Pension payout

[gt080373]

What is the name of your state (only U.S. law)? Michigan
I was wondering what the Michigan law is for a pension pay-out.
I was let go from a company after 17 years of service due to a dispute, I was denied un-employment benefits but am vested in their retirement plan.
I requested a buy out of my pension benefits and was told it was worth more than 7500.00 so I would have to wait until I was 55 and take a reduced monthly payment for 10 years.
I thought if you were let go by a company you could request your benefits be paid out to you...even if its at a reduced rate?
Is there anything I can do to get these benefits paid to me now, I'm only 36 and have 3 children to feed and house and my new job pays half as much as I was making, I could really use the extra money from my pension of my old employer.What is the name of your state (only U.S. law)?

[cbg]

Pension benefits are heavily regulated by Federal law. Outside of disability situations, I am not aware of any circumstances at all, anywhere in the US, where you can receive payouts from a pension fund when you are under the age of 55, and not always then.

If you believed that pension benefits were available on request, even at a reduced rate, at any time upon request, you were mistaken. At 36 no, there is no possible way to get those benefits paid to you now.

And when you really are of the age to get them paid out, you will be very glad that you didn't get them now.

[gt080373]

Thanks much, I still dont get why they would send a letter to me offering a pay out tho and then tell me on phone that they would pay it out but its worth to much money, but your right I'll need the money in the future anyways.