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I'm considering cashing out my Sun Chemical Pension. What are my options?

My name while I was there was Michelle Boyd.

May 15, 2018 by Michelle in  |  Flag
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To get the specific options you'll have to call Sun Chemical's benefits dept but generally speaking most pension plans allow you 2 options for cashing out your pension once you have either retired or separated employment:

1 - Full Liquidation - the pension company determines the lump sum that is due to you and sends you the proceeds that you then deposit into an IRA. If you choose NOT to roll the funds into an IRA, taxes will be due on the full amount and, if you're younger than 59 1/2, a 10% IRS penalty will also apply.

2 - Partial Liquidation - the pension company gives you options on how much you want to liquidate (25%, 50%, 75%) and then sends you that amount for you to deposit into an IRA. Taxes and penalties apply if the proceeds are not deposited into an IRA. This option gives you the opportunity to receive a lump sum payment but retain a reduced monthly pension benefit.

Hope this helps!

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