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Terminating 412i

Guest pensionadvisor48

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Guest pensionadvisor48

I have a friend that recently received a notice that her former employer is terminating his 412i plan that she knew nothing about and she needed to tell them what she wanter to do with the money. The administrator is telling her that before they can terminate the plan the IRS requires that her benefit must be fully funded and to do this they need to purchase an annuity on her before she can cash it out. If they do this she would be faced with a 7% surrender fee on the annuity. This does not seem resonable can anyone help

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