UPS Special Pension Buyout Offer - December 2016

[MyTripisCut]

Nationwide for former employees in the UPS pension plan. Buyouts for union hourlies were for their PT years only.

Thanks.

 

[stephieclion]

I got a letter to. Worked full time for UPS for 10 years. The letter gave me my grand total.

I'm 36. 2045 is when my retirement would start to pay as I understand it.
I only had about 10 years of employment there. Most of it was part time.

 

[nomobrown]

What's the website address for the pension?

 

[stephieclion]

secure.worknetservices.com/ups

 

[stephieclion]

Did you receive a letter? My letter had the amount in it

 

[T23]

I loaded freight and drove P&D while starting my teaching career and completing graduate school. I worked for Motor Cargo then we were bought out by Overnite which became UPS freight. I worked for UPS freight for just over a year and they offered me a tidy pension buyout. I didn't realize I had one (Motor Cargo didn't) so I'm withdrawing the money and giving three equal sums to my children as an investment that they cannot touch until they're much older. Hopefully after 40-45 years it'll be worth much more to them than it would be for myself. My wife and I will have two great pensions when we retire so this is Monopoly money for me (or specifically my kids). I did remember buying tons of UPS stock for under $70 a share back in the day. It sits at $116 today. Thanks for the money UPS but I don't miss ya!

 

[stephieclion]

I did my ID online, but because I had to have spousal consent we had to snail mail that in. It shows that my process is complete, so I am just waiting. Kinda hoping to buy my oldest son a car for Christmas.

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.

 

[stephieclion]

According to my tax guy, they are taking 20% but I will get half of that back at tax time.

If you are under 64 (or the retirement age), they will take an additional 10%, so all in all it will be a 30% deduction.

 

[brownmonster]

Our pension used to be ups/teamsters it switched to CS H&W in NorCal in 2013.

CS H&W sounds like health insurance, not pension.

 

[Leeann]

My offer was 65k, 16 years full time non-union. 4 years management.
Part time employment counts for half year, I.e...4 years part time employment counts as 2 years.

 

[Submariner2016]

They won't take that 10% out if you don't have state income tax~

 

[stephieclion]

My offer was 65k, 16 years full time non-union. 4 years management.
Part time employment counts for half year, I.e...4 years part time employment counts as 2 years.

What was your job title?

 

[stephieclion]

They won't take that 10% out if you don't have state income tax~

I believe in my case I do have state income tax. That's very useful information.

 

[stephieclion]

Hasn't the deadline already passed?

Yes, everything had to be turned in by 11/12...

 

[Prissy0120]

Does anyone know what date payments will go to the bank, if one set up direct deposit?

 

[stephieclion]

Does anyone know what date payments will go to the bank, if one set up direct deposit?

I called them and they just said mid-december... pretty robotic like. If anyone finds out more please let me know!

 

[Prissy0120]

I called them and they just said mid-december... pretty robotic like. If anyone finds out more please let me know!

Thanks!

 

[By The Book]

I believe in my case I do have state income tax. That's very useful information.

I'm confused...how do you not know if you pay state taxes again?

 

[stephieclion]

I'm confused...how do you not know if you pay state taxes again?

I didn't say I don't know... I said in my case I do.

 

[By The Book]

I didn't say I don't know... I said in my case I do.

I'm not good with being vague, if you know something of a factual nature.