Pacific Coast Benefits Trust in mail, can I cash out?

[Mr Waldalski]

Hello, I have left UPS about a month ago to prepare myself for joining the military. I've have gotten a verification from my union that it has been terminated until I rejoin another union job but today I've gotten a letter from the Pacific Coast Benefits Trust stating the account balance I have from them. Is this a trust fund or a 401k or a pension? I do not really understand how that works as I never encountered this working in other jobs part time while going to school. Is it possible to ask them to cash out and take a percentage lost, do I have to wait until I am at retirement age to even do that, or should I just leave the money in there and will it build or something? It would be nice to just have the extra money than let it sit unless there's a investment percentage in it.

 

[UpstateNYUPSer(Ret)]

Is that your pension?

 

[Mr Waldalski]

Is that your pension?

I believe so. I just googled about them and they have little information about themselves but it seems like most teamsters are saying this is a pension. I would love to call them but their office hours are closed until Monday.

 

[Returntosender]

This is what i know. It's not your pension only some west coast unions have this trust fund for UPS employee.
The trust fund is seperate from your pension you will get tax 20% when you take the payment. If you choose to stay in the plan, you will pay a quarterly maintenance fee. Since you no longer work for UPS they will be no contributions. Once you cash out you can longer work for any company that contributes to the Pacific coast plan.

Call the number at the top of page for more info.

 

[onestoptogo]

We once received 25 cents an hour to go to this fund which is unrelated to the pension. They took it away from us after the strike to build the strike fund. I still have over $10,000 in the fund and probably would have 30-40 thousand if they did not take it away from us. Funny, I never hear how much is in the strike fund. I still get statements from them and wish the money had never been diverted.

 

[BrownChoice]

It is very likely that you would not have very much money in the trust fund unless you've worked in the union for a little while. If I were you, I'd let it sit just in case you ever do join another union job that contributes to the trust. But thats just me...

 

[By The Book]

Is that your pension?

No, it's a trust fund. Separate altogether, contributions are about 195.00 annually after expenses.

 

[104Feeder]

It was a lump sum benefit separate from the pension. The back of the statement has details on how to recieve the payout. It wasn't taken away to build our strike fund in 104, it was rolled into our pension contribution where it will benefit us more.

 

[twoweeled]

From what I see. You can only get this money once you've separated from the company. It becomes obvious they do not want to give this money up. There are such requirements like; you can't apply for the money till 2-3 months after retirement. Then allow 1 month, after 2 months of waiting for payment! LOL Sounds like 3 months for them to send it, but they word it 1 month, after 2 months. Sounds like, best case scenario, 6 months after retirement. fired or quitting is probably the same. I also noticed on my statement, it looks like I'm losing money in this plan:
Earnings Credited -$149.00 maintenance -$7.28

You people who have another 15 years to go, might end up getting a bill, for money you OWE to pacific joke benefits trust.

 

[reginald95]

Can you cash out to buy a first home while still with UPS?

 

[twoweeled]

Can you cash out to buy a first home while still with UPS?

According to what I read. NO. You have to separate from the company. Also! If you have enough in there to purchase a home. You've been with UPS for a very long time. Or you've found some very good prices on houses. I doubt there is much in there, for most of us.

 

[olroadbeech]

did you get a withdrawal card from your local union when you quit ?

 

[By The Book]

did you get a withdrawal card from your local union when you quit ?

Do you think you would need one?

 

[UpstateNYUPSer(Ret)]

Do you think you would need one?

Most likely not but it's not a bad idea to get one.

I was off for a month earlier this year for surgery. Requested a withdrawal card. Signed it and sent it back in. Called them when I came back to work. Saved one months' dues.

 

[By The Book]

From what I see. You can only get this money once you've separated from the company. It becomes obvious they do not want to give this money up. There are such requirements like; you can't apply for the money till 2-3 months after retirement. Then allow 1 month, after 2 months of waiting for payment! LOL Sounds like 3 months for them to send it, but they word it 1 month, after 2 months. Sounds like, best case scenario, 6 months after retirement. fired or quitting is probably the same. I also noticed on my statement, it looks like I'm losing money in this plan:
Earnings Credited -$149.00 maintenance -$7.28

You people who have another 15 years to go, might end up getting a bill, for money you OWE to pacific joke benefits trust.

I talked to them yesterday. It's a 3 month process where you call and request an application 3 months prior to your retirement date, or termination date. They then mail you the application in the mail which you have hen fill out how you want your money., you can roll it over into a qualified plan, take a lump sum, or after age 62 receive equal payments that will end prior to 15 years. You don't have to wait until you retire to request the application. The process is very much like applying for your union pension. They know your years of service/peer info and all that.

 

[By The Book]

Most likely not but it's not a bad idea to get one.

I was off for a month earlier this year for surgery. Requested a withdrawal card. Signed it and sent it back in. Called them when I came back to work. Saved one months' dues.

Sound advice sir.

 

[olroadbeech]

Do you think you would need one?

you never know. would save him initiation fees and back dues if he ever wanted back in that local.

 

[olroadbeech]

I talked to them yesterday. It's a 3 month process where you call and request an application 3 months prior to your retirement date, or termination date. They then mail you the application in the mail which you have hen fill out how you want your money., you can roll it over into a qualified plan, take a lump sum, or after age 62 receive equal payments that will end prior to 15 years. You don't have to wait until you retire to request the application. The process is very much like applying for your union pension. They know your years of service/peer info and all that.

correct me if i am wrong but they will with- hold 20% for taxes when you cash out and you have to report this as a distribution just like any other retirement plan on your taxes.

 

[UpstateNYUPSer(Ret)]

correct me if i am wrong but they will with- hold 20% for taxes when you cash out and you have to report this as a distribution just like any other retirement plan on your taxes.

If you don't roll it over to a qualified plan? Yes.

 

[olroadbeech]

If you don't roll it over to a qualified plan? Yes.

ok. forgot that part.