Defined-Benefit Pension Plan payout
Hello Terry – I have read your article about changes to retirement plans. Are there any changes to defined-benefit plans that will finally allow lump sum cash outs? My former employer will only permit monthly payments after I turn 65.
Terry Says
Just recently — in March, 2020 — the IRS changed its rules regarding lump sum payouts instead of monthly benefits for defined benefit plans. This article from Kiplingers explains it all. Show it to your employer.
