Can I withdraw my pension even though I am still with the company? Asking bc of the whole Covid thing so seeing if there’s a rule or exception
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You can roll your money out of your 401k and Brokerage Link accounts, while still employed at AT&T, to a Fidelity rollover IRA. I move almost all of mine out and I think it cost $25 for the service with Fidelity. Few people realized you can do it, but under the Loans and Withdrawals section of the My Benefits page for the 401k plan you will see that you can make the request. I just preferred to have reps on the phone help me with it. It is easier if your money is in cash when you do it. Having money in funds requires them to liquidate to cash as part of the process. I did this because I want to invest money my own way and not be steered into funds offered within the AT&T plan.
on 401k look into 72t distributions
You can move your 401K at 55...at 59 you can get it penalty free.
I moved my 401K to a financial advisor at 55.
He did very well, so I also invested my lump sum with him when I retired at 57.
NO, You can't draw from your pension while still active but YES you can borrow up to 100K from your 401K without paying the 10% penalty as long as you declare a Covid related hardship, you will not have to pay monthly payments but if the funds aren't paid back within 3 years you will owe the tax.
No. There are special rules for borrowing from your 401k during covid. That is an expensive way to go unless you desperately need extra money to live on.
Pension no. But 401K can be moved to a safer fund if over 59. I don't recall the age. The pension is a monthly check or lump sum. If you continue working, the amount grows. Thus payout is not available to employees.
No.