Why does no one in our benefits know anything about our benefits since they closed the Operation Centers? Any time I call with a question they don't know. I want to retire at 55 and they can't tell me if I do if I can start withdrawals from 401 with no penalty. One person told me yes i can. Another said no, and that person should not have told me that and its up to the IRS. Wtf? Never seen such incompetence. They're only job is to know our benefits inside and out. What a joke.
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That’s a question for your accountant.
Three of the most important things to calculate in retirement: #1. Get your house paid off. #2. Make sure your healthcare is covered #3. Make sure you can cover your taxes.
State Farm has seen to it that people hired after 1985 will not make these goals for people who want to retire before 65 years old. The spouse does not get healthcare like they once did. In some cases they took healthcare 100%. The house being paid for....forget it if you've had life events like divorce, child support or health issues. Taxes...like insurance are your highest expenses.
Believe me....what you saw in the past for retirement benefits, no longer exist.
Yes look at the rule of 55
There is no such thing as benefits. You work for them. There is no such thing as HR! They sleep with management. It is you against a multi billion dollar corporate cluster fk!
Surprised they didnt offshore this role function yet....You can tell when they are about to though, like with tech they seemed ok with it being awful by design, which made the switch to offshore somewhat lateral rather than the decline in services it really is and should be.
State farm just seems totally uninterested in quality at all, outside of gaslighting it on the employee to do better while the customer is angry due to executive changes and handcuffing the employee with no power to help.
If your hire date is after early 1985, you get sc--wed.
Not sirprised. Alight pretty much handles anything g benefit, 401k or pension related.
HR and the benefits administrator should know the Rule of 55 allows you to take withdrawals from your current employer’s 401k without the 10% early withdrawal penalty that usually applies to distributions before age 59-1/2. You still have to pay ordinary income tax on the withdrawals. The basic rules are:
- You leave your job — retire, quit, or are laid off — in the year you turn 55 or later.
- The money is in the qualified retirement plan of that employer, usually a 401(k), 403(b), or similar employer plan. You can’t take penalty-free withdrawals from former employers’ 401k plans before age 59-1/2.
- The distribution comes directly from that employer plan, not from an IRA.
Number 3 is important….If you convert the 401k to an IRA and take out money before age 59-1/2, you will have to pay the 10% penalty plus income taxes.