Archived Pension Question

[PinkButterfly]

I have had some unexpected issues come up and need some extra cash on hand to help me out. I was thinking of borrowing from my 401k..but I swear I saw on here somewhere that I could borrow from my pension. If I remember right, the taxes were less to borrow from the pension. My question is how do I go about borrowing from the pension? Might be a dumb question, but I have never even thought about taking money out of it before.

 

[Hardlinesmaster]

Just ask your hr about your pension loan.

 

[Rarejem]

Go to mypayandbenefits. You will be directed to the webpage. You can take out a loan from your 401k. There is a minimal fee and interest. Your payment will come directly out of your paycheck. You will only pay taxes if you default on your payments. You will not accrue interest on the amount you borrow.

 

[PinkButterfly]

@ HardlinesMaster...Ok, I will talk to my hr person tomorrow. Though getting any info out of hr might not be easy,unfortunately I dont have the greatest hr person. Unless your young..female..and cute...its hard to get him to do anything.

@ RareJem...Thanks for the info, but I already knew how to take out a 401k loan. I was and still am debating on a 401k loan vs a pension loan. I was just unsure on how to go about getting money from my pension. I guess I should have mentioned in my post that I had info on the 401k loans.

 

[Hardlinesmaster]

Please call tmsc at 800-394-1885. They can help on this matter too.

 

[PinkButterfly]

Called Tmsc and was told there is no option to take out money from pension.

 

[buliSBI]

I believe you do have to pay it back in full within a year (or by the end of the tax year) without penalty.