I just left a company and I want to cash out my pension. Does the company handle the plan.?

Question

Or does the company let a company like fidelity handle the plan for cashing out.. The company is a Fortune 500 company so it is not a small campnay that had a pension plan

Answer 1

Normally the company contacts whoever is in charge of the pesion plan. Then you sign a bunch of papers and get bunches of your money taken by the government before you get whats left. Not sure in your case, but I had a Retirement plan and a seperate pension plan. The retirement could be cashed out after not working for that company for one year. The pension plan was not touchable until I retired. As a reference to the governments take, if I had closed my retirement plan that had $76,000 in it, I would have gotten about $37,000 of it. Freaked me out so I let it stay.