I left after working for UPS for 14 years most of those in management. I had a question regarding retirement/pension. Is it possible to get or negotiate a pay out today rather than taking the small pension that was earned in my 14 years that I will not see for another 17 years??
Probably not, but the federal regulations about this are complex, and they allow the company some leeway to create additional rules. I have three experiences, each different:
I left one company in the early 1980's and I was required to take my vested amount out of their pension plan. I think that was the company's rule, because they would not maintain an account below a certain dollar amount. My account was tiny (after 2 years as a non-union driver for a company that was later named "Menlo Logistics").
A company I worked for in the 1990's dissolved, and so did the trust that was the pension plan. Everyone was given their vested value. (Plus a little more! The plan was overfunded, and the partners decided to convert that money to the plan! I think they could have taken that money back.)
After 9 years of non-union work for UPS, I was "Workforce Reduced". They would not allow me to convert the current value to some other form of retirement savings. I think that many pension plans have rules like this to keep from churning their investments, since a significant layoff could lead to a plan being underfunded.
Non-union UPSers may not like this, but I think that UPS may try to eliminate the non-union defined-benefit pension (and convert/replace it with a defined-contribution pension, such as a 401[k]). Doing that would probably give me the opportunity (or even force me) to convert that money to my existing IRA. I think that UPS could dissolve the pension plan, cash out everyone's vested current value, and keep anything that is left over - I think.
I think this is a Catch-22 of pension plans: If they're underfunded, someone may not get their retirement money. If they're overfunded, there is a financial incentive for the company to convert them. (They would have to be overfunded enough to pay for all the red tape involved in dissolving the pension plan and still leave something.)
Disclaimer: None of this is legal advice. I am not an attorney. I am not a financial adviser.