Pension question

I’m a 13 year driver on the west coast. I’m thinking of resigning and running my body shop full time. Does anyone know if I can roll my pension into my own 401k or IRA?
 

rod

Retired 19 years
I’m a 13 year driver on the west coast. I’m thinking of resigning and running my body shop full time. Does anyone know if I can roll my pension into my own 401k or IRA?
If you only have 13 years in what little pension you have you won't be able to get at for years. Contrary to what some believe you don't just quit and the pension check is in your mailbox the next day.
 

rod

Retired 19 years
If that's your real name management at your center will know tomorrow that you are thinking of hanging it up. Not a good thing for them to know.
 
If you only have 13 years in what little pension you have you won't be able to get at for years. Contrary to what some believe you don't just quit and the pension check is in your mailbox the next day. I understand it won’t show up the next day. I would like to roll the money I have vested into my own IRA so I can self manage it and start collecting at 59 1/2.
 
If that's your real name management at your center will know tomorrow that you are thinking of hanging it up. Not a good thing for them to know.
They already know I own a body shop. I’m in the fact gathering stage. I want to gather all the facts then present them to my financial planner.
 

rod

Retired 19 years
I would suggest talking to someone qualified to answer your questions. Seriously-you won't find anyone like that on here-- espically this time of night. I seriously doubt you will be able to take control of your future pension now. I fact I would say no way. Why would anybody give you the money now when they can play with it until you are qualified to get it? I will upgrade my answer to --HELL NO you won't be able to do what you want to with your money.
 

DELACROIX

In the Spirit of Honore' Daumier
I’m a 13 year driver on the west coast. I’m thinking of resigning and running my body shop full time. Does anyone know if I can roll my pension into my own 401k or IRA?

Nope..You can not roll your traditional pension plan into an individual 401K or IRA...Once you are vested (over 5 years) you have to wait till age 65 or reach the eligible service time required in the West for early retirement (generally 25 years)..If you retire prior to age 65 with any service years your pension is reduced six percent for every year prior to age 65..You are half way there, tough it out...

Another consideration is Medical coverage....Choose wisely...
 

bumped

Well-Known Member
Your pension fund may buy you out of your pension though. I know of some fellow employees that quit, and were offered a pension buyout. I guess you could call your local and see if that's an option.
 

1989

Well-Known Member
If you only have 13 years in what little pension you have you won't be able to get at for years. Contrary to what some believe you don't just quit and the pension check is in your mailbox the next day.
That’s about 3K a month.
 

1989

Well-Known Member
If that's your real name management at your center will know tomorrow that you are thinking of hanging it up. Not a good thing for them to know.
What’s the big deal? They know that anyone can leave at anytime. I’ve left 3 times with 3 days notice. They know that yesterday could be my last day.
 
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