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Greetings, Ryknow, and welcome. You asked:

My employer is disbanding and a new group is being formed. Can I at this time take my employee pension plan out of their control and put it into a self-directed IRA with the broker of my choice? The "old" employer is basically the same as the "new" employer but it has a different name. I thought that legally I might be able to take my money and put it into where I want at this time without all of the penalties. Similar to transferring an account from an employer for whom I no longer work. I say this because it will be an "old" employer. Does this make sense?

Your employer will inform you of your options regarding your pension plan. Much depends on how the reorganization is handled. The plan can be discontinued or the "new" employer can take it over. If the latter, you ususally can't move the money. If the former, you usually can. Talk to your HR people to see what you can do.

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