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Allen you helped me with a pension and 401k problem back on 01-15-07.I was terminated before retirement by employer and I thought I lost everything. It seems now I cannot collect lump sum on pension I can only collect monthly annuity.Is this correct since I am only 54 years old or because I was terminated? Thanks again. Jerry
This may be correct. It has nothing to do with your age or the reason you are no longer employed by the company. Many traditional (defined benefit) pension plans only provide for payment in the form of an annuity. In order to see if this is the case with your plan you have to look at the Summary Plan Description. If you cannot locate your copy, you can ask the plan administrator for a copy.
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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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