I have retired and would like to opt out of the plan .
The plan administrator at your former place of employment will be your best source of information to the type of plan and distribution options. A fee-only advisor that will put your best interests first will be the next step to seek out. Take the information from the plan administrator to the advisor to figure out the best game plan for your future. Probably a Roll Over IRA like Steve suggested will give you the best flexibility and options.
David G Niggel
Harlan, There are different types of plans. It depends on which type you have. Fixed pension plans and 401k plan have different ways to distribute money. Speak to the plan administrator, human resouces or a financial planner to help you decide. Good Luck Dan
Your question requires more detail. If you were a private sector employee, you may have participated in a 401(k). If working for a government entity, you may have a 457 plan. You may also be eligible for a company-sponsored pension.
You may be able to transfer funds from the plan to a rollover IRA. For pensions, you typically can't "opt out" but simply arrange to claim your benefits. In certain instances, there may be a pension value that may be able to be "rolled over" into another vehicle like an annuity or IRA.
The first thing to do is get a handle on what kind of plan you are in and then contact the administrator of the plan. You may (or should) be receiving some sort of statement with contact information. At the very least, you can start with the Human Resources department for this contact information. They may also be able to provide you with whatever paperwork is needed to transfer accounts or initiate periodic withdrawals depending on your request.