Definied benefit plan

Boloboy_sl said:

I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!

Click to expand...

No.

Boloboy_sl said:

I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!

Click to expand...

Yes.

Boloboy_sl said:

I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!

Click to expand...

Just depends on who's advice you take.

Get a copy of the plan. Some you can, some you cannot.

The plan document states whether you may or may not. My strongest advice is to leave the money there (unless it is a multi-employer plan). Every single time I have been offered a "buy out" from the crappy little pension I have, I have been offered between 10% and 50% of what it would cost to replace (a single life annuity with the same $ amount). Every person I personally know who took the payout regretted it years later.