Jump to content

Recommended Posts

I retired in May after 26 years in a public school system. I had taken one 6,000 loan out in 2016 due to hardship  and then another loan for covid hardship in  2020. They made no mention of an outstanding defaulted loan in 2020. in fact, all of my annuity was with metlife and they split it into two when they sold out to Brighthouse. now they treated these annuity as two separate annuities. It took them months and an OCI involvement to attempt to have my Annuity roll over to another 403B with another company. It took them so long that in fact, a close my account due to no activity. I took an early withdrawal from one account that had the hardship Covid loan.. I was told that Brighthouse account had $28,000 in it. Several times I was told that there was no loan attached to it when I was no longer able to roll over and it had been 10 months of fighting. I asked them to just take a whole lump sum out. The amount I got was $4600, they took out for taxes on the defaulted loan as they used it as a gross amount and they took $17,000 in interest I have more than enough money in both accounts to cover the loan. Once during this entire 10 months, they mention the 17th interest in fact on my quarterly statements the 17,000 is stated as collateral and no interest is written on the metlife. There was collateral of $892.00 and 1100.00 interest. To be the collateral with the over 50% that you needed in order to take out alone in the first place.

Link to comment
Share on other sites

I don't know what exactly your question is and some of your sentences aren't clear, but it seems like something you need to pursue with Brighthouse. 

4 out of 3 people struggle with math

Link to comment
Share on other sites

I agree with Ratherbereading - your question(s) are very unclear, and based on what you have said, you won't get a good answer from this board.

I will say that believe you are possibly confused as to the details. I don't for one second believe you were charged $17,000 "interest" on a $6,000 plan loan that was taken in 2016. As RBR suggested, contact Brighthouse, or whoever is responsible for the plan/reporting, and ask for a detailed explanation.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...