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What are options on moving old pension fund money?

My wife is 55 and has old MCI/Verizon pension fund. Recently she moved jobs to Infosys who Verizon outsourced its IT work. Would like to move pension fund to current Fidelity 401 K or cash out -- is this possible and what if any are tax consequences?

Feb 02, 2019 by Tom in  |  Flag
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There are no tax consequences for moving retirement funds from one account to another retirement account once a year. The release of funds from the former employer depends of the type of plan and how it is written. You say pension plan so I don't have information on whether it is a defined benefit plan or 401(k) or SEP. Moving from one company to another depends on the rules with the 401(k) at the new employer. Do they accept rollover funds? I hope this helps. If you would like to discuss further, you can cell me 770-954-8823.

Comment   |  Flag   |  Feb 09, 2019

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