Now that PBGC has trusteed my plan, can I withdraw my employee contributions to the plan in a lump sum?
If you already receive pension benefits from the plan, you cannot withdraw your employee contributions in a lump sum. Your benefit will continue to be paid in the form of annuity you elected when you retired. If you do not yet receive benefits from the plan, PBGC will contact you with information on your benefit and will notify you of your opportunity to withdraw your employee contributions. You will have 60 days from that notification to elect a lump-sum distribution of your employee contributions.
Related Questions
- If I withdraw my employee contributions, will the maximum guaranteed benefit limit applicable to my remaining annuity benefit be adjusted downwards?
- I was a salaried employee and a participant in the BNI Plan as of Dec. 31, 1988; how does this affect my ability to take a lump sum pension benefit?
- Are the employee contributions made to SERP (non-IC plan) at risk?
