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  • Retirement /pension

    I live in Pa and was recently "retired" from my place of employment after almost 30 years due to our plant closing. I am 51. Are there any options that will allow me to draw a small amount annually from my 401K/pension plan before age 59 w/o incurring a 10% tax penalty?
    thanks for your advice

  • #2
    Early Withdrawals

    I am not aware of any loopholes. However, the following link may answer your question regarding the early withdrawal.
    Lillian Connell

    Forum Moderator
    www.laborlawtalk.com

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    • #3
      from the IRS website
      http://www.irs.gov/publications/p575/ar02.html#d0e4069
      If I retire or am laid off before I am 59 1/2, can I withdraw the funds accumulated in a 401(k) plan, without having to pay a 10% penalty?

      In most cases, if you withdraw funds from your 401(k) plan before you are 59 1/2, you must pay the 10 percent additional tax on early distributions from qualified retirement plans on any amounts that are not rolled into an IRA. However, there are some exceptions listed in Publication 560, Retirement Plans for Small Business and Publication 575, Pension and Annuity Income.

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