UPS Special Pension Buyout Offer - December 2016

N

Namoric

Member
dyev said:
I got the buy out offer as well. I'm not taking it and here's why -

As a part timer for 7 years, drawing at full retirement age, I'll get $350 a month from the company administered pension plan.

Knowing how insufficient my Social Security income will be, having that $350 could well save me from utter destitution later on. At 63 years old now, IMO it's too late to roll any payoff into a better investment.
Click to expand...

You have to remember, that will 350 bucks in 2046 money (I'm taking a guess at your retirement age) which, if you factor inflation, would be work about $130.00 or so. I'm guessing your lump sum offer was around 40k. If you invested that yourself in an IRA, tracking the S&P 500 index, at an average of 5% monthly, compound intrest and an addition $200 a month from you, you could have well over 300k saved in 30 years.

Play with the numbers: Compound Interest Calculator | Investor.gov

If you're not the type to save and have that stick-to-it-ness ... then by all means, just leave things how they are.
 
T

TonyC

Member
I'm c
dyev said:
I got the buy out offer as well. I'm not taking it and here's why -

As a part timer for 7 years, drawing at full retirement age, I'll get $350 a month from the company administered pension plan.

Knowing how insufficient my Social Security income will be, having that $350 could well save me from utter destitution later on. At 63 years old now, IMO it's too late to roll any payoff into a better investment.

-AND- for many purposes and applications, one must show a verifiable monthly income. Places which require a verifiable monthly income will not usually consider savings or investments as income. They want to see guaranteed monthly annuities.

So that both the SS and the UPS pension will be counted together combined as guaranteed monthly income.

(You young kiddos just wait until you get older and try to rent an apartment or something. Even if you offer to pay a zillion dollars cash in advance, they won't take it. You need to prove sufficient monthly income.)
Click to expand...
im curious how much your lump sum was considering you're close to retirement. With you being so close, I wouldn't take the buy out either.
 
N

Namoric

Member
TonyC said:
I'm c

im curious how much your lump sum was considering you're close to retirement. With you being so close, I wouldn't take the buy out either.
Click to expand...

I missed dyev's current age... I think you're taking the right steps, too, then. I know... I missed it even though I quoted it. I haven't had all the coffee just yet.
 
R

russell wilt

New Member
UPSandy36109 said:
Pension offer:<<<
To Be Paid:
December 2016
Single Payment of:
$12,468.83
Election
Direct Cash-Out Payment
Direct Rollover to an IRA or Other Eligible Plan – All
Direct Rollover to an IRA or Other Eligible Plan – Partial

Description:
This option will pay a single lump sum payment of $12,468.83 calculated as of December 2016 in lieu of monthly payments. Once this payment is made, no further benefits are payable to you or any beneficiary from the Plan.

Submission:
Upon making this election, you will be asked to provide your rollover information in order to facilitate payment of your lump sum. If you elect a partial rollover, you also will be asked to provide information on what portion you want to receive as a direct rollover.
>>>
or, the monthly payment of...
<<<
Starting on:
December 2016
Monthly Annuity Payment Options

Single Life Only Annuity ($57.56)
Qualified Joint & 50% Surviving Spouse Annuity ($54.50)
Joint & 75% Survivor Annuity ($53.09)
>>>
Personally, I'm rolling ovee the money int an IRA. Even if it's just corporate bonds, I can make at least 5% annually on it from just the interest.
Click to expand...
where do i apply for this the website please
 
S

shaghat

New Member
My husband got one of the flyers in the mail, and he never received a packet. We called them yesterday and they said his name was on the list. We called back today and they said he wasn't on the list. They couldn't explain to me how you are on the list and then not on the list.
 
D

Danny1963

Member
I dont think ups should get away with this. I think all need call hr back east. To see why they send post cards out people that not going buyout their pension plan.Thats big brown for always trying get of something im call the corporate office monday and complain their bad ethics
 
scooby0048

scooby0048

This page left intentionally blank
Danny1963 said:
I dont think ups should get away with this. I think all need call hr back east. To see why they send post cards out people that not going buyout their pension plan.Thats big brown for always trying get of something im call the corporate office monday and complain their bad ethics
Click to expand...
I'm sure they will bow at your command presence. I think in another thread they actually listed the number for corporate board rooms, and as such, you might want to try those numbers first.
 
UpstateNYUPSer(Ret)

UpstateNYUPSer(Ret)

Well-Known Member
Danny1963 said:
I dont think ups should get away with this. I think all need call hr back east. To see why they send post cards out people that not going buyout their pension plan.Thats big brown for always trying get of something im call the corporate office monday and complain their bad ethics
Click to expand...

May I suggest that you let someone else do your talking for you?
 

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