AboutAllen 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
Question My company is closing.. I have a pension that I am fully vested in.. Can I take this pension and put into IRA. does the company have the right to hold pension until I am of retirement age ??
Answer The answer depends on the type of pension and the provisions of the plan.
If you are participating in a defined benefit pension plan and the plan allows for lump sum payments, then you will be able to take a lump sum and transfer to an IRA. However, if the plan only has annuity options, then you will have to elect a pension from the choices given you.
If you are participating in what is known as a defined contribution plan whereby you have an account in the plan, then you should be able to elect a lump sum with rollover to an IRA.
