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Accounting, Payroll & Pension Issues/withdraw hardship pension
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Question
my plant closed down the whole textile company in feb.i stillhave not got a job WHY can i not withdraw some of my pension from PBGC
PBGC will pay the pension in the same form and at the same time as it would have been paid had you remained at the company. In many cases, the pension is not paid until you reach the retirement age stated in the plan. So if the plan only allowed payment at age 65, then that's when PBGC will pay you.
I would contact PBGC to see if this is the case. I would keep calling until I found someone who would give you an answer.
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Accounting, Payroll & Pension Issues
Answers by Expert:
Allen
Expertise
Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions
Experience
Over 35years experience in the pension field
Organizations
Various actuarial organizations
Education/Credentials
MBA and various professional certifications
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