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08-30-2009, 07:23 PM
| | Junior Member | | Join Date: Aug 2009
Posts: 2
| | | emergency annuity withdrawal question
I am a member of the International Union Of Operating Engineers Local 14 in New York City, I am in a very desperate situation and need to withdraw money from my annuity account. The account is with Prudential, I took a loan a from it about 7 or 8 years ago and defaulted on it, i paid all the taxes on it and a early withdrawal fine. Prudential is now telling me i can never take another loan from it. Is there anyway i could withdraw money from it? I know i will have to pay taxes on it and a early withdrawal fine but i am in a very desperate situation and this is my only option. I tried to get a home equity loan but my credit is not so good and am getting declined everywhere i try. Please help ASAP..Thank You Michael Ingrassia |
08-30-2009, 08:05 PM
| | Senior Member | | Join Date: Oct 2004 Location: small town, PA
Posts: 5,840
| | | Sorry, but if the plan rules say no, the plan rules say no. You can certainly ask for a copy of the SPD from your employer (or the union, whomever sponsors the plan) to confirm, but I would imagine that Prudential has done that and is giving you the proper answer according to the plan rules.
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08-30-2009, 09:11 PM
| | Junior Member | | Join Date: Aug 2009
Posts: 2
| | I thought that being this is a emergency situation and it is my money a lawyer would be able to get access to the funds  |
08-30-2009, 11:25 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,848
| | | If it's a tax deferred account, then even a lawyer can't make them violate federal law.
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08-31-2009, 12:16 PM
| | Senior Member | | Join Date: Nov 2001 Location: Massachusetts
Posts: 23,735
| | | A lawyer cannot and will not force them to release funds in violation of the plan rules.
Perhaps you do not understand that 401k's, annuities, pensions etc. are highly regulated by Federal law. An employer who released funds, even in an emergency, in violation of the plan document could conceivably face Federal fines and the closure of the benefit to all employees. A lawyer is not going to put the employer in that position.
If the plan rules do not allow a withdrawal after you defaulted on the previous loan, not even the Atty General of the United States can force the plan to release them now, regardless of how great an emergency it may be. | |
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