Q: When may your plan permit you to take payment?

ERISA provides rules governing the times at which a pension plan may permit you to receive benefits.  As these limitations on distribution events for payment vary depending on the type of pension plan, you should consult your summary plan description for the specific events or times that are the conditions under which you will be entitled to receive your benefits.  After the event occurs that permits payment of your benefit, your plan may require some reasonable period of time during which to calculate your benefit and determine your payment schedule, or to value your account balance and to liquidate any investments in which your account is invested.  The following are a few general rules about possible distribution events for which your plan may provide.

If your plan is a defined benefit plan or a money purchase plan, it will set a normal retirement age, which is generally the time at which you will be eligible to begin receiving your vested accrued benefit.  These types of plans may permit earlier payments, however, either by providing for early retirement benefits for which the plan may set additional eligibility requirements, or by permitting benefits to be paid when you terminate employment, suffer a disability, or die.

If your plan is a 401(k) plan, it may permit you to take some or all of your vested accrued benefit when you terminate employment, retire, die, become disabled, reach age 591Ú2, or if you suffer a hardship.

If your plan is a profit-sharing plan or a stock bonus plan, your plan may permit you to receive your vested accrued benefit after you terminate employment, become disabled, die, reach a specific age, or after a specific number of years have elapsed.

Your plan's summary plan description should describe all of the rules applicable to any of the events that permit distributions.

Q: How do you make a claim for benefits?

Under ERISA you have a right to make a claim for benefits due under a plan.  ERISA requires all plans to have a reasonable written procedure for processing your claims for benefits and for appealing if your claim is denied.  The summary plan description should contain a description of your plan's procedures.  If you believe you are entitled to a benefit from a pension plan, but your plan fails to set up a claims procedure, you may present the claim to the plan administrator.