Rolling over retirement and then borrowing against it

[CTinNC]

I have a Florida state retirement account with about $60,000 in it. I do not want to cash it out and pay the steep penalties associated but I am in a financial bind. Can I roll it into a 401k account without penalty and then borrow against it?$25,000 would put be in a permanently stronger position. My income is $100k if it matters.

[bjl584]

I have a Florida state retirement account with about $60,000 in it. I do not want to cash it out and pay the steep penalties associated but I am in a financial bind. Can I roll it into a 401k account without penalty and then borrow against it?$25,000 would put be in a permanently stronger position. My income is $100k if it matters.

Some 401K plans will allow you to roll an old plan into it, but I've never heard of rolling a pension into a 401K. You can roll a pension into an IRA, but you would still have to pay penalties if you cashed out.

[jpg7n16]

Can I roll it into a 401k account without penalty and then borrow against it?

Only if it's qualified money, your plan allows roll-ins, and your plan has a loan option.

Each plan is different. To find out whether your's accepts roll-ins, you literally need to call your plan provider. No one here can know for sure, only they will.