UPS Special Pension Buyout Offer - December 2016

[clean hairy]

Would almost seem better to get shortly after Jan 1st, that way not having to mess with it on Taxes until April of 2018.

 

[Catatonic]

Yes, one random person on the internet who knows somebody who got paid. I am just sharing what the actual retirement center has said. Based on what the majority of us have heard, and putting aside secret meetings to come up with arbitrary dates, I plan on receiving my buyout between the 15th and the 31st.

... with the sound of thunder in the background.

 

[Nomoturkey]

Would almost seem better to get shortly after Jan 1st, that way not having to mess with it on Taxes until April of 2018.

I also thought of that, however this I do know for sure...everything will be dated for 2016 regardless of when you receive payment. The whole purpose behind them doing this now was to get it off their books and avoid 2017 IRS changes.

 

[UpstateNYUPSer(Ret)]

Would almost seem better to get shortly after Jan 1st, that way not having to mess with it on Taxes until April of 2018.

UPS wants the obligation off of their books by the end of the year.

As I said earlier, I do hope that someone who opted to take the lump sum will come back after they have filed their taxes to let us know if they would have done it the same or if they would have opted for the rollover instead.

 

[Nomoturkey]

I don't have to wait to answer that having done the same exact thing with my other job.....The answer is absolutely! Btw correct me if I'm wrong (I'm not) I take it that you were not offered this option? .... It's ok

 

[tim buttercup]

Once you get the offer may I suggest you contact a very good CPA to run the numbers.

Yep. Or sure

 

[carebear]

I don't have to wait to answer that having done the same exact thing with my other job.....The answer is absolutely! Btw correct me if I'm wrong (I'm not) I take it that you were not offered this option? .... It's ok

How did it affect your taxes?

 

[Upsea10]

UPS wants the obligation off of their books by the end of the year.

As I said earlier, I do hope that someone who opted to take the lump sum will come back after they have filed their taxes to let us know if they would have done it the same or if they would have opted for the rollover instead.

You sir, are obviously optimistic about the future of America. I am not and that has nothing to do with the election and its outcome. We have seemed to me like a failing power for some time. If I'm correct, and a lot of people smarter than myself agree, all the old rules will not apply. History is not inclined to accept the status quo. Take the money and run!

 

[Nomoturkey]

How did it affect your taxes?

In theory I did pay the 10% penalty, however because they took 20% off the top (which they will with everyone here) I actually got back money. Each state is different mind you, but unless you are in a high tax bracket making big $$$ you should be fine.

 

[Upsea10]

Most people who are taking this will still get a refund, just smaller. My father, like upstate, went with the odds and has lost almost $400,500 to date. Take the money and run!

 

[Ann2016]

What the website to check the status??

 

[flores johnny]

If you have decided to take the lump sum payment, be sure to check the website to make sure your documents show "complete".
I sent docs in October 7, called three times to confirm receipt and I was told they had been received and uploaded. Just happened to visit website November 21, only to see spousal waiver form said "incomplete".
Called first thing Monday only to be told, the Notary failed to put my spouse's name in at the bottom of the form. Asked them why wasn't I called, rep said they don't have to. It is employee's responsibility to make sure docs are correct. Asked how come when I called no one said anything,rep said error was overlooked. Had to overnight corrected doc to ensure you receive lump sum payment. If I had NOT went on website, never would have known doc was not complete and then I would not have received my lump sum and would have been wondering why.

 

[Junkguy]

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.

Do you get any specifics on what the criteria were? A buddy of mine had starting and stopping dates almost exactly to mine and he wasn't eligible. All anyone ever would tell him was that there was going to be another buyout and maybe he was in that one.

 

[Carol Field]

Got a letter stating payment will be mailed within the next 10 days. If anyone gets their rollover check sooner, please post. I'm waiting for my rollover check. Let's do a when it arrives. Those waiting for direct deposit payouts, please post so we can share in your happiness and live vicariously through you!

 

[Carol Field]

Mail? Really???

Upstate - Yes, I am waiting on the mailed check because I opted to roll it over into an IRA. They specifically stated that they cannot distribute rollovers via direct deposit. I thought you knew everything...I guess not.

 

[olroadbeech]

Upstate - Yes, I am waiting on the mailed check because I opted to roll it over into an IRA. They specifically stated that they cannot distribute rollovers via direct deposit. I thought you knew everything...I guess not.

everybody here knows everything about everything.

didn't you know that?

 

[Prissy0120]

Got a letter stating payment will be mailed within the next 10 days. If anyone gets their rollover check sooner, please post. I'm waiting for my rollover check. Let's do a when it arrives. Those waiting for direct deposit payouts, please post so we can share in your happiness and live vicariously through you!

I received the payment confirmation letter as well. I am waiting on a rollover check and a direct deposit payment.

 

[TSGman]

Got a letter stating payment will be mailed within the next 10 days. If anyone gets their rollover check sooner, please post. I'm waiting for my rollover check. Let's do a when it arrives. Those waiting for direct deposit payouts, please post so we can share in your happiness and live vicariously through you!

I got the same letter waiting...

 

[ByeFelicia]

Got a letter stating payment will be mailed within the next 10 days. If anyone gets their rollover check sooner, please post. I'm waiting for my rollover check. Let's do a when it arrives. Those waiting for direct deposit payouts, please post so we can share in your happiness and live vicariously through you!

Got the letter also, taking lump sum direct deposit, no date of when funds will be deposited were on the letter

 

[Carol Field]

everybody here knows everything about everything.

didn't you know that?

LOL