UPS Pension Plan Rolled Into IRA!? HELP making no sense

[bjbrown]

Very confused! basically I worked as a full-time driver for 15 years between 2007-2022. I'm vested and credited with 14.7yrs service (which should be over 15 but that's another issue) anyway here I am 2 yrs after being fired and I get this letter in the mail saying my UPS pension plan has been rolled over into this IRA at inspira financial. The amount is only $3500 !? What is going on? I was under the impression I would be receiving a monthly pension of atleast $500 a month after I turn the appropriate age (I can't remember what under 15yrs service monthly pension amount was but $3500? That's like $275 a month for 1 year and how can they just roll it over into IRA without contacting me and literally 2 years after leaving UPS! Help plz

 

[DELACROIX]

Do you have any part time years ?…What’s your local ?…

 

[Well-Known Member]

Very confused! basically I worked as a full-time driver for 15 years between 2007-2022. I'm vested and credited with 14.7yrs service (which should be over 15 but that's another issue) anyway here I am 2 yrs after being fired and I get this letter in the mail saying my UPS pension plan has been rolled over into this IRA at inspira financial. The amount is only $3500 !? What is going on? I was under the impression I would be receiving a monthly pension of atleast $500 a month after I turn the appropriate age (I can't remember what under 15yrs service monthly pension amount was but $3500? That's like $275 a month for 1 year and how can they just roll it over into IRA without contacting me and literally 2 years after leaving UPS! Help plz

If you're owed less than $1000/mo at normal retirement age and no longer employed, and ineligible to draw an early pension now, UPS has the option to pay you off now and not wait until you are at normal retirement age.

The $3500 is the present value of your 15 year pension. Invest it now and it will be more than $3500 when you turn 65.