{ "media_type": "text", "post_content": "Ex-kpmg employee here so can’t post in that bowl but does anyone here know how pension plan works? I was vested based on time with firm but does the money stay there til retirement or can you request lump sum payout and invest it how you want? Thanks!", "post_id": "60340a8b451784001c86ec22", "reply_count": 5, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Ex-kpmg employee here so can’t post in that bowl but does anyone here know how pension plan works? I was vested based on time with firm but does the money stay there til retirement or can you request lump sum payout and invest it how you want? Thanks!

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Vested employees will receive a Pension statement approximately 120 days after their termination date. Please read the Summary Plan Description to help you determine eligibility requirements. Non-vested terminated employees forfeit any benefits accrued. Retired participants are entitled to begin to draw their benefits or defer to a later date, based on plan provisions. Information on benefit entitlements as well as election forms are provided at retirement. Pension questions should be directed to the Pension Department (201-307-8220)

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I’m assuming that statement will have options of what you can do with the money

I’m not KPMG, but just FYI pension and retirement plans are very different things, you can’t use those words interchangeably

Yes I’m talking specifically about pension plan. Not 401k.

So I left EY and have the same thing - apparently you can leave it where it is at a certain % return until retirement, or you can roll it over into another retirement account (like your 401k). If you withdraw the cash balance there are likely tax implications/penalties.

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