I have no idea what the pension reserve is in your union or where it is located. For many people doing a monthly payment can be a wise choice. However, you should have an accountant and/or lawyer find out as much as they can about the pension before making the decision. My own wife took out her pension in a lump sum when she discovered the company holding the reserve was in a serious financial crisis, Withdrawal of a lump sum can subject you to a large tax bite. Also early retirement means the monthly payments will be less than if you had waited until you reach the normal retirement age,
You might find my legal guide on selecting and hiring a lawyer helpful.
You might find my legal guide on Is it Legal? Is it Illegal? helpful.
You might find my legal guide on the understanding the different court systems helpful.
You might find my legal guide on legal terms used in litigation helpful.
(Even if you are not filing a lawsuit this information can be useful).
Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information.