My husband has been working and belongs to a union for 24 years that has a pention plan. A few years ago, the union allowed employees to withdraw the money from their pention. My husband did not withdraw because he did not have enough. He wants to know if there is a legal procedure to get his money now. This is not a 401K.
1 Answer from Attorneys
Your husband should consult with his employer regarding whether the plan allows him to withdraw his pension now. The answer depends on the employer's plan/contract with the employees. You may want to begin by gathering the paperwork regarding your husband's pension and reading it to see if/when he can withdraw it. And if he withdraws it early, you may want to consult with a tax attorney or accountant regarding the tax consequences of early withdrawal.