Legal Question in Investment Law in California

I am vested in an annuity retirement plan into which my employer pays a specified amount for every hour that I work. This is all in accordance with the local union contract under which I work. My question is, how can I obtain this money so that I can invest it in my new, desired career? When I have called the annuity's call center I was told that I can only access the money at age fifty five and at that age it would only be a loan. I have accrued a little more than two hundred thousand dollars over eleven years and understand that there may be penalties and taxes assessed. Thank you, James

Asked on 4/08/13, 2:48 pm

2 Answers from Attorneys

Timothy McCormick Libris Solutions - Dispute Resolution Services

If the annuity doesn't allow you to take money out until age 55, and then only as a loan, then you cannot get the money until age 55 and only as a loan.

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Answered on 4/08/13, 10:09 pm
Charles Perry Law Offices of Charles R. Perry

You would have to review the terms of the retirement plan. It is not possible to advise you without knowing those terms.

I would speak with a union representative to see if there is someone within the union that can advise you.

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Answered on 4/09/13, 12:32 am


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