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I have a retirement plan through my union. The reps at the investment firm told me the only way to get money out of the plan was either at retirement age or if I quit the electrical industry all together. That doesn't make any sense to me. If I quit the union, shouldn't I be able to get the money out then? It is not a 401K, it is another type of 401, I will have to look it up. Please help, are they paid to tell me that or is it legit?
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What documentation do you have regarding the plan? These are critical issues that are typically covered right up front. -
You should have or had gotten a booklet explaining your retirement benefits, in fact, each year you should receive a totaling of what you have.
Do you have a Human Resources office to call and have them explain anything (if they can or at least point you where to ask). And get a
written copy of retirement benefits if you cannot fiind yours.
Having some rep over the phone just be able to tell you what you can and cannot do without any previous documentation just does not sound right. Get some concrete facts.Comment
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Is it a PENSION, 401k, defined benefit plan, or something else?
that will probably start the line of questioning... find a second opinion from another advisor before buying anythingComment
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