need some help/answers to rollover pension into a traditional IRA

[Guest caclancy]

Hello. I am trying to rollover my pension trust from the Southeastern Carpenters and Millwrights Pension into a Traditional Ira. I no longer work for the union and my pension will not make any more money but the potential to lose it all is very possible. According to the plan summary it is allowed if 100% vested which I am, but when I called to get the process started I was informed that it will not be done and when I asked why the answer was "because we don't do that".

Can anyone give me some advice on what my nextstep would be. I am running into brick walls laeft and right and I am stumped on the next step. Please help. I would greatly be in your debt

Thanks for your time, caclancy

[QDROphile]

You can roll over funds only if you are entitled to a distribution. Are you eligible for a distribution now?

You cannot roll over funds that are paid in periodic payments for life or over a period of more than 10 years. Does the plan allow you to choose distribution of a lump sum or other form that qualifies for rollover?

It sounds like you want to move all your benefit now. That is possible only if you are entitled to a distribution in a full lump sum now. Many union pension plans pay only at retirement age and only in the form of periodic distributions. The rollover rules do not give you the ability to simply move your benefits someplace else whenever you wish. Take a look at IRS Pubilcation 590, available on the IRS website.

[david rigby]

Correct. In other words, what does your plan permit with respect to timing and form of distribution? The plan will already define these chararteristics. It will be spelled out in the Summary Plan Description. Still have your copy?

However, the "we don't do that" comment may be concerning. If you are currently eligible for a lump sum payment, and the plan administrator is declining to do it, then that is a different situation. Ask.