2006-10-26 01:19:09 · 3 answers · asked by cluj120 2 in Business & Finance ➔ Other - Business & Finance
Can the employer frozen the pension plan (not 401k),pension what i going to get from the employer after 65 year of ages ?
2006-10-28 01:31:50 · update #1
Yes, this is common for companies in financial trouble or where they are getting ready to implement a new plan that would be less costly. At some point the frozen plan would have to be rolled into a new plan or terminated and the assets distributed to participants.
2006-10-26 01:23:05 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋
Large companies tend to that anymore. But in case of 401k, I don't know why they would freeze your money. For all I know they would say to wait until you're 59-1/2 before you can draw on that 401k retirement plan. It's really up to you what you really want to do with it. But you pay a huge penalty, though, because of the contract you signed, and this is how 401k plan works. In other words you can take all your money out before you're 59-1/2, but pay a big penalty like 20% to 30% depends on what your contract says. This have nothing to do with union contract if you work in unionized company.
2006-10-26 08:30:08 · answer #2 · answered by FILO 6 · 0⤊ 0⤋
What?? A Retirement Plan is your own personal arrangement.
Maybe you are asking if your Superannuation can be frozen by the Employer? Maybe taking some English lessons would help
2006-10-26 08:32:29 · answer #3 · answered by RodneyOZ 3 · 0⤊ 1⤋