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401k
401K
You cannot transfer your UK pension to a 401K. However there are QROPS (Qualifying Recognised Overseas Pension Scheme - See related link below) available for residents of the USA. These Qrops meet the strict reporting requirements of the IRS and transfers to these schemes have the approval of the IRS.
What you do is deposit money into the 401k during your entire working career. Then, when you retire, the money is there for you to live on (provided that you don't withdraw any money). Social security and any pension you get is not enough to live on in this economy. With the 401k, you can have extra funds when you aren't working.
I don't mean to be snide...but it depends on whose asking! Honestly, different places define things differently. In some general speak it is a pension plan...but in many others, it is a retirement plan as differentiated from a pension plan.
401k
The contributor has to designate the beneficiaries of the 401k.
401K
I worked for Carolina Freight for many years. Am I entitled to my pension or was there a 401k
401k is a pension plan in USA which is tax identified. The name is taken after subsection 401k of internal revenue code. Each year there is a contribution limit.
You cannot transfer your UK pension to a 401K. However there are QROPS (Qualifying Recognised Overseas Pension Scheme - See related link below) available for residents of the USA. These Qrops meet the strict reporting requirements of the IRS and transfers to these schemes have the approval of the IRS.
Pension plan for employees
No one can take your qualified pension. However if you took a loan against it, and you don't pay back the loan, the pension/401k is lost. Moreover, it is considered a withdrawal (if it is a 401k) and you get hit with early withdrawal penalty and the tax on the income too.
31% for taxes and 2% for your pension/401k
It is important to diversify your account. If your employeer offers a pension plan or 401k, start there. Look into IRA's as well.
Yes. You are allowed to withdraw your pension. The specifics depend on your employer and pension type, but as long as you are 55 or older you will not have to pay a penalty on withdrawing it either.
What you do is deposit money into the 401k during your entire working career. Then, when you retire, the money is there for you to live on (provided that you don't withdraw any money). Social security and any pension you get is not enough to live on in this economy. With the 401k, you can have extra funds when you aren't working.