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Thread: Definied benefit plan

  1. #1
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    Definied benefit plan

    I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!

  2. #2
    Registered User Lyrical's Avatar
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    Quote Originally Posted by Boloboy View Post
    I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!
    No.

  3. #3
    Fuck Canada
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    Quote Originally Posted by Boloboy View Post
    I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!
    Yes.

  4. #4
    The guy with the gun BrutulTM's Avatar
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    Quote Originally Posted by Boloboy View Post
    I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!
    Perhaps.

  5. #5
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    Quote Originally Posted by Boloboy View Post
    I just recently left a company with this pension plan that we contributed to. The requirements to retire with a full pension were years of service plus age to equal 85. Just wondering if anyone knew if I could withdraw my contributions etc upon my leaving the company?!
    Just depends on who's advice you take.

  6. #6
    Registered User Unidin's Avatar
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    Get a copy of the plan. Some you can, some you cannot.

  7. #7
    Annoying Old Geezer
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    The plan document states whether you may or may not. My strongest advice is to leave the money there (unless it is a multi-employer plan). Every single time I have been offered a "buy out" from the crappy little pension I have, I have been offered between 10% and 50% of what it would cost to replace (a single life annuity with the same $ amount). Every person I personally know who took the payout regretted it years later.

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