Any options for my pension when laid off?

[Wartrace]

What is the name of your state (only U.S. law)? Tennessee.

My plant is closing down, we are all being laid off. The company has a pension plan in place with two different tiers. They have a traditional plan & a plan they started ten years ago for new employees that built up a "cash value". They have allowed employees with the "cash" plan to cash out their pension when they leave. I have been told I can't access my pension due to it being in the traditional plan. I would like to know if this is correct? I can't help but think that if I rolled it over into an IRA I would be better off in the long run.

Are there any options for an employee to roll over a pension plan into an IRA?

 

[Beth3]

Nobody but your employer knows anything about the particulars of their pension/retirement plans so it's impossible to advise you. If you doubt what your employer is saying, ask them for a copy of the retirement plan document(s) and then take it to an experienced investment advisor or an attorney who specializes in employee benefits.