Expert: Allen - 7/27/2006

Question
We are in financial stress and would like to take out some of the money in my husbands pension. It is a union pension. Is this possible? I have been told you can't and I have been told that you can. There isn't a lot in there. Maybe $20,000. We are in our mid 30's.

Thanks

Jennifer

Answer
Each plan is different. The only way to answer this question for your husbamd's plan is to look at the Plan Document or an abbreviated summary known as the Summary Plan Description. Your husband should have received the Summary when he first became eligible for the plan. If he didn't receive one or he can't locate, you should ask the Plan Administrator for a copy.