AboutWillard R. Brumbaugh, LUTCF Expertise I have answered many questions regarding 401ks, IRAs and annuities as well as life insurance.
I have been counselling against most Qualified Plans since 1994.
Experience Ranked in the top 5 in retirement catagories at Askme.com most of its last 2 1/2 years. Organizations I belong to:
National Association of Insurance and Financial Advisors-California
Inland Empire Estate Planning Council
Education/Credentials Life Underwriters Training Council Fellow
Question Hi I am 48 and I just switched jobs from a former employee that has now merged with another company, I have a cash balance pension plan that I would like to roll over to my new company 401K plan but former employer wont allow it, any legal options to force them to allow me to cash out? They no longer add credits and I can do better than the 1% it gets. Thanks
Answer Dear Rodger,
There are two things that you should not want to do: leave the funds where they are, and move the money to the new employer's 401(k).
You may not have control over the first, but you do the second. If you get the opportunity, you should do an institution-to-institution transfer to your own Individual Retirement Account.
You will have more control and better access to the money. And you will have control of the level of risk that you do not have now.
I know I have not answered your question, but it is the best answer that I can give you.
Willard R. Brumbaugh, LUTCF
CA License 0374776
www.willardbrumbaugh.com
