Pension lump sum disbursement

[pit_viper_53]

What is the name of your state? Oklahoma
I recently terminated my employment with my employer of 32 years. I gave appropriate notice and left on terms as good as I could make them. I was fully vested in a pension plan funded by employer contributions. My question is this:
Can I take a lump sum disbursement from this plan?
It's rules were that you could take a lump sum or montly stipend as early as 62 ( I am 52) with full benefits at 65. But since I am fully vested and no longer employed by this company do I have any rights?

 

[Sockeye]

Not knowing the how your 401-k is set up makes it difficult to answer but usually you have the option to cash out, keep it in, or roll it over into another investment option.

Keep in mind that if you don't roll it over you take a huge hit tax-wise and maybe a 10% penalty fee for early withdrawl.

 

[cbg]

It also depends on whether or not you are talking about an actual pension plan or a 401k. If an actual, bona fide pension plan of the type that do not exist very often any more (but did 32 years ago) if I am not mistaken you have to be a minimum of age 55 before you can do anything with it at all.

 

[pit_viper_53]

More info

It's not a 401k. That was a lot simpler. This is an actual pension funded entirely by the company. Thye did give me an answer I probably have to live with. I can't touch it for another 3 years minmum. They could tell me what the monthly stipend would be but no the lump sum. They said that figure wouldn't be available until October of the year I can start collecting. This was mostly to satisfy my curiosity anyway. I just thought my investment guy might be able to grow the lum sum more than the company will.


Thanks for the responses.

 

[cbg]

They are correct. In an actual pension plan, Federal law says that you CANNOT touch it until you are a minimum of age 55, and because of varying interest rates they won't know the lump sum till then.