Left UPS, Can I withdraw contributions?

[EmpireUPS909]

I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

 

[IVE GOTTA PACKAGE 4U]

I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

Leave the money in there and find a $500 somewhere else

 

[DELACROIX]

I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

Sorry .. sounds like you are vested...can’t touch it till you are 65.

By then that $ 535 should get you a Big Mac with extra fries...

 

[EmpireUPS909]

Sorry .. sounds like you are vested...can’t touch it till you are 65.

By then that $ 535 should get you a Big Mac with extra fries...

No problem, just wanted to see how that worked

 

[Fenris]

I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

Resigned = termination

 

[Cloud]

There should be something about low balances of under $1000 are automatically cashed out. And also if you don't roll it over into a retirement account, it could be subject to 10% early withdrawal penalty.

 

[Its_a_me]

10% early withdrawal penalty and taxed at ordinary income rates for a lump sum payment. Meaning you might clear $300.00 from it.

As stated above best advice is to roll it over into another retirement vehicle--open an account at a low cost provider (Vanguard is my recommendation and use electronic communications to avoid fees) if you don't have one. Tell Pacific Coast Trust to ACH the funds directly to the retirement account as it will save you a lot of trouble with physical paperwork later.

 

[DELACROIX]

10% early withdrawal penalty and taxed at ordinary income rates for a lump sum payment. Meaning you might clear $300.00 from it.

As stated above best advice is to roll it over into another retirement vehicle--open an account at a low cost provider (Vanguard is my recommendation and use electronic communications to avoid fees) if you don't have one. Tell Pacific Coast Trust to ACH the funds directly to the retirement account as it will save you a lot of trouble with physical paperwork later.

Ten percent penalty and subject to an automatic twenty percent federal tax.

I believe that the cash out option only applies for those employees that have less than 5 years in.

Otherwise you are vested till age 65.

Again there are so many different pension formulas out there...depending on what Conference or area you are under...

 

[meritocracy]

There are other threads about this. Might want to search for them. I would leave it and let it grow and put the paperwork in a folder with your important stuff like your birth certificate and whatnot. If you really want to you can take the penalty and withdraw it early.

 

[Indecisi0n]

Who needs school when you gotz ups ?

 

[Made brown]

Good luck with your new venture in life. Just wondering about ontario, they weren't offering any driving to you guys? W/R

 

[Buffet Master]

Quit UPS to get a degree? Sounds like someone is playing the long game and wants to be a PT Supe. Keep reaching for the clouds man.

 

[EmpireUPS909]

Quit UPS to get a degree? Sounds like someone is playing the long game and wants to be a PT Supe. Keep reaching for the clouds man.

Nah, architecture

 

[Gabba]

withdraw contributions to what? what did you contribute to? what are you withdrawing from?

 

[542thruNthru]

withdraw contributions to what? what did you contribute to? what are you withdrawing from?

Pacific Coast Trust.

 

[What'dyabringmetoday???]

How much time do they say you need to be allowed to transfer? Seems that if you are "vested" you should have enough time.

 

[1017Russia]

I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

Don’t listen to these “just leave it there” people, there are fees to maintain the account meaning if you don’t roll over or withdraw your balance you will end up owing the trust company. If you no longer work with ups withdraw. A lot of guys telling you leave it in there think they know everything, smartest plan would be figuring out how to roll it over into another trust, pension or 401k plan, if you call them they’ll get that started. Again, if you leave the money in the trust and you are no longer making contributions, the monthly fees will eventually burn through the savings

 

[1017Russia]

There are other threads about this. Might want to search for them. I would leave it and let it grow and put the paperwork in a folder with your important stuff like your birth certificate and whatnot. If you really want to you can take the penalty and withdraw it early

Quit UPS to get a degree? Sounds like someone is playing the long game and wants to be a PT Supe. Keep reaching for the clouds man.

There are other threads about this. Might want to search for them. I would leave it and let it grow and put the paperwork in a folder with your important stuff like your birth certificate and whatnot. If you really want to you can take the penalty and withdraw it early.

uhhhh, maybe you didn’t see but they resigned from ups

There are other threads about this. Might want to search for them. I would leave it and let it grow and put the paperwork in a folder with your important stuff like your birth certificate and whatnot. If you really want to you can take the penalty and withdraw it early.

that isn’t how that works, this person resigned from ups meaning there are no contributions being made, how can the trust “grow” if it isnt being fed contributions? If they leave the funds in the trust it will dwindle to nothing after about 2 years of monthly fees

 

[nWo]

Well he's had a year to figure it out.

 

[1017Russia]

Quit UPS to get a degree? Sounds like someone is playing the long game and wants to be a PT Supe. Keep reaching for the clouds man.

I can’t tell your tone through texts but if you are being sarcastic maybe you just aren’t motivated enough, I became pt supe after 6 months…

Well he's had a year to figure it out.

I try not to assume, I have a friend who took 4 years to roll over his trust. A lot of the younger generation don’t fully understand how savings plans work, they don’t really know their options and sometimes they get sidetracked with life and put things off for later