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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 114130
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I have 250 thousand in my union annuity and was told I can

Customer Question

I have 250 thousand in my union annuity and was told I can only withdraw 25000 a year in a lump sum if I'm not working. I want to withdraw more than that and was told no.
It's my Money and should be able to take out more then that .
Submitted: 1 year ago.
Category: Legal
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.
These annuities are governed by the contractual terms of the plan. So have you obtained the copy of the plan to read what those terms state about withdrawals for emergencies and what qualifies for an emergency, as the plan administrator is bound by the terms of that contract document?
Customer: replied 1 year ago.
I never signed a contract. It's a private annuity plan ran by a board of trustees who govern what and how much money you can withdraw. Obviously there must some agreement they have with the investment firm who manages the funds. If I can select what mutual I put my money in I should be able to withdraw a good chunk when I need to. I think I should get a lawyer to review this.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
You do not have to sign a contract, but by entering the annuity you are bound by the terms of the annuity agreement/plan.
You need to ask them for a copy of the annuity plan description, that is what they are bound by. You need that before any lawyer can review anything.
Customer: replied 1 year ago.
Okay thanks
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
The way this works is that your annuity plan description is the contract that they have to adhere to. In that agreement it will state the terms under which you could withdraw the money and how much you can withdraw and you have to comply with those terms, even if they seem harsh or unfair to you.