Union 401a question

[DeltaRat]

Im a vested member of the IBEW and have a 401a plan through the Union. I have made a career change after almost 20yrs and was under the assumption that I could roll the balance of the account into a self directed IRA or some other qualified plan. I just got off the phone with the plan admin and Im being told that this is not an option. According to the admin  no action can be taken until I reach age 55 1/2. Is this accurate? Thanks in advance for any insight.

[Bill Presson]

DeltaRat, depends entirely on the plan document. If you have a copy of the Summary Plan Description, it should outline your options in the distribution section. Union plan rules have some quirks and you might have some restrictions if your career change is just a move to another job, but still covered by the same collective bargaining agreement.

[Lou S.]

DeltaRat, some pension plans do not allow for single sum distributions (rollover to IRA or cash distribution) but only allow annuity distributions at Early or Normal Retirement age.