collecting my pension

[candles3]

What is the name of your state (only U.S. law)? Virginia Hello everyone, I have a question that my wife and I have discussed for almost a year now. the company she worked at for 30 years closed there doors on jan14 2013, she was told that she could not draw any of her retirement until she was retirement age or was disable. is this so or not ???? thanks in advance

 

[Zigner]

What is the name of your state (only U.S. law)? Virginia Hello everyone, I have a question that my wife and I have discussed for almost a year now. the company she worked at for 30 years closed there doors on jan14 2013, she was told that she could not draw any of her retirement until she was retirement age or was disable. is this so or not ???? thanks in advance

There is no way we can know if this is true. Ask the folks who told for additional information/clarification.

 

[swalsh411]

I am not aware of any mandatory acceleration of eligibly for withdrawal if the sponsor goes out of business. If the company had not gone out of business, would she still need to be retirement age or disabled to take withdrawals?

 

[cbg]

The overwhelming odds are yes, she has to be of retirement age or disabled, and that would be the case regardless of whether the company went out of business or not.

 

[candles3]

I am not aware of any mandatory acceleration of eligibly for withdrawal if the sponsor goes out of business. If the company had not gone out of business, would she still need to be retirement age or disabled to take withdrawals?

if the company was still here and she was still working, she would need to be retirement age or disable to draw her company retirement witch I understand. so I assume her money is in a trust that is secure until she reaches retirement age, the company is going broke only has 2 out of 12 plants left. so how is it that when some people quit or get terminated from an employer they have access to there retirement at that time? I guess it just depends on the company and how they have there rules written for there pension plan.

 

[realfilm]

I retired at 50 and started collecting my pension (worked 32 union years)

 

[eerelations]

I retired at 50 and started collecting my pension (worked 32 union years)

And your pension plan is probably very different from OP's wife's plan. Which makes the above statement completely irrelevant.

 

[cbg]

Retirement age can vary depending on the pension plan.

 

[candles3]

Thank all of you who answered the post.