defined benefit plan
L1: defined benefit planmy wife is 52 and currently has some money in a defined benefit plan at a previous jobshe never contributed to it she was told she couldn’t touch it until she was 55 we were wondering do they allow you to withdraw early for hardship situations such as to save your home as in our case2010-08-12 21:46, By: petey, IP: [184.108.40.206]
L2: defined benefit planYour question is plan specific… some do and some do not.
Start withthe Summary Plan Description. If you don’t have a copy, merely request a copy from the employer.
You might just want to contact and ask the employer who sponsored the plan.2010-08-12 21:59, By: Gfw, IP: [220.127.116.11]
L3: defined benefit planI would also check with her present employer to see if they will accept funds transferred from another plan, and if they will allow a loan ( up to $ 50,000), which must be paid back within 5 years ( but not necessarily monthly over 5 years, but could all be in the 60th month).
Normally you cannot take a loan from a plan after you leave, which is the reason for the suggestion to transfer the funds to her present employer.2010-08-13 01:38, By: dlzallestaxes, IP: [18.104.22.168]