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JenOni

spouse

Pension What I Learned

Jul 6, 2010

To my surprise (I was thinking cha-ching), I received my pension statement with a very nice vested balance.   Since my lay off last year,  it was my assumption I could withdraw this money and roll over into another mutual fund or IRA account.    All I can say to this assumption is to read the FINE print.  I learned the following after reading the FINE print

  1. my specific account does not qualify for a withdrawal until age 55 because the balance is over $10,000
  2. if married and want to withdraw from your pension account your spouse must sign in the presence of a notary (spouses are automatically the beneficiary)
  3. if you elect to change beneficiary (i.e. to children) again your spouse must sign in the presence of a notary
  4. pension account do not qualify for hardship withdrawals

According to the pension administrator, the hardship withdrawal question has been asked multiple times.  I keep telling myself the silver lining is 11 years of compounded interest to fund my 2nd trip to Italy!

Filed Under: Uncategorized Tagged With: account, beneficiary, pension, spouse

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