Pension Pay-out

[gtwigg11]

What is the name of your state (only U.S. law)? Michigan

I was recently let go by an employer of 16 years, I have 15 years vested in my retirement account with them and when I asked if they could pay me out these benefits I was told no because they were worth more 5000.00 and they only pay out 5000.00 or less, they said I would have to wait until I was 55 to begin claiming my benefits, is there any way I can force them to pay these funds out to me?
Please help
Thanks
Glen

 

[ShyCat]

Assuming they are following the requirements of the plan (which I'm sure they are), the answer is NO. Read your Summary Plan Description (SPD) for the pension plan.

 

[Beth3]

Glen, "retirement plan" covers a WHOLE lot of territory. Do you actually have a bonafide pension plan or do you have a 401(k) or similar defined contribution plan?