Trying to Get Lump Sum.........

[Guest jwd396]

I used to be in a construction union and have approx. $40,000.00 in their multi-employer pension plan. I believe it was a defined benefit plan. I no longer work with them.

And I want to get the $$$$ and put in an IRA or something. The company that manages the plan refuses to give me my money. Do I have any recourse against the managing company? Can I get my money? I am not old enough for the normal retirement, at 62 years. Thanks.

JWD

[MGB]

Nearly all multiemployer plans only provide for the payment of monthly annuities. There most likely is no lump sum provision, so you cannot rollover to an IRA. In your contacts with the plan administrator, they should have provided you with an SPD. If so, it should describe under what conditions (e.g., age) and under what forms of payment (e.g., annuity versus lump sum) you are entitled to under the plan. I doubt that it has a lump sum option, even at 62.