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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Employment Law
Satisfied Customers: 116707
Experience:  20+ Years of Employment Law Experience
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I know that I can go into my pension plan at 55 and i have

Customer Question

I know that I can go into my pension plan at 55 and i have had 10 years of service from this company. When I ask for a capped or flexible drawdown after see what I have in the pot. Now they or saying that I need to do a applications ask 120 days and 30-90 day IRS regulations require that plan sponsor strictly enforced a formal administrative processes. My question what is the law if I just want get all my pension would this process be long? Can I do this and what will the company be able to stop me. i do know the down size of taking my pension out early and tax.
Submitted: 2 years ago.
Category: Employment Law
Expert:  Law Educator, Esq. replied 2 years 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.
ICC § 401(a), 403(a), 403(b), 408(k), or 408(p), all require the plan sponsor to adhere to strict compliance with administrative procedures. If the plan has a procedure in place, they must comply with those procedures and fail to do so can incur substantial penalties to the plan sponsor. So you would have to comply with the plan terms and administrative process to obtain your funds.