<prompt> Human: Just wondering how common is it to have a job with a pension? I always got the impression they were less common now since people are living longer. I have a full time hourly position, with a pension that will be vested after 3 years of employment. What does vested mean?Assistant: Its more common in government jobs, but becoming less common in the private sector.What does vested mean?In short it means youre eligible to receive pension benefits from the pension plan. If you are not vested, you are not eligible to receive pension benefits from the pension plan.Human: Im not exactly sure how pensions work. Apparently mine is 100 employer paid, so does that mean my employer is adding money to it now? Or when I become vested? And its normally a percentage of my paycheck right?Assistant: Yes your employer is adding money to it.You can only use the money when it vests.It is a percentage of your paycheck. You should ask someone what percentage it is.Human: Thanks so much. So just wondering are there any fees associated with withdrawing the money before I retire? Like if I quit my job in a few years and decide I want to live off my pension until it dies, can I do that? I mean I wouldnt but just interested in how much freedom I have with it.  <response>: Your employer may not allow you to access the pension until you reach a certain age. Some employers will offer a lump sum if you leave them before retiring which you can roll into an IRA. My first employer did not though - I gotta wait 30 some years to do anything with the pension, unless they offer me a lump sum before then. 