Yes offer is just for part time years. I stopped working in 2006 but was on comp till November of 2008. I wrote to to UPS part time & UPS/IBT & Cental States. Got the same answers from all. I also had 22 years in, left due to total & permanent disability. Your part time earnings has nothing to do with your full time earnings. If you do nothing with your part time now you will get paid that amount at age 65 by UPS. Or choose to cash out instead doesn't matter. If choose to cash out of course you will not get a check at 65 then for part time. At age 65 you will receive your full time amount earned before 2008 & paid by Central States. So if you do nothing now you coukd get 2 or 3 separate checks at 65. 1 from UPS & 1 from Central States & depending on what year you left you could get a 3rd check from UPS/IBT from 2008 till the time you left. Write to UPS/IBT for $ amount for full time years & they will send you a letter telling what that amount is. It's a tad bit more then a $100 a year. At least mine was for all years before 2008. Not sure if this is for everyone for this next part but in our area if you worked at least 1 day in 2008 before leaving then if Center States is non existent when you turn 65 or only paying part of the monthly payment then Ups picks up the rest to equal your full amount.
UPS Special Pension Buyout Offer - December 2016
- Thread starter JMR07168
- Start date
UPSandy36109
Active Member
With a heavy heart,I decided to send mine in today. Monetarily, I know it was the right thing to do, from an actuarial standpoint as well as cash needs for the household now. I am saddened to think this is my final separation from the company that I loved working for, and would not have left if I was not disabled on the job. If I had taken the pension at 62(if I had lived that long), I still would have felt like I was part of the company, in a way. And great bunch of guys. Even though my last day was 12/31/12 after with then 4 years of vested credit, they carried me on FMLA and Extended LWOP until the middle of '14 so I would qualify for the pension at 62.
But I know I'll always be allowed access in the hub, going out on a good note Still have my ID badge.
. My supervisor and hub manager helped me out and cut slack(Do a good job, and they'll take care of you, at least at my hub.) That'what helped me with the union get on the retirement rolls. After the check, I'll take the whole twilight shift either Krispy Kreme or Little Ceaser's pizza as a good-bye.
But I know I'll always be allowed access in the hub, going out on a good note Still have my ID badge.
. My supervisor and hub manager helped me out and cut slack(Do a good job, and they'll take care of you, at least at my hub.) That'what helped me with the union get on the retirement rolls. After the check, I'll take the whole twilight shift either Krispy Kreme or Little Ceaser's pizza as a good-bye. Joe Griffin
New Member
I no longer work for UPS, and missed the deadline to apply for the pension payout by one day. Anybody know if there will be any kind of extension or hardship application?
UpstateNYUPSer(Ret)
Well-Known Member
I would think that if they do not get the desired results that they would extend the deadline.
Keep in mind that this buyout was in response to changes by the IRS to the age used to calculate pension payments, which are to go in to effect on 1/1/17, so the "drop dead" date would have to be 12/31/16.
Missing the deadline may have been one of the best mistakes that you have ever made.
fishscale99
Active Member
Has anyone heard anything else on when payments will be made?
UpstateNYUPSer(Ret)
Well-Known Member
Wasn't that mentioned in the paperwork?
fishscale99
Active Member
And on the website. Just asking if anyone has anything new.
Gary Lyle
Member
Try this... UPS Special Pension Payment Offer
fishscale99
Active Member
I got the same thing... ready for the "get paid" icon to turn green!
UPSandy36109
Active Member
I mailed mine in along with my driver's liscense.
Spoke with a woman on the phone earlier this week because step 4
has yet to be highlighted. She said, "there are 25 of us to process all this, and about 25,000 payment elections."
So I'm here wondering if because I mailed it in, they (a) got it at all, even in a business reply envelope, or (b) they havent had a chance to get to it yet.
Spoke with a woman on the phone earlier this week because step 4
has yet to be highlighted. She said, "there are 25 of us to process all this, and about 25,000 payment elections."
So I'm here wondering if because I mailed it in, they (a) got it at all, even in a business reply envelope, or (b) they havent had a chance to get to it yet.
UPSandy36109
Active Member
Talkede to the pension payout people last week. She told me all disbursements will be made between 12/15 and 12/31.
UpstateNYUPSer(Ret)
Well-Known Member
You will receive the 1099-R to use when filing your 2016 taxes.
UpstateNYUPSer(Ret)
Well-Known Member
Was the option available to process the applications online? If so, I would think that they would complete the online applications first and the ones that were snail mailed in second.
If you need the money that quickly, take a cash advance off of your credit card and pay it back within 30 days to avoid the interest.
Coobie
Member
makes more sense...
Gary Lyle
Member
Depending on your situation, you might be able to do everything required online - I did some online, some snail mail. It took about a month for my paperwork to be processed and step 4 to highlight, but they did verify that they had everything I submitted when I talked to them on the phone.
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fishscale99
Active Member
I spoke with a lady who told me they would start going out 12/1--- they won't them done before the end of the year of course...
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According to my tax guy, they are taking 20% but I will get half of that back at tax time.I was employed for ten years and if I wait for retirement I would receive around $450 per month. I started the process to take the lump sum now after getting the post card in the mail, and it shows that I would receive $17,500.
I was ecstatic and ready to take this NOW, until the next screen told me that 20% would be taken out for Federal taxes, 10% for early withdraw, and since no state taxes are withheld, I could lose even more. This ising ridiculous. I could lose almost half of my lump sum because our government is a bunch of
Does anyone know how I can find out exactly how much will be stolen from me so that I can decide whether to take the money or not?
Oh yea...
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