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Any financial legal eagles here?
My wife works for a large financially sound bank. After a merger several years ago, the bank discontinued contributions to the defined benefit retirement plan that she is vested in (approx. $54,000). Inquiry to the plan administrator revealed this would purchase a lifetime annuity of $325.00 per month should she decide to retire now. We would prefer the annuity to the lump sum rolled over to her IRA. Problem is, we do not trust the bank. Were she to take the annuity, is there any legal possibility the bank could discontinue the annuity and tell her to sh--- it.
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