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I have a summary of my retirement plan balances. MGH says…

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I have a summary...

I have a summary of my retirement plan balances. MGH says they do not owe me the money. It doesn't say projected or estimated, it says my balance as of 12/31/13 is 14, 698.00. Don't they owe me this money now that I am retired?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Massachusetts

Accountant's Assistant: Has anything been filed or reported?

I did file for a distribution and received 350.70 after taxes

Submitted: 11 months ago.Category: Tax
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Answered in 52 minutes by:
9/8/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 11 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,888
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If this is a defined contribution plan (401(k), money purchase plan, cash balance plan, profit sharing) then the balance is the balance.

...

The plan document likely says that you can roll to an IA OR take a distribution and pay the tax. But, unless there's some defined benefit plan component (old fashioned pension type plan) your retirement doesn't change the balance in the plan.

...

....... which, again, you can either roll or distribute and pay taxes.

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