S
schuerger
Guest
What is the name of your state?What is the name of your state? Illinois.
The division of the company I work for (since 1976) was bought by another co. in 1998. I switched divisions and stayed with my employer, however my old pension (defined contribution) stayed with the old division. Under the original plan, I could have taken a lump sum at the time if I was over 50 (I wasn't), so I left it.
Now that I am over 50, I would like to move my money out of the plan. However, the company that has my old plan is telling me that all "deferred vested participants prior to 7/01/02" are not eligible for a lump sum payment! To further frustrate me, the plan that my old plan was morphed into clearly allows for lump sum distributions after age 50!
I have called many times to this company's benefits dept. and get the runaround. I've been told twice that a summary was on the way and never got one. One person that I spoke with (who is no longer there) told me the plan was underfunded when they assumed it. Not my problem (but makes me want to get the money out even more).
Any advice or direction would be greatly appreciated!!!
The division of the company I work for (since 1976) was bought by another co. in 1998. I switched divisions and stayed with my employer, however my old pension (defined contribution) stayed with the old division. Under the original plan, I could have taken a lump sum at the time if I was over 50 (I wasn't), so I left it.
Now that I am over 50, I would like to move my money out of the plan. However, the company that has my old plan is telling me that all "deferred vested participants prior to 7/01/02" are not eligible for a lump sum payment! To further frustrate me, the plan that my old plan was morphed into clearly allows for lump sum distributions after age 50!
I have called many times to this company's benefits dept. and get the runaround. I've been told twice that a summary was on the way and never got one. One person that I spoke with (who is no longer there) told me the plan was underfunded when they assumed it. Not my problem (but makes me want to get the money out even more).
Any advice or direction would be greatly appreciated!!!