401c3 TSA, difficulty cashing in
Hello Terry,
My husband has a small annuity he took out in late 80’s with Knights of Columbus when working for a nonprofit entity (A). The annuity was funded by payroll deductions. Husband left employment in 1990’s. The nonprofit organization (A) no longer exists. It was merged with larger health organization (B), and that was subsequently bought out by a different health care system (C).
Spouse wants to cash in this small annuity, less than $20,000. The KC insurance agent says funds cannot be released without employer approval. Org B says he must obtain approval from Org C. Org C states there is no record of his employment with Org C. KC agent says Org C MUST sign due to IRS regs. Org C says can’t provide such documentation since no record of employment. So we are in a catch-22. Can you provide any advice for next steps? We are in Illinois. Thank you!
Terry Says
OK, the good thing is that Knights of Columbus acknowledges that this annuity EXISTS and is owned by your husband!
So now we just have to persuade them to pay out!
Respond to the email you receive saying your question has been answered, and give me more info including your phone number, and the policy number, and the contact of the person he is speaking to at K of C.
Maybe together we can impress them to cut the red tape!
