Expert: Allen - 10/15/2006

Question
I was severence from the banking industry in early January. Since I am no longer with the company how soon am I eligible to receive my pension money?  

Answer
There is no way to answer your question without seeing the plan document. There are many variations. Some plans provide for immediate distribution. Others say you have to wait a year. Still others say you can't receive your money until you reach age 65.
You need to read the Summary Plan Description which should have been given to you when you became a participant in the plan. If you can't locate it, you should check with the plan administrator or the human resources department for the company.