3
      - I mean they froze this thing 15-18 years ago and it's only grown at interest rate since then so it's meager - ty97 Aug 19, 14:43 2
        
        I had that (profit sharing deposits into a mutual fund) and because the plan was closed there's no 10% penalty, just taxable if not rolled. -- nm* - Max Aug 19, 15:19
        
        Best bet is to just call HR and ask - decline Aug 19, 14:50
    - I think it’s in your pension rules. - spamlet Aug 19, 14:31 1
      - We're definitely leaving. - ty97 Aug 19, 14:42

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