I am vested in an annuity retirement plan into which my employer pays a specified amount for every hour that I work. This is all in accordance with the local union contract under which I work. My question is, how can I obtain this money so that I can invest it in my new, desired career? When I have called the annuity's call center I was told that I can only access the money at age fifty five and at that age it would only be a loan. I have accrued a little more than two hundred thousand dollars over eleven years and understand that there may be penalties and taxes assessed. Thank you, James
Answer
If the annuity doesn't allow you to take money out until age 55, and then only as a loan, then you cannot get the money until age 55 and only as a loan.
Answer
You would have to review the terms of the retirement plan. It is not possible to advise you without knowing those terms.
I would speak with a union representative to see if there is someone within the union that can advise you.
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