Collecting Pension Early

Discussion in 'UPS Discussions' started by xpertpredator, Aug 25, 2011.

  1. xpertpredator

    xpertpredator New Member

    Hey guys I am 22 years old and a part time sorter at the Ontario, Ca air hub. I have worked for the company for 4 years now and am definitely not planning on sticking around, as I will have my bachelors degree and intend on using it at another company that hopefully pays more. Right now I am trying to purchase my first home and would like to collect my pension money and use it as part of my down payment. I was wondering if it is even possible to do so. I know we have 2 pensions 1) through the teamsters and the second through UPS itself ( i just want to collect my UPS one). Any info regarding this would be much appreciated. Thanks
     
  2. menotyou

    menotyou bella amicizia

    I think, at least in NY, it takes 5 years to be vested.
     
  3. xpertpredator

    xpertpredator New Member

    ah man I hope that is not the case for CA, but knowing my luck it is lol. If I can how would I go about collecting those funds? Do 5 years have to vested for the teamster pension? I'm trying to add as much cash as I can into my home down payment. I'm tempted to touch my 401k but I don't think that would be a wise move on my part.
     
  4. menotyou

    menotyou bella amicizia

    Call your local union hall.
     
  5. rod

    rod retired and happy

    Even if you did quailify for some kind of measly pension with only 4 years in as a part timer I would venture a guess that you would have to be 65 or so to collect it.
     
  6. faded jeans

    faded jeans just a member

    That would be correct.
     
  7. xpertpredator

    xpertpredator New Member

    lol yeah the pension is measly that's why I figured I might as well try and collect it. I figure i'm still young and have a lifetime ahead of me so taking that out wouldn't hurt me. Plus that extra $3,500 would help a little towards my down payment. Hmm maybe I'll have a gander at my 401k and see if I can take some of that out.
     
  8. faded jeans

    faded jeans just a member

    Best of luck with you new career! :happy2:
     
  9. xpertpredator

    xpertpredator New Member

    Thanks :) UPS is a good company, but unless you go driver or some FT position I don't think its worth it. Granted it is a stable job that provides some form of income, but the BS that employees go through on a daily basis is unreal. I have wondered many nights how they stay in business. Personally I would think if they kept their employees happy and morale up that overall production would increase. Lol sorry for the vent. I had to find a new career because my hourly wage wasn't enough for me to comfortably afford a home and all of the expenses that come along with that.
     
  10. grgrcr88

    grgrcr88 No It's not green grocer!

    Even if you are vested, most pensions have an age limit before which you are penalized if you withdraw it before that set age. You would end up with nothing most likely.
     
  11. Raw

    Raw Raw Member

    A Canadian, eh?
     
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    That would be Ontario, Quebec, Canada

    He is from Ontario, California
     
  13. moreluck

    moreluck golden ticket member

    To be fair, the guy did type Ca. which is Canada......California is CA. So do we really know?
     
  14. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    CN is Canada.
     
  15. moreluck

    moreluck golden ticket member

    I was using the Special K version....I've seen Klein shorten Canada with Ca. So I figured a native would know. Speaking of correct abbreviations, be sure when you send me the money, use CA. for California. I thought it would be in my mailbox today, seeing it's been like 5 days.....it wasn't.
     
    Last edited: Aug 25, 2011
  16. moreluck

    moreluck golden ticket member

    Actually according to the postal svc. you are suppose to write out the country's name.......

    From the USPS Web Site Addressing International Mail - Address your mail correctly to be sure that it gets there
    The last line of the address block area must include only the complete country name (no abbreviations) written in uppercase letters. Foreign postal codes, if used, should be placed on the line above the destination country. The following shows the order of information for the destination address
    LINE 1: NAME OF ADDRESSEE
    LINE 2: STREET ADDRESS OR POST OFFICE BOX NUMBER
    LINE 3: CITY OR TOWN NAME, OTHER PRINCIPAL SUBDIVISION (such as PROVINCE, STATE, or COUNTY) AND POSTAL CODE (IF KNOWN) (Note: in some countries, the postal code may precede the city or town name)
    LINE 4: COUNTRY NAME (UPPERCASE LETTERS IN ENGLISH)

    From the USPS IMM 122.1 Destination address
    To Canada, there must be two spaces between the province abbreviation and the postal code, as shown below between “ON” and “KIA 0B1”:
    The following format should always be used for destination addresses to Canada:

    MS HELEN SAUNDERS
    1010 CLEAR STREET
    OTTAWA ON K1A 0B1
    CANADA
     
  17. moreluck

    moreluck golden ticket member

  18. Funfact

    Funfact Well-Known Member

    If you have a 401 k you can take the money you put in out early and pay taxes plus a penalty if your vested you can take both the money the company and you put in again you have to pay taxes plus a a penalty.

    As for your pension if you don't contribute to your pension you have to be vested and then have to wait untill you reach retirement age before you can start receiving your pension.

    You not even vested yet even if you work 5 years a UPS you still could not be vested as you have to have worked enough hours to accumulate 5 years of credits hours to be vested. You should be able to go online and check how many credit hours you have and it will tell you how many more you need to be vested.

     
  19. bumped

    bumped Well-Known Member

    We also have 5 year vesting for part time. We have had part timers quit after 5 or so years and would get an offer to buy out the pension with a one time lump sum payment.
     
  20. Funfact

    Funfact Well-Known Member

    After they paid taxes they must have gotten basically nothing.