The Retirement Help Center | Answers to all your questions about retirement.
Feb
21
Posted on 21-02-2009
Filed Under (Retirement) by The Senior on 21-02-2009
wag314 asked:
If you check the YMCA retirement website it states that if your YMCA fund is over $25,000 you cannot take it with you when you are terminated, but if its less then you can??? That doesn’t make sense. We have experienced a hardship and need this money. I have called them but they are no help. Anyone have answers as to how we can get our money out and roll it into our own personal IRA?
If you check the YMCA retirement website it states that if your YMCA fund is over $25,000 you cannot take it with you when you are terminated, but if its less then you can??? That doesn’t make sense. We have experienced a hardship and need this money. I have called them but they are no help. Anyone have answers as to how we can get our money out and roll it into our own personal IRA?
Comments
src50 on 23 February, 2009 at 11:55 am #
Depends on the specifics of the plan. Are you talking about a pension plan, a 401(k) or what?
v b on 23 February, 2009 at 3:11 pm #
The money YOU put into the YMCA retirement accounts will be made available to you to roll over to another retirement account–but only if you LEAVE your job. This can be an IRA and yes, if you are foolish enough to wipe out your retirement savings, you can dip into it.
The money the Y put into the account is intended for retirement. Thus if it’s over $25,000, it’s either staying with them or it’s going to purchase an annuity. Either way, you will get it at retirement (age 55 at the earliest). This was the Y’s money, they get to make the rules (many retirement plans work this way).
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