can you take $$ out of a pension fund supplemental annuity plan or does it matter on what type of plan it is?

Answer 1

The individual plan may or may not allow withdraws. If it does, the plan itself will probably charge a penalty. In addition, you will pay tax on the amount withdrawn. If you are under 59 1/2 years old, you will most likely pay a 10% penalty to the IRS. If you are thinking about taking money out of ANY retirement account, you should start by contacting whoever runs the plan to see if it is even possible and what the terms of the plan are. You should take the information from them to a tax professional before actually withdrawing anything. In most cases, such a withdraw is not your best option.