How should I figure these assets into my allocation and retirement timeframe?

[Raddoc123]

I have an old 401(a) from residency that has an interest rate of 6.5%/yr and is invested by a state that has underfunded pension obligations.  I can log into the plan website and see the balance which I can rollover into an Ira at any time.  The plan balance is about 10% of assets right now.   At 62, I will be able to convert this balance into an annuity or take the lump sum.  Do I include this balance as part of my bond allocation?  A future cash stream which is entirely unknown given the unfunded pension obligations?  I do not want to rollover this balance because there is a chance I may return to the institution as an attending one day and am grandfathered into the old rules which are generous.

Also, I have a 1.5 years expense cash balance with a good chunk earning money market and high yield saving rates with about 20k in prepaid debit cards earning 5%.  This amounts to 10% of assets right now.

The rest is traditional stock and bonds.

[Peds]

you count it all as its current value. if things change in the future, you adjust accordingly. what else can you do?

[The White Coat Investor]

The best way might be to not include it in your asset allocation until such time as you take it out of this pension. Just use the projected income from it to reduce the amount of income you need your portfolio to provide.