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Accessing our Pension after leaving company and turning 55?

My husband left the company where he worked for 20 years and he is over 55. The administrator of the pension sent us a letter after we requested his pension and said we couldn't have the money until October 2014. Is this a normal procedure? Thanks

Jul 06, 2014 by Sadie from Aurora, OR in  |  Flag
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6 votes
Peter C. Karp Level 20

Sadie

In order to find out the specific guidelines for receiving a distribution from your husband’s pension plan you need to request a copy of the Summary Plan Description (SPD). This document outlines all of the provisions the employer has put into place for the plan. Access to funds are not only driven by ones age but may also include other factors such as vesting, years of employment and type of plan. The employer is required to provide you with a SPD and if you have any questions you should contact the HR department of the company. If you have any questions on the options available for investing the funds when you receive the distribution, please do not hesitate to contact our office for guidance.

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Comment   |  Flag   |  Jul 08, 2014 from San Francisco, CA

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2 votes

Yes. The Plan Sponsor / Employer can make the rules regarding distributions from their plan, just so they fall within legal guidelines.

Comment   |  Flag   |  Jul 06, 2014 from Canton, GA

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