| Subject | Date Asked |
|
| Rollover of monthly pension payments | 8/27/2008 |
Q: Do IRS regulations prohibit the rollover of monthly single life annuity payments from a pension plan ...
A: You can not roll monthly payments to an IRA. You can only rollover a distribution that is considered ...
|
| 2 jobs w/ 401k.. | 8/27/2008 |
Q: I have a job and starting my other job soon and my present job I have a 401k plan. Can I rollover my ...
A: There are two separate issues here. 1. If the new plan and the old plan have matching provisions, ...
|
| 401k Loan Default | 8/26/2008 |
Q: My wife changed employers this year and we just received notice that the 401k loan has been placed ...
A: I don't believe the administrator is giving you accurate information. Check the terms of the loan. ...
|
| Pension Benefits | 8/1/2008 |
Q: My father worked for Interstate Bakeries for 17 years, from 1953 through 1969. However, is has been ...
A: They may be correct. Before ERISA was passed in 1974, companies could require long periods of ...
|
| pension/hardship withdraw | 7/28/2008 |
Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ...
A: Using the money for a down payment on a home will not qualify for the exception to the 10% excise ...
|
| pension/hardship withdraw | 7/24/2008 |
Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ...
A: Sorry to hear about your problems. The 20% that is withheld is a legal requirement. They must ...
|
| profit sharing payout | 6/28/2008 |
Q: I resigned my position from my previous employer but have never received my profit sharing pay-out, ...
A: The procedure will be specific to your plan. The timing of distributions will also be specific to ...
|
| keogh rollover | 6/14/2008 |
Q: I am 65 and have a Keogh from my business. I am an individual owner no employees.I have had this ...
A: The answer to your question is yes. However, there are a few things to be aware of if you want to ...
|
| refused pension | 6/11/2008 |
Q: I would like to know, if a company can hold my pension and hold my 2 weeks pay after being forced to ...
A: As I indicated in my earlier response, you should go to the local office of the United States ...
|
| missing pension funds | 6/7/2008 |
Q: how do i find money that i paid into a pension fund 16 years ago
A: I would try to contact the plan administratotr for that plan. If you can't do that, the only ...
|
| Deferred Vested Pension | 6/2/2008 |
Q: I am 60 years old and disabled (since 2003. I have a deferred vested pension with Lucent(AT&T, it ...
A: Unfortunately, there is no simple answer to your question. It all depends on the provisions of the ...
|
| pension | 5/28/2008 |
Q: MY husband and i divorced 2 years ago and he is ready to retire from the police force. Hes 42 and im ...
A: It depends on the wording in the papers that were signed when you divorced. The specific document is ...
|
| drawing a union pension while working outside the union. | 5/24/2008 |
Q: I'm 70 3/4 years old. I am applying for my union pension from the carpenters (Northern and Southern ...
A: There are two separate issues: 1. Many plans state that in order to receive a distribution, a ...
|
| refused pension | 5/12/2008 |
Q: I would like to know, if a company can hold my pension and hold my 2 weeks pay after being forced to ...
A: I don't fully understand your question. However, if you believe the company is withholding money and ...
|
| Termination & Retirement Withdrawal | 5/9/2008 |
Q: My former employer terminated part of the workforce including me due to company finance issues. I ...
A: There may be a good reason for the delay. Nevertheless if it has been some time since you were ...
|
| pension distribution | 4/30/2008 |
Q: I plan to work past 70.5 years of age. I have a pension with the company I am working for. Will I be ...
A: It all depends on the terms of the plan. Some plans allow a participant to begin receiving benefits ...
|
| 401K Loan | 4/30/2008 |
Q: I have a similar question to the previous one about defaulting on a loan from a retirement plan. As ...
A: Unfortunately, I believe the penalty applies. If you had originally taken a hardship distribution to ...
|
| Rollover Lump Sum to IRA? | 4/27/2008 |
Q: I am 65 and retiring. I have the option of getting a $135000 lump sum pension, or $935/mo. I am ...
A: Several comments: 1. You can rollover to your traditional IRA. However, to avoid tax withholding, ...
|
| County pension plan | 4/22/2008 |
Q: I have a government pension that I want to cash out to put a down payment on a new house. The ...
A: There is no way to avoid the income tax. This is required when you receive a distribution from a ...
|
| 401K Loan Default | 4/18/2008 |
Q: In June 2004 I took out a 401K loan for a new home purchase, in September of 2007 I received a ...
A: First of all, if it were me I would not be happy with a computer glitch causing me to pay current ...
|
| pension | 4/17/2008 |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: Your objectives are not unusual In order to give you an estimate of the contributions for each ...
|
| pension | 4/16/2008 |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: You might be a candidate for a defined benefit pension plan. In this type of plan, you could ...
|
| pension | 4/12/2008 |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: You can establish a defined benefit plan and make substantial contributions to the plan. Since you ...
|
| DEFINED DEFERRED PENSION AFTER AGE 70 1/2 | 4/11/2008 |
Q: I AM 75 AND AM WORKING UNDER A DEFINED DEFERRED PENSION PLAN FOR OVER 50 YRS. AS I READ 'SMALL ...
A: Hope the following is understandable. If it isn't write back. The law states that if an employee ...
|
| Default | 4/10/2008 |
Q: Allen, I took out a loan against my 401k plan in 2005 and defaulted on that loan. Since that time, ...
A: It sounds like they may have made a mistake when they allowed you to take out the other loans. You ...
|
| Closing pension and need to decide what to do | 4/8/2008 |
Q: I am 46 years old. My company stopped their pension plan a few years ago and switched to 401K. Now ...
A: I can't give you a simple answer to your question. However here are some of my thoughts: 1. If you ...
|
| 401K loan payment | 4/3/2008 |
Q: Our company is discontinuing our pension plan. We also have a 401K. I have borrowed money against ...
A: Your question isn't clear to me.I think you are asking - can I pay off my 401k plan loan with the ...
|
| Division of Retirement Account | 3/16/2008 |
Q: Allen, I am going to be taking my exhusband to court to make him comply with the divorce decree ...
A: An actuary could help you. The fee would depend on how many hours he or she must spend making the ...
|
| pension distribution | 2/28/2008 |
Q: I worked for, and retired early from, a local plant of a worldwide manufacturing company. The ...
A: Unfortunately, I believe everything they are doing is legal. There are two separate issues; 1. They ...
|
| Real Property in Pension Plan | 2/26/2008 |
Q: I've got a property in Minn. My Pension plan bought 3/4 of it, but there wasn't enough to purchase ...
A: Unfortunately the sale of property by you to the pension plan is what is known as a party in ...
|
| Pre-tax dollars | 2/20/2008 |
Q: When I was working I was able to use pre-tax dollars to pay for medical insurance. I am currently ...
A: I believe that when you were employed you participated in what is known as a cafeteria plan. This ...
|
| 401k withdrawl | 2/19/2008 |
Q: This year I took out money from my 401k to pay for College. Do I have to claim this as income and ...
A: There is a good reason for the confusion. Distributions from an IRA to pay higher education expenses ...
|
| Still working at 70 1/2 - Pension | 2/17/2008 |
Q: My father turns 70 1/2 on May 11, 2008, and he is still actively working for the company from which ...
A: There are two separate issues. The time when distributions start is governed by the plan document. ...
|
| 401K Loan Default | 2/12/2008 |
Q: Allen, I had a loan from my 401k from my previous employer, when I left the company I called the ...
A: It is my understanding of the rules that the loan defaulted in 2000 and the $7,200 principle should ...
|
| lump sump vs annuity options | 2/5/2008 |
Q: I will turn 55 in 3 months. I have an early retirement option. Cash balance is $49,272. Single ...
A: If the numbers turn out to be correct, I see no reason not to take distribution at age 55. If you ...
|
| lump sump vs annuity options | 2/5/2008 |
Q: I will turn 55 in 3 months. I have an early retirement option. Cash balance is $49,272. Single ...
A: The numbers don't make sense to me. Normally the lump sum will be more than 100 times the single ...
|
| lump sum to IRA | 2/3/2008 |
Q: Can I roll a lump sum pension (approx $150,000)at 62 years old into a Mutual Fund IRA like at ...
A: The answer to your questions are yes and yes. This is definitely the way to go. Just make certain to ...
|
| Lump sum pension expectancy | 1/27/2008 |
Q: I have 31 years with a national company that is about to be sold. I will turn 55 around the time the ...
A: The lump sum amount payable at age 55 will be calculated using actuarial life expectancy factors at ...
|
| pension pay out | 1/24/2008 |
Q: My Mom asked for a cash out of her pension. She did all the paper work and sent a letter to inform ...
A: Unfortunately I don't have enough information to give you a good answer. The company may be correct ...
|
| 401k in service distribution | 1/10/2008 |
Q: My company's 401k plan permits an in service distribution to employees who have reached age 59 1/2. ...
A: If you are eligible for a distribution, you certainly can take one. However, you should probably ...
|
| 401k withdrawl | 1/9/2008 |
Q: Allen, my wife (age 43) has decided to change from full time to part time status at work to return ...
A: You have asked several questions and I'll try to give you the general rules. However, some of the ...
|
| social security | 1/9/2008 |
Q: Well, I'm not sure if you can answer my question or not. If not maybe you can tell me who can. Well, ...
A: If the annual increase for 2008 is 2.1% and your benefit in 2007 was $1,000 a month, then your ...
|
| profit sharing contributions without a 401k plan | 12/19/2007 |
Q: I just graduated college and started my new job in May. I was waiting till my first pay raise ...
A: If the contribution is a profit sharing contribution then in most cases it will be allocated to all ...
|
| 401 K -loan defaulted -taxes and penalty | 12/18/2007 |
Q: I have borrowed a loan ~40k from my 401k savings in Feb 2007 and it was defaulted in july 2007 .. ...
A: In reviewing what you are saying, it appears that the loan came due when you terminated employment. ...
|
| 401 K -loan defaulted -taxes and penalty | 12/15/2007 |
Q: I have borrowed a loan ~40k from my 401k savings in Feb 2007 and it was defaulted in july 2007 .. ...
A: You may be able to avoid the penalty if the loan did not go into defult until July. However, you ...
|
| over 70 1/2 | 12/10/2007 |
Q: IS IT A FEDERAL LAW THAT AT AGE 70 1/2 YOU HAVE TO START COLLECTING MY UNION PENSION AND STILL WORK ...
A: It's either the year the participant reaches age 70 1/2 or the year the participant stops working. ...
|
| over 70 1/2 | 12/7/2007 |
Q: IS IT A FEDERAL LAW THAT AT AGE 70 1/2 YOU HAVE TO START COLLECTING MY UNION PENSION AND STILL WORK ...
A: Under federal law, a participant in a plan who is not an owner of the business (or in your case, the ...
|
| pension | 12/2/2007 |
Q: I would like to know if there is any way to move the money that is in my pension. I worked 17 yrs ...
A: There is no general answer to your question. The answer depends on the terms of your plan. I would ...
|
| Pension Payout Options | 11/30/2007 |
Q: .. I am a well-paid professional who can claim full early retirement in 3 yrs from a large ...
A: I'm assuming the plan is a defined benefit pension plan and that you can choose either a life ...
|
| loan repayment vs default | 11/27/2007 |
Q: My pension is with Fidelity, in march I was injured and off work for several month, I called ...
A: The government agency that may be able to help you is the U.S. Dept. of Labor - Employee Benefits & ...
|
| 401k deduction | 11/26/2007 |
Q: I work for a company that took 401 deduction form my payroll but never deposited in the 401 account ...
A: This is an extremely serious matter. In effect the company has not paid you your entire salary. The ...
|
| Pension cash out rolled in to IRA | 11/23/2007 |
Q: I cashed out a of pension in 1999. I rolled a 401k balance and the pension cash out in to an IRA. I ...
A: I don't know the answer to your question. The only place I can think of to get more information is ...
|
| 401 k | 11/22/2007 |
Q: I have two jobs; one at a bigger company providing me a 401k plan and my own company. I am looking ...
A: You can not double up on the 401k contributions. You can contribute a total of $15,500 (or $20,500 ...
|
| Pension | 11/21/2007 |
Q: I am 58. I can start taking my pension out, but by doing so I will loose 6% for each year I retire ...
A: I believe the answer to your question depends on how well you can do on your investments and your ...
|
| Pension | 11/21/2007 |
Q: I am 58. I can start taking my pension out, but by doing so I will loose 6% for each year I retire ...
A: If I understand the numbers you have a choice of receiving a pension of $23,684 beginning 4 years ...
|
| 401k rollover delays | 10/16/2007 |
Q: I left 180K in my 401k when I left my job in late 2006. I started requesting paperwork in January to ...
A: What they are telling you may be correct. Some plans are what is known as trustee directed. This ...
|
| 401k withdrawal at 55 y/o | 10/11/2007 |
Q: I left the company I worked for in 06/07. I was 54 at the time. I am still in the companies 401k ...
A: Sorry for the delay in responding. The Internal Revenue Code states that the 10% excise tax on ...
|
| 401K | 10/1/2007 |
Q: I am no longer with my employer, as of July 9, 2007. They were not depositing my deductions from my ...
A: If the amount is significant, you can complain to the local office of the U.S. Dept. of Labor, ...
|
| defaulted loan | 9/23/2007 |
Q: I am the executor of my late psychiatrist, father-in-law's estate. He made the mistake of loaning in ...
A: To answer your basic questions, while it is highly unlikely, if the IRS audited the plans it could ...
|
| Vested in preiose employment | 9/22/2007 |
Q: I need to find out how to reach my previous employer that I was vested in back in 1975. What age do ...
A: Don't know how you can contact your previous employer. One suggestion - try a search on google. As ...
|
| withdrawl from pension | 9/15/2007 |
Q: i worked 27 years in a government agency as a civil service employee. I opt retirement and froze my ...
A: You probably can not withdraw from the plan. There are two possible options which may be available ...
|
| ex-husbands pension | 9/6/2007 |
Q: I have been divorced for 15 years now. My divorce decree states that I am entitled to my ex-husbands ...
A: I think there is a problem. The administrator can not pay benefits to you if it was never provided ...
|
| ex-husbands pension | 9/6/2007 |
Q: I have been divorced for 15 years now. My divorce decree states that I am entitled to my ex-husbands ...
A: At the time you were divorced the divorce decree should have included a document known as a ...
|
| SS Deductions while receiving SS Benefits | 7/29/2007 |
Q: Hopefully, you can help me or pass me on. Since 2005, my wife and I have been contributing around ...
A: Unfortunately, what you are saying is correct. Even though you are collecting Social Security ...
|
| 401K cash out to pay credit card debts | 7/29/2007 |
Q: After a divorce about 10 years ago, I was stuck with a huge credit card debt, followed by a huge ...
A: Obviously getting rid of the credit card debt is very important. The only thing to be aware of is ...
|
| Pension reduction | 7/25/2007 |
Q: is a pension reduced for age by 50% and called an early retirement even though I'm 100% disabled ? ...
A: It all depends on the wording in the plan document. Some plans do not make an early retirement ...
|
| lost pension plan | 7/10/2007 |
Q: I need information on how I can locate a pension plan I paid into. I have moved several times since ...
A: As far as I know, there are only two alternatives: 1. You can try to contact the plan administrator ...
|
| Pension | 7/9/2007 |
Q: I currently hold a pension from the Sony Corporation and no longer work for them. They currently ...
A: Unfortunately, the law allows a company to delay payment of benefits until the normal retirement ...
|
| Receipt of Delayed Retirement Benefits | 7/5/2007 |
Q: My company's defined benefit plan allows employees to continue to work past 65. At 65 the employee ...
A: I apologize for the delay in writing you. I also apologize because I can not give you a definitive ...
|
| cash bal. pension lump to 401k | 7/5/2007 |
Q: I have at my current employer both a 401k and a cash balance pension ( with a lump sum option ). ...
A: There are two relevant sections of the Internal Revenue Code. Section 72(t)(2)(v) states that ...
|
| union pension | 7/5/2007 |
Q: My Husband was in the electrical union, he has left for another position that is not union. He ...
A: The pension plan is governed by general rules that apply to all plans (and regulated by the ...
|
| Union Pension | 6/25/2007 |
Q: I'm now POA for my grandmother. I just learned she NEVER collected on her union pension. Grandma is ...
A: I believe you will be able to collect. Contact the union ASAP. If they are not cooperative contact ...
|
| Borrowing from Pension | 6/11/2007 |
Q: I have been with my employer for 7 years and just found out I can borrow from my pension. I would ...
A: You can borrow from the plan with no penalty. However, you must pay back the loan just like you ...
|
| Company failure to set up my 401k account | 6/5/2007 |
Q: As a 2006 college graduate, I don't know much about 401k plans. When I was hired by my company in ...
A: The company must make you whole. The IRS has detailed a procedure for them to do this. It is ...
|
| 403b/pension rollover | 5/25/2007 |
Q: I have left my old position and will be starting work with the federal government. I have about ...
A: There is no simple answer to your question. The most important factor is where you believe you ...
|
| IBM | 5/24/2007 |
Q: I HAVE A PENSION FROM IBM 111 DOLLARS A MONTH FOR LIFE FIRST, CAN I GET A LUMP SUM PAYMENT FROM IBM ...
A: You would have to check with the plan administrator on whether you can elect a lump sum. It may be ...
|
| Pension Rollover - College Savings | 5/23/2007 |
Q: Just changed jobs and have a decision to make regarding a pension distribution. MyDoes the law allow ...
A: Unfortunately you can not rollover a pension distribution to a 529 plan and avoid the 10% excise ...
|
| Cash out pension for down payment | 5/11/2007 |
Q: I'm planning to leave my company for a new job opportunity. Recently the pension at my current ...
A: If it were me, I wouldn't cash out. The tax amounts you quote are not quite correct. The 20% tax is ...
|
| benefits for an employee | 5/6/2007 |
Q: We are four members who have equal shares in an L.L.C. service company. We want to expand by hiring ...
A: A SEP MUST include all employees of the business. For this purpose members are considered employees. ...
|
| 403b cashout | 5/2/2007 |
Q: I am well under 59 1/2 and about to leave a non-profit job in which I have a fully vested $14,000 in ...
A: There are three taxes that you may have to pay: 1. Federal income tax. The rate may be more or less ...
|
| Company funded pension and 401K | 4/26/2007 |
Q: I am 57 1/2 years of age. The company that I retired from has a company funded pension and also a ...
A: You are confusing a few terms. But I think I can give you an answer, although it may not be the ...
|
| cashing in pension | 4/26/2007 |
Q: My husband and I have recently divorced, he is 44 as so am i. I have a court order through ...
A: It all depends on the wording in the plan document. Some plans allow immediate cashout when there is ...
|
| Company funded pension and 401K | 4/25/2007 |
Q: I am 57 1/2 years of age. The company that I retired from has a company funded pension and also a ...
A: A couple of comments: 1. The law itself doesn't require you to take distributions from both plans ...
|
| State Pension | 4/21/2007 |
Q: I was downsized from a job with NY state in 1991 after 9 years of service. When I started the ...
A: The answers to your questions are: 1. Your friend is correct. However, plans established by state ...
|
| choices | 4/17/2007 |
Q: I am about to quit my job. I have a profit sharing plan called a Keough and a 401K. I have a Roth ...
A: I cannot give you a definitive recommendation on what you should do with your plan assets. The ...
|
| early use of pension | 4/9/2007 |
Q: If I am laid off from my current job the company will cut a check for the entire amount of my ...
A: When you receive a disribution that is not rolled over to an IRA, it is subject to federal and state ...
|
| Non 401K pension | 4/8/2007 |
Q: I am vested at my company and leaving for another job. I have both a 401K pension which I am ...
A: If you receive the money (rather than rolling it over to an IRA) it is subject to federal and state ...
|
| Required minimum distribution | 4/6/2007 |
Q: I am 77 and have a qualified pension 401K plan at work. I only work a few days a year (as they need ...
A: I searched trhe Internal Revenue Code and the regulations. Unfortunately, I could not find a ...
|
| Lost track of pension information | 4/5/2007 |
Q: I left a company in 1995 where I had worked for seventeen years and I have subsequently lost track ...
A: The best approach is to contact the plan administrator and request a distribution. If the company ...
|
| 401k | 4/4/2007 |
Q: I just found out the other day that my job was taking money from my check for 401k but not sending ...
A: You can contact the local office of the U.S. Dept of Labor Employee Benefits & Security ...
|
| deductable and non deductable IRA taxes | 3/31/2007 |
Q: I contributed 5 years $ 20 000 deductable IRA. I contributed 11 years, $ 22 000 to non deductable ...
A: Your question peaked my curiosity and I did a little research. I have to modify and expand on my ...
|
| deductable and non deductable IRA taxes | 3/31/2007 |
Q: I contributed 5 years $ 20 000 deductable IRA. I contributed 11 years, $ 22 000 to non deductable ...
A: Everything you withdraw from the deductible IRA account will be taxed. This is because no tax was ...
|
| 401K roll or not? | 3/31/2007 |
Q: The corporation that I was working for recently split up and some of us were aquired by another ...
A: If the check is made out to you they are required by law to withhold 20% federal tax and maybe ...
|
| Section125 Cafeteria Plan | 3/30/2007 |
Q: Please forgive me if outside your expertise. I have little to no knowledge about Section 125 ...
A: This is outside my area of expertise. However I'll try to help. I don't believe the cost of using ...
|
| 401K roll or not? | 3/30/2007 |
Q: The corporation that I was working for recently split up and some of us were aquired by another ...
A: You can avoid current taxation by setting up a rollover IRA account. The procedure is: 1.You should ...
|
| Pension Roll Over | 3/22/2007 |
Q: I'm currently receiving pension on a monthly basis and I'm planning to continue to work with a ...
A: If it's a pension from what is known as a defined benefit pension plan you probably can't convert. ...
|
| IRA | 3/20/2007 |
Q: I would like to use my regular ira funds(50K) to buy a annuity. I am 62 and my social security ...
A: You can use your IRA to purchase an annuity from an insurance company. After you decide which ...
|
| Cash Balance Pension Lump Sum and 401K | 2/11/2007 |
Q: I just resigned from my last job where I had both 401K plan as well as Cash Balance Pension Plan. I ...
A: General response to your questions is that you can commingle all assets in a single IRA. Specific ...
|
| Pension annuity | 2/8/2007 |
Q: Just wanted to ask what you think about obtaining a lump sum for my pension through J C Wentworth? ...
A: I don't believe you can sell an annuity being paid to you from a pension plan. If you can, you can ...
|
| 10% penalty exception | 2/7/2007 |
Q: I read that in 1997 Congress made an exception to the 10% early withdrawal penalty for a number of ...
A: You are correct. For details and restrictions go to Section 72(t)(2)(F) and 72(t)(8) of the Internal ...
|
| Need help again | 2/2/2007 |
Q: Allen you helped me with a pension and 401k problem back on 01-15-07.I was terminated before ...
A: This may be correct. It has nothing to do with your age or the reason you are no longer employed by ...
|
| lump sum | 1/19/2007 |
Q: i worked for a company for 16 years i left the company in 2000 i left the pension money there in ...
A: If the plan is a traditional defined benefit pension plan, then there is either a lump sum option or ...
|
| will i lose my pension and 401k ? | 1/16/2007 |
Q: I was employed for a major retail chain for 35 years until today when i was given a " separation ...
A: Vested benefits can not be lost. If you have any problem receiving your benefits you should contact ...
|
| Pension -cash out | 1/5/2007 |
Q: I have a pension with a company I no longer work for. They said I could cash out on the pension, ...
A: The plan administrator should have provided you with a Tax Notice. That would explain the ...
|
| pension question | 1/5/2007 |
Q: Page 75 in 2006 IRS Publication 17 provides exceptions to the 10% penalty if not 59-1/2. "Additional ...
A: The answer is maybe. There is an additional requirement. You must have reached the retirement age ...
|
| Cash out Pension Plan | 12/28/2006 |
Q: I just got my pension plan that I didn't know I had with the law firm that I'm with now. This coming ...
A: Some plans provide for payment when a participant terminates. Others make you wait until age 65. ...
|
| Annuity Pension | 12/21/2006 |
Q: I worked for Bellcore (AT&T) for 19 years and was laid off in 1992. I was told my pension is an ...
A: I would contact either or both of the following government agencies and see if they can help you: 1. ...
|
| 401b | 12/20/2006 |
Q: My wife is a school teacher in Connecticut. She participates in the teacher's equivalent to a 401K ...
A: The plan your wife participates in is known as a 403(b) plan. Unfortunately, with either a 401(k) or ...
|
| 401k statements | 12/8/2006 |
Q: Is an employer required to provide monthly or annual 401k statements to enrolled employees. My wife ...
A: Currently, an employer does not have to automatically provide statements. However, it must provide ...
|
| 401k | 12/5/2006 |
Q: I have a 401k plan with a company I worked part time for for around 15 years and recently left. I ...
A: There is no difference in the amount of tax that will be paid on a distribution from a 401k or an ...
|
| Two 401k plans | 11/29/2006 |
Q: Can a person have two 401(k) plans because they have two jobs with 2 separate companies where they ...
A: You may want to hire a new accountant. The 401k limit is for an individual. If your husband ...
|
| Social Security Deductions | 11/27/2006 |
Q: I am 75 years old and I retired some years ago and have been receiving SS payments for a number of ...
A: Social Security must be deducted from salary even if the individual is receiving benefits. I ...
|
| assurance of continued pension | 11/19/2006 |
Q: My late husband worked for a company that had very good benefits, and among them was a guaranteed ...
A: The pension is guaranteed. Assets in the plan must be kept in a trust which is separate from company ...
|
| DB Plan in combo with Individual 401k | 11/8/2006 |
Q: I am 57 years old, resident of Colorado and established a Defined Benefit plan for 2006. I need to ...
A: You can make the following contributions for 2006: 1. Defined benefit plan - the amount determined ...
|
| 401K Rollover got mistakenly put into checking account | 11/4/2006 |
Q: After completing all of the forms for a direct rollover of approximately 38,000 from a 401K ...
A: I may be misreading what you sent but the numbers don't add up (at least for me). It sounds like you ...
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| Is SEP IRA contirubtion required for a subcontractor? | 11/1/2006 |
Q: I am a LLC and am planning to subcontractor work to another individual (incorporated as a business). ...
A: You have to include an "employee" in your SEP. If you withhold taxes and Social Security and report ...
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| one time withdrawal | 10/27/2006 |
Q: I thought there was a one-time no penalty withdrawal option allowed prior to age 59-1/2 on pension ...
A: There has not been any recent change to the rules. There are certain exceptions to the 10% penalty ...
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| pension rollover | 10/25/2006 |
Q: I am thinking of retiring next year (at age 57-3/4)and we are allowed to take a lump sum on our ...
A: When you receive the distribution forms for the pension plan, you will want to elect a rollover to ...
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| Retirement payout. | 10/15/2006 |
Q: I am 55 years old and am wanting to draw my 401-k at approximatly 59.5 years old. I do not want to ...
A: Each plan has its own rules on when you can withdraw from your account and when you can withdraw. If ...
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| Pension after severence | 10/15/2006 |
Q: I was severence from the banking industry in early January. Since I am no longer with the company ...
A: There is no way to answer your question without seeing the plan document. There are many variations. ...
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| annuity savings for home purchase | 10/10/2006 |
Q: Im 57 yrs. old, single w/no children. still working-earn 70k annually. have about 75k in tda's ...
A: This question is outside my area of expertise. You need to contact someone who provides financial ...
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| pension annuities | 10/4/2006 |
Q: I have several payment options for my pension, but I really don't fully understand them. From a ...
A: A 100% joint and survivor annuity pays you a monthly income as long as you live. If your wife is ...
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| pension & 401K contributions | 9/28/2006 |
Q: If my company has a pension plan can I also contribute to a 401K that my comapny offers and if so ...
A: The answer to your question depends on the type of pension plan. If it's a defined benefit ...
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| pension plan | 9/26/2006 |
Q: I have been employed by my company for 5 years. They have a pension plan for me and I dont put any ...
A: I believe you are entitled to the benefit you've earned based on your 5 years of employment. ...
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| Retirement Plan | 9/24/2006 |
Q: What are the retirment options available to a single member LLC? Is it mandatory for the member to ...
A: The options available to you are the same as those available to any business. The only caution is ...
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| SEP & Severance | 9/20/2006 |
Q: A while back my boss terminated an employee ('ee) (oct 2005). Upon termination she was given a ...
A: Unfortunately, this has been a gray area and there may not be a definitive answer. The closest that ...
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| Another question | 9/19/2006 |
Q: You were a big help. Now I am looking for a bank that does the Simple IRA that uses CDs or ...
A: I can't give you any names since I don't work in this area. Some suggestions: 1. Google bank simple ...
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| ROTH IRA investment in an LLC | 9/18/2006 |
Q: How can I obtain a list of IRA trustees that allow ROTH IRA funds to be invested in Limited ...
A: Listed below are IRA trustees that in the past may have allowed non traditional investments. This ...
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| non-contributory pensions | 9/11/2006 |
Q: IS THERE ANYTHING (LAW, IRS PROVISION) THAT ALLOWS OR PROVIDES FOR A CASH PAYOUT (EARILY) ON A ...
A: The law allows a plan to permit distributions in the event of hardship. The law also allows a plan ...
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| Defined Pension to Cash Contribution Conversion | 9/10/2006 |
Q: I presently work for a hospital in NYC and my service tenure there is a little over 3 years. I have ...
A: I believe you should receive credit for whatever you earned during those three years. The benefit ...
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| company only funded retirement plan | 9/1/2006 |
Q: i have three different retirement plans with general dynamics, hughes and raytheon. $ amount per ...
A: I believe you are asking two questions. Regarding the first and most important one (whether it's 3 ...
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| SEP-IRA Participation | 8/28/2006 |
Q: I work for a company that has a SEP-IRA plan. Each employee must set up their SEP account and then ...
A: You definitely have to make the contribution(s). I would contact the former employee(s) and tell ...
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| Pension Aggregation with 401k | 8/25/2006 |
Q: I am currently 55 and immediately eligible for a lump sum distribution of my company's pension plan. ...
A: The most important criteria for a decision is how you want to invest the money from the pension ...
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| 401 problem | 8/25/2006 |
Q: My wife worked at a bank they have a 401K plan. She changed jobs and requested her money from the ...
A: If you are having a problem you can contact the local office of the Employee Benefits Security ...
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| pension keep or roll over | 8/24/2006 |
Q: I have just turned 55. I have a pension with a previous company that will pay about $900.00 a month ...
A: A couple of comments: 1. I assume you participated in what is known as a defined benefit pension ...
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| 401-k | 8/16/2006 |
Q: my wife has a 401-k plan with employer contribution if she retires now at 57 or gets let go what ...
A: The plan provides a vesting schedule for the employer money. The schedule shows the portion of the ...
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| Pension Investments | 8/5/2006 |
Q: Can a small pension plan have its investments funded in a margin account and be able to sell short, ...
A: A pension plan whether it's a DB or DC, corporate or Keogh, can establish a margin account. However ...
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| IRA and pension money | 7/31/2006 |
Q: . Thank you for your 2-part answer to my previous questions. Would your answer to this same ...
A: A number of questions here: 1.Any payments to you, whether they are in the form of a monthly pension ...
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| IRA , pension money | 7/29/2006 |
Q: .. I have sent a previous email about this subject, but the Internet was cut just as I was trying to ...
A: As you can see by my other e-mail, your first message would come through. I would add two thoughts ...
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| IRA and pension money | 7/29/2006 |
Q: .I have not started taking my pension money as of yet. I would like to know if I may have the ...
A: You can either leave the money in the pension plan or "roll it over" to an IRA. If you want to roll ...
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| early withdrawl | 7/27/2006 |
Q: We are in financial stress and would like to take out some of the money in my husbands pension. It ...
A: Each plan is different. The only way to answer this question for your husbamd's plan is to look at ...
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| Pension Options | 7/3/2006 |
Q: I left this employer in 1997 buy I'm vested in the pension plan. Going on-line I can check balances ...
A: There are several questions here. I can answer most. But you're the only one who can answer the most ...
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| Pension Rollover | 6/3/2006 |
Q: I left a company in which I was fully vested in a pension plan that required no participation by me. ...
A: It sounds like you were a participant in a defined benefit pension plan. If this is the case the ...
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| Non Profit Deferred comp plans | 6/1/2006 |
Q: Can Non profit companies offer Deferred comp plans to thier employee/ non employee groups? ...
A: Non profits can still provide their employees with deferred compensation plans. However the rules ...
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| 401k | 5/17/2006 |
Q: I will withdraw $50,000 from my 401K this year. This will up my regular income of course by $50,000. ...
A: Unfortunately, you are correct. For income tax purposes, the distribution is taxed as if your pay ...
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| Pension beni | 5/16/2006 |
Q: My dad recently passed on. He married a women and they have been together for five years. He forgot ...
A: Based on your question I assume that your father participated in a defined benefit pension plan. My ...
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| 401k employer profit sharing contribution | 5/11/2006 |
Q: Couple of followup questions: 1) Shouldn't the plan documents contain some clause to that effect ...
A: To respond to your followup questions: 1. The last day requirement MUST be in the plan document. It ...
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| profit sharing | 5/7/2006 |
Q: is there a penalty when you take money out of your profit sharing to purchase a house? Do you have ...
A: You always have to pay income tax on any withdrawal from the plan. You also have to pay an ...
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| Pension Lump Sum or 10 Year Annuity | 5/4/2006 |
Q: I worked for a bank for 28 years 10/72 - 7/00. On April 1997, my pension plan was coverted to a ...
A: I can help with some, but not all, of your questions. And as I said, I can only help put things in ...
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| Rolling Pension to 401k | 4/30/2006 |
Q: After 6/29/06 Verizon will no longer fund our pension. We have the option to roll our existing ...
A: This will be governed by the provisions of the 401k plan. If there is a loan provision and the ...
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| 401k rollover from previous employer | 4/21/2006 |
Q: I have a 401K account with my previous employer which I am trying to rollover to an IRA account into ...
A: The rules regarding timing of distributions from a 401k plan will vary. Most plans provide for ...
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| Pension form 5500 | 3/25/2006 |
Q: In reviewing my employer's defined pension plan Form 5500 disclosure, I notice a peculiar change in ...
A: Not sure what it means other than the actuary expects 20% of the employees to leave each year. To me ...
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| Pension payout | 3/19/2006 |
Q: The company I worked 23 years for was sold March 1st. My 401k was transfered to Vangaurd as ...
A: At some time in the past you should have received a document known as the Summary Plan Description ...
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| Pension Cash Out | 2/28/2006 |
Q: Can you give the present cash value for a $20,000 per year pension for a male 65 years old? Thanks
A: Exact answer would depend on a number of factors. In today's market it's approximately ...
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| UFCW Union and Employers Pension Plan of Southwestern Ohio | 1/17/2006 |
Q: My wife worked several years, and has 23,000 dollars in this Union pension plan. She hasn't worked ...
A: I would write the Plan Administrator and specifically ask if she is entitled to any benefit or ...
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| EX-HUSBANDS PENSION | 12/15/2005 |
Q: My ex-husband is eligible to retire, but has elected not to. I can collect my portion of his ...
A: Sorry that I couldn't get back to you sooner. I have been out of the office due to a death in the ...
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| Defined Benefit Plan - deduction and cost | 12/2/2005 |
Q: Allen, Thank you for prompt reply. I would appreciate a ballpark figure of what it costs to ...
A: My firm charges $1,750 for the papers to establish the plan. The annual fee, which is charged in all ...
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| Defined Benefit Plan - deduction and cost | 12/1/2005 |
Q: I am 55 and have been recommended to consider a defined benefit plan. I currently have a Profit ...
A: You have been given some good advice. A few comments: 1. The limit on contributions to your current ...
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| Maximizing Pension Deduction | 9/8/2005 |
Q: Here's the followup info you wanted. Let me know if I can pay you via Paypal and when would be a ...
A: We take paypal and I believe the account is set up under my All Experts e-mail address. ...
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| vested pension fund | 9/5/2005 |
Q: In 1998 another healthcare system took us over & one year later closed us down. This healthcare ...
A: The money in the pension account is in a trust. This trust is separate from the company. Even if the ...
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| coda sep plan | 8/6/2005 |
Q: I have a small dental office in Michigan. Some years ago I enrolled in a Coda Sep(like a sar sep, ...
A: I believe I am very familiar with the various types of plans. But I have not heard of a coda sep. I ...
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| 401K | 7/14/2005 |
Q: I have a 401K plan at work for the last 4 years. I am putting 325 per week as my contribution. The ...
A: The company has the right to terminate or discontinue the 401k plan. However they would have to let ...
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| 401k and severence | 6/8/2005 |
Q: my employer is laying off many of our employees and is giving a lump severence payout. we are being ...
A: There is a important recent development that I forgot about when I sent my earlier response. The ...
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| Equal Distribution of Pension Benefits | 5/13/2005 |
Q: That's very funny. Two equally vested workers lose their employment within the same window when ...
A: I wasn't trying to be funny. I was just telling you the law. I can understand why you are upset. But ...
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| Equal Distribution of Pension Benefits | 5/13/2005 |
Q: Are laid-off vested workers, when they reach the age of 50, entitled to the same pension benefits ...
A: Unfortunately this may be possible. Companies that are looking to downsize will offer special ...
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| Tax Shelter for Withdrawing Partial 401K | 5/9/2005 |
Q: I am asking this for a 65 year old male who has no computer. He has retired and will be withdrawing ...
A: He may be eligible for something referred to as five year averaging which could reduce the tax that ...
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| union pension | 4/10/2005 |
Q: may husband has a union pension. you have to work a certain no. of hours to recieve a retirment ...
A: It may be legal. It depends on the language in the collective bargaining agreement and the pension ...
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| leaving company -401K/profit sharing | 3/30/2005 |
Q: I'm new to this site, but it seems extremely informative! My husband will be leaving a company that ...
A: You have several options: 1. You can leave the money in the plan and it will be invested based on ...
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| PENSION DISTRIBUTION | 3/19/2005 |
Q: IS IT POSSIBLE TO TAKE DISTRIBUTIONS FROM A 401K OR IRA PLAN WITHOUT INCOME TAXES ON THE DISTRBUTION ...
A: No taxes are withheld on a distribution from a 401k if the distribution is in the form of a life ...
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| 401K | 3/1/2005 |
Q: Our company changed ownership. We were told we cant touch the money in the old companies 401K even ...
A: Unfortunately, they may be correct. Some plans state that you can only receive the money after a ...
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| Pension | 2/21/2005 |
Q: My mother was given a social secuirty disablilty award in 1994, she passed away 7/03/98 at the age ...
A: Unfortunately there is no way of knowing what your father was entitled to without seeing the plan ...
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| value of pension | 2/10/2005 |
Q: I currently work for the NYC government. Under my pension plan, after I retire, I will get 2% of the ...
A: If the annuity is paid as long as you live, you can estimate its value by multiplying the annual ...
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| transfer of funds from final salary pension scheme | 2/2/2005 |
Q: From your instructions above it looks like you are based in the US. I am based in the UK, but I ...
A: You are correct that I am based in the colonies. However, since you are dealing with mathematics, ...
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| pension payout | 1/8/2005 |
Q: Can a company payout your pension in a lump sum if you did not elect to opt out of your pension plan ...
A: It depends on the circumstances. If you are no longer employed by the company and the amount in your ...
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| Pension payout | 1/4/2005 |
Q: I am 69 1/2 & need to know how to figure my 401K rollover pension payout by 70 1/2. I have $85,000. ...
A: I'm assuming you will turn 70 1/2 before the end of 2005. If this is correct, you will have to begin ...
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| How do I project the mandatory... | 1/3/2005 |
Q: How do I project the mandatory distribution percentage of mine and my wife's 401k? I will turn 72 ...
A: The percentage is in a table published by the IRS. For 2005, the required minimum is your account ...
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| retirement funds | 12/27/2004 |
Q: I work for the NYPL and it pays into the NY State Retirement Fund. If I "leave" before I am fully ...
A: The answer to your questions will depend on the rules governing the administration of the plan. You ...
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| Pension rollover to 401k vs. annuity | 10/15/2004 |
Q: The single life annuity amount is correct at $168 per month but it starts now at age 42 until death. ...
A: A life annuity for $168 a month beginning at age 42 would cost $34,000 if the insurance company ...
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| Pension rollover to 401k vs. annuity | 10/13/2004 |
Q: I'm losing my job at the end of this month and they have sent me the pension paperwork to select a ...
A: I think you may have misquoted the annuity amount in your question - I'm guessing the annuity is ...
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| Early retirement and 401K | 10/3/2004 |
Q: I am a 54 year old construction electrician. The work in my Union Jurisdiction has been so bad of ...
A: Sorry to hear that you have to tap your retirement funds. The plan administrator has given you good ...
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| 401K to a pension fund | 9/1/2004 |
Q: I have what is most likely a simple question. My husbands company was bought out last year and they ...
A: Whether you have a choice on withdrawing the money or rolling it into the pension plan will depend ...
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| 401K rollover mistake | 8/17/2004 |
Q: The company my fiancee works for was recently bought out at subsequently the company who handles her ...
A: She has two alternatives to avoid taxation on the distribution: 1. On her own, write a check for the ...
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| 401k | 8/6/2004 |
Q: Several years ago my husband put fourty dollars (we think, certainly was not much more than that) ...
A: Don't worry. You're not in trouble. The money would have been reported as a 401k contribution on the ...
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| Flexible Spending Account | 6/7/2004 |
Q: We have a FSA or medical savings account plan at work (non-profit co.). Is the deadline to turn in ...
A: The procedures should be set by the plan administrator. In most cases, the election must be made ...
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| Pension Plan and Layoffs | 4/20/2004 |
Q: Great West Life purchased my company, Canada Life. Those employees who decided not to accept jobs ...
A: Sorry to her about your situation. Hope you can locate a new position quickly. I am responding on ...
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| Rights of individual in pension plan | 3/13/2004 |
Q: Allen, I have been in retail for over 30 years. I was part of Federated for 16 years, Woodward ...
A: At the time you participated in the plan you should have been given a document known as a Summary ...
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| rollover of IRA funds | 2/17/2004 |
Q: my fax number is (203) 268-8071Allen, I just learned that the real estate investment is being set ...
A: It's on the way. Please note that this is an old list so I can't vouch for the accuracy. Also note ...
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| rollover of IRA funds | 2/17/2004 |
Q: I have IRA funds with a brokerage house that are invested in individual stocks that have done very ...
A: The law allows you to invest IRA money in a limited partnership. However, the financial institution ...
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| Early retirement | 1/10/2004 |
Q: I work in a university and participate in their 403b pension plan. I have been thinking about early ...
A: I do not believe there is anyway to avoid the penalty if you withdraw directly from the 403b. ...
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