Expert: Allen - 4/26/2007

Question
My husband and I have recently divorced,   he is 44 as so am i.  I have a court order through divorce, that i receive 1/2 of his pension, which i have faxed to the union, and is on record.   My question is,  am i allowed to cash out?  I was told that i have to wait until i am 50yrs or disabled in order to collect.  I thought if i took it out early,  i would be just penalized.  Please help me with this question.  If I can,  who should i speak with?

Answer
It all depends on the wording in the plan document. Some plans allow immediate cashout when there is a QDRO (which is the technical term for the court order). Other plans require you to wait until you reach a certain age.

The only way to know for sure is to read the Summary Plan Description for the plan. You can ask the union to send you a copy.