UpstateNYUPSer(Ret)
Well-Known Member
Yes, you do have 60 days to roll it over.
Where did I say that the company had anything to do with it?
UPS Special Pension Buyout Offer - December 2016
- Thread starter JMR07168
- Start date
Yes, you do have 60 days to roll it over.
Where did I say that the company had anything to do with it?
fishscale99
Active Member
fishscale99
Active Member
I talked to someone and they said early December.... smh... the waiting sucks....
1989
Well-Known Member
When you said they took 10% penalty out.
This is how the process was explained to me from the administrators:
1. After the November 12th. - The individuals in Dallas finish scanning in documents into the system.
2. administrators in Virginia ensure those who are eligible have all of the documents required and then reconcile records.
3. The Atlanta Corporate (Retirement office) makes the final approval of the records and then the information is transmitted to Melon Bank on December 1st.
4. Mellon Bank will start to send checks out and Direct Deposits Mid December.
I spent a lot of time on the phone with these departments because I was declared eligible, then in-eligible back to eligible.
Submariner2016
Member
Looks like mine will be coming after the 15th. Oh well. I asked them again about the possibility of the 10% penalty and I was assured it won't be taken out because I don't have state income tax.
carebear
Member
FromUOTE="carebear, post: 2507484, member: 65306"]I took the lump sum still no money deposited yet[/QUOTE]
Frt
Frt
Thank you for the site very helpfull
carebear
Member
H
How do you know it will be after the 15th?
Catatonic
Nine Lives
I don't believe it unless @UpstateNYUPSer agrees.
UpstateNYUPSer(Ret)
Well-Known Member
It has always been my understanding that early withdrawal of any retirement funds would be subject to a 20% Federal tax withholding and a 10% early withdrawal penalty.
Prissy0120
Member
I thought the 10% everyone is referring to comes out during the filing of your taxes in 2017.
UpstateNYUPSer(Ret)
Well-Known Member
It is normally withheld prior to the funds being disbursed and would be reflected on your 2016 taxes which will be filed in 2017.
IRS.gov makes it sound like the 10% would not be applied until you file. This would make sense since you have 60 days to role it over and there are a few other exceptions when the 10% would not apply, like paying medical bills. But, I'm not the tax man , so who knows. Still can't understand how anyone is linking this to state taxes.
So, the Service Center is opening themselves up to a huge legal liability by giving out tax advice for specific states? I'd like to believe you, but I'm struggling a bit with this idea.
Carol Field
Active Member
Please post when UPS special pension payment offer "payments"are actually received. Waiting on my rollover. I spoke to one person she said payments will go out from the 15th to the 31st. Wonder why they don't just start paying us? What are they waiting for?
Submariner2016
Member
Of course I forgot to mention I am 58 years old.
The cut off is 59&1/2, I think you're paying the penalty when you file. Hey, I hope I'm wrong and you get some extra cash in your pocket, but I wouldn't spend that 10% just yet.
Clifton Williams
Active Member
It's my money and I want it now
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