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What Happens If I Withdraw Money From my Cash-Balance Plan After I Retire?
You may not be able to make non-recurring withdrawals of various amounts from a Cash Balance plan. After you retire, you’ll typically have two options: a fixed monthly payment for the rest of your life, or a lump-sum payment.
Cash balance plans generally do not allow random, non-recurring withdrawals because the individual account was always a hypothetical account. The administrative work of fetching various sums for everyone and keeping up with the total pool of plan assets is not the administrator’s prerogative with these plans.
They will either cut you a check and send you on your merry way, or begin lifetime income payments when and if you elect that option. It’s important to understand which choice is best for you, which isn’t always easy. Consult with a professional before making such a big decision.
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