I know my option of rolling over my 401k into my IRA. Curious about options with Cummins pension? If I win the Cummins lottery this time, do I have the same option to roll that into a pre tax account like my IRA? Thank you in advance for any insight or experience with this.
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That sounds great but I'm being told you need 3 years to be fully vested thats why I gave that lengthy explanation. I would love if my situation was that simple.
Yes you can roll the cash balance pension over which you want to do it because it doesn't earn much sitting with Cummins whereas with an IRA you can invest it as you wish. I just did mine.
What if your were temporary layed off 38 days before the 3 year maturation mark for your pension. And have been on layed off ever since? It seems like a cheap thing to prevent an employee from getting their pension. Not to mention an HR that plays koi when you confront them about the issue. Especially when you call the penchant hotline and they say your HR can make you 100percent vested and its actually quite common. Than HR says give them the paperwork but their is no paperwork its just up to HR. I can probably call the HR headquarters when the time comes. Any advice would be appreciated.
Thank you, yes I did a little more reading and should qualify for a direct roll over as well. Also, congratulations.
I won the Cummins lottery this January. I talked to someone at the number on the 401k website (1800-682-8788) and they indeed said the pension could be rolled into an IRA, among other options. I need call them back and get some more detail.