Out of real work for 4 years now after 32 years of steady employment with one company. I should be fully vested. I would like my pension early pleading hardship. I am only 54, but only have enough cash to for about the next 6 months, then I would probably lose everything, including the house I have lived in for 29 years.. when I legally would take my pension payments , it only pays a lousy 525.00 a month starting at 61.5 years old. I have to assume it has a cash value of some 85-90 thousand dollars right now. Anyone have a good idea .. I am only thinking pension right now.. 500 a month 7 years from now is a slap in the face, but 85-90000 in a lump sum early is another story. I could pay off my house,car, visa, and still have enough to pay the silly tax I am stuck with next April..
All depends on what is allowed or not in the Pension Plan Agreement. There may be a way to monetize your expected annuity with a 3rd party company as well like Peachtree or JG Wentworth. Speak first with the H/R Manager as to your plight as the Plan itself may allow the Plan sponsor (your employer) to recalculate your benefits for early retirement and allow access now for "hardship" reasons.
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained.
Employment / Labor Attorney
If your plan does not allow you to obtain your benefit now then the plan cannot offer you an exception to the rules. Your plan may allow you to take early retirement, so you should check. Not all plans offer a lump sum payment, so you can only receive a lump sum if your plan allows it.
You are making lots of assumptions but you need to review the plan documents to determine what options are available.
Divorce / Separation Lawyer
Contact your pension plan administrator. Some plans allow for hardship loans or emergency withdrawals. There may be other options or no options at al. It would be best to start by speaking to someone at the office of your administrator. Best wishes.