Expert: Allen - 9/15/2007

Question
i worked 27 years in a government agency as a civil service employee.  I opt retirement and froze my pension, which i am not able to collect until age 62.    I am 51 and in need of money due to unexpected circumstances.  

My question How could I withdraw any funds and still be able to collect a pension.  I do not want to forfeit all the years invested to receive benefit for all my labor.

If this can not be done, is there any retirement plan you could recommend that i could aggressively approach so that by the time turn 62 I will be able collect a pension?

desperately seeking help with estate planning as well.

Evon

Answer
You probably can not withdraw from the plan. There are two possible options which may be available to you. Check with the administrator for the plan if:
1. You are able to elect a lump sum payment or an early retirement pension. Be aware that if these options are available any money received will be subject to federal and state income tax. The lump sum will also be subject to a 10% excise tax in addition to income tax.
2. You can take a loan from the plan.

Unfortunately I can not think of any retirement plan which wwill meet your objectives.

Good luck.