BEWARE - Hostage Situation

When I began employment with the County, I had the option of contributing into a separate tax-deferred compensation plan to help save for retirement. I chose the 401(a) plan. I could only afford to pledge the minimum contribution, but figured that it would be SOMETHING to augment my retirement whenever that time rolled around.

In the past fiscal quarter, my 401(a) account has dived 50% because of the stock market tank. And all of MSU's medical bills have gone into collections because there has been no insurance settlement yet. The lawyer indicated that settlement is still at least 4 months away, if not longer. I decided that I wanted to rescue my money from the 401(a) before any more of it was lost and then rescue MSU's credit score by paying those medical bills.

First, let me begin by stating that the money in the 401(a) account is MINE. There is no employer contribution. It’s MY money that is invested in the way that I dictate.

I called the Plan Coordinator today and learned:

I can not request distribution of MY MONEY unless I am terminated from County employment. I can not request distribution of MY MONEY for rollover into another retirement account unless I have been terminated from County employment. I can request a loan of MY MONEY from MY ACCOUNT, but must set up a payment plan ON TOP of my regular contribution to pay MYSELF back MY MONEY and must pay MYSELF interest on MY MONEY to the tune of prime +2%..

The good news is that if I default on paying MYSELF back MY MONEY, the default is treated like a lump sum distribution and is taxed as such, WHICH IS WHAT I WANTED IN THE FIRST PLACE.

However, I can only take half of what is in my account as a loan. AND, I can’t even apply until the 27^th, because the County is inconveniently converting the plan management to something called “Nationwide," which no doubt is a private management firm that will inevitably have more fees and penalties to hit me with as I attempt to access MY MONEY.

W.........................T...............................F..............................?????????????

Here We Go Again

Here are some suggestions for answers to question that might tempt a lie:

1) It's none of your business.

2) I'm sorry, that's too personal.

3) I'm not going to answer that question.

I find it horrifyingly humorous that people thisnk it's RUDE to say "it's none of your business" when asked a question that they don't necessarily want to answer for whatever reason, but find it perfectly acceptable to LIE when the answer to the question is, in fact, none of the questioner's business.

WTF, people??????????????