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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Employment Law
Satisfied Customers: 111585
Experience:  20+ Years of Employment Law Experience
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Im an IBEW member in Illinois. I just took a withdrawal

Customer Question

Im an IBEW member in Illinois. I just took a withdrawal because Im not going back. I want to relocate my pension funds but was denied due to I own my own business general contracting within last 2 years. How do I get my pension funds from the union to use and reinvest myself? I havent worked as an IBEW employee in 4 years
Submitted: 1 year ago.
Category: Employment Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Legally, they do not have to release your funds to you and you need to read your plan description. If the pension is vested, then they have the right to keep the funds in the plan and pay you when you qualify. If the pension was not vested they only have to return any money you personally put into the pension, not what the union or the employer put into the pension. Unless your plan description provides for you to make a withdrawal, you cannot legally do so.