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For most pension schemes, it is not possible to access your pension until you are at least 55. You can, however, transfer to a new provider at any time. But if youre 55 or older, you can move your pension into your bank account. Even then, though, it is unlikely to be a good idea to take all of your pension in one go.
Whether youre eligible to cash out your pension will depend on the terms of your plan and how long youve been enrolled in it. If you are in fact eligible, you may have the option to take a lump sum distribution and roll it over into an IRA to defer taxes on the money.
With some exceptions, the law generally prohibits retirement plan changes that affect the benefits youve already earned. However, changes in plans are permitted going forward.
A number of situations could put your pension at risk, including underfunding, mismanagement, bankruptcy, and legal exemptions. Laws exist to protect you in such circumstances, but some laws provide better protection than others.
If you leave before achieving five years of service credit and you dont meet any exceptions, you may be eligible for a refund. However, electing a refund terminates your CalPERS membership; if you decide to return to a CalPERS-covered employer later in life, your service credit vesting would start over.

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If a participant receives a lump sum distribution, that distribution generally can be rolled over into an IRA or to another employers plan if that plan accepts rollovers.
Employers are not required by law to provide retirement plans for employees and may terminate a plan if certain requirements are met, such as required notifications to plan participants and interested parties.
What Happens to Your Pension When You Leave a Job? Exiting a job ushers in two primary possibilities for your pension: Receiving a lump-sum payout or keeping the money in the current plan. Keep in mind that you may not have an option depending on the terms of your plan.

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