Expert: Allen - 12/28/2006

Question
I just got my pension plan that I didn't know I had with the law firm that I'm with now. This coming March will be 9 years of working with this law firm, and once March of 2008 comes, I will have 10 years working and I will be fully vested with the firm. My question is, can I cash out the pension once I have the 10 years under my belt. The reason why I'm asking, is because I want to leave once my 10 years are up, and I don't want to wait until I retired to pull on it, I want to be able to use it now. Please advise what my options are? Thank you.  

Answer
Some plans provide for payment when a participant terminates. Others make you wait until age 65. There is therefore no simple answer to your question.

You need to ask the company for a document known as a Summary Plan Description. That should answer your question.