“…distributions may be made to a participant who has not separated from service, provided the participant has attained age 23 years old…”
The bigger question is this: Can or will Mitt Romney give all Americans the same opportunity? Can or will his ideas and policy make everyone as rich as Croesus?
Forget “rich.”
Let’s settle for “eliminate poverty.”
I think we know the answer to that one.
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Bain’s Unusually Young Retirement Rollover Age: 23
April 2, 2012, 2:19 PM ETBy Mark Maremont
Bain Capital, the private-equity firm that Mitt Romney used to run, appears to have an unusual early-retirement age: 23.
That’s the age at which, according to a federal filing (PDF, page 25), Bain employees are allowed to roll over their retirement funds from a Bain profit-sharing plan into their own individual retirement accounts, or simply withdraw the money.
Federal law allows employees in such profit-sharing plans to roll over their funds into an IRA only under certain circumstances, such as when they leave their jobs, when they’ve been in the job a certain number of years, or when they reach a specified age, pension lawyers said. Normally, that age is something close to retirement, such as 50 or 55 years old.
“I’ve never seen or drafted a plan permitting a distribution as early as 23,” said Charles M. Lax, a pension attorney at Maddin Hauser in Southfield, Mich. He said the Bain arrangement Read the rest of this entry »
