What is the name of your state (only U.S. law)? NY
Annuity Funds at Retirement: My husband is a union member & had an annuity fund acct. with the carpenters union. Oct. 1, 2009, he officially retired. He had to let the office know, how to distribute his annuity funds. He rolled it over to an IRA account at the bank. The only stipulation was that he would leave 20% of the money in the account, due to the possibility of losses resulting from the Madoff fraud. On January 07, 2010, a notice was mailed to the union members and retirees stating that the holdback will no longer apply and the account balance has been adjusted as provided. The letter showed the balance of my husband's money in his account, and how he would like to distribute it. He rolled it over into an IRA account. On 11-03-10, he receives a letter telling him to return the money immediately and that fees and a penalty will be assessed if not received within 60 days. Are they allowed to do this? We don't have the money, it's invested. If my husband withdraws the money, he will be penalized for withdrawal and it will appear as 2010 income, which will hurt us. The union held the money and it was the union that released it and transferred the money to our bank. Now they are saying, we withdrew the money prematurely. Please advise us. We have rights, which branch of the government can help me resolve this?
Agatha J. McMahon
Annuity Funds at Retirement: My husband is a union member & had an annuity fund acct. with the carpenters union. Oct. 1, 2009, he officially retired. He had to let the office know, how to distribute his annuity funds. He rolled it over to an IRA account at the bank. The only stipulation was that he would leave 20% of the money in the account, due to the possibility of losses resulting from the Madoff fraud. On January 07, 2010, a notice was mailed to the union members and retirees stating that the holdback will no longer apply and the account balance has been adjusted as provided. The letter showed the balance of my husband's money in his account, and how he would like to distribute it. He rolled it over into an IRA account. On 11-03-10, he receives a letter telling him to return the money immediately and that fees and a penalty will be assessed if not received within 60 days. Are they allowed to do this? We don't have the money, it's invested. If my husband withdraws the money, he will be penalized for withdrawal and it will appear as 2010 income, which will hurt us. The union held the money and it was the union that released it and transferred the money to our bank. Now they are saying, we withdrew the money prematurely. Please advise us. We have rights, which branch of the government can help me resolve this?
Agatha J. McMahon