Does anyone know when cash balance payout occurs? Is it after the 60 days notice period?
5 replies (most recent on top)
Take it and roll it over to a regular IRA or Roth IRA. They don't make it easy, but figure it out and get it out of WF via rollover!
Empower will only send a check but you have 60 days to roll it over to another IRA. Remember that the lump sum gets smaller every year because your number of years the actuarial tables predict you to live drops. Take it as soon as you can.
When I was 'whacked' at age 56, I was eligible to take my 'Cash Balance Plan/Pension' without penalty.
I took the monthly disbursement as opposed to the lump sum.
Living large on the 'pension'! /sarc
Heh.
Cheers!
just like with a 401k. once your 60 day period is over and you are no longer an employee you can call and discuss your options, such as rolling it over to an account outside of WF.
cash balance remains intact until YOU initiate it