Pacific Coast Benefits Trust in mail, can I cash out?

[By The Book]

I could be wrong, but I thought I'd read the tax would be 15% unless you took it out early, then adding in the 10% penalty makes it 25%.

Read the back of the statement for clarification. I received a notice from the trustees saying that the age requirement for withdrawal was changed from 55 to 62.

 

[twoweeled]

I could be wrong, but I thought I'd read the tax would be 15% unless you took it out early, then adding in the 10% penalty makes it 25%.

 

[twoweeled]

I could be wrong, but I thought I'd read the tax would be 15% unless you took it out early, then adding in the 10% penalty makes it 25%.

regarding the "lump sum distribution", you have a choice. Roll it over into an IRA, or qualified employer plan, or sent to you with 20% withholding. that's the way I read it.

 

[By The Book]

I could be wrong, but I thought I'd read the tax would be 15% unless you took it out early, then adding in the 10% penalty makes it 25%.

Excise tax of 10%, for an early distribution and 20% federal withholding for a lump sum payout.

 

[By The Book]

Yes, that is what the paperwork says. What they told me on the phone was different. They didn't even want the application, for 3 months. I'm still waiting for them to send it to me. It's been close to 6 weeks. I found the applications on their website. You'll have to fill out about 3 apps. One app for retirement benefit. another application for how you want it distributed. Then a 3rd one which is the spousal consent form, which has to be notarized. Don't wait for them to send it to you. all applications related to this are on their site NWADMIN.COM I think.

Just wanted to let you know I received my packet today. It was mailed the 18th.

 

[Coldworld]

33 years and I'm around $9700. I can't do the compounding math, but maybe in 40-45 years? Who knows? There aren't anymore contributions being made, if I understand correctly. either way -
good luck!

How is that possible??? I have much less time than you in and I have over 10k in that thing???? Different cintribution rates???

 

[twoweeled]

How is that possible??? I have much less time than you in and I have over 10k in that thing???? Different cintribution rates???

I wish I knew how that can be. I'm sure I just looked at it, when I filled out the withdrawal papers. Maybe you were a better employee?

 

[Coldworld]

I wish I knew how that can be. I'm sure I just looked at it, when I filled out the withdrawal papers. Maybe you were a better employee?

Yeah right I doubt that but I'm pretty sure I have 10-11k in that plan....it probably has to do with different contributions for different locals just like it does now towards the pension.... Seems like Oregon and Washington in the western conference has the highest contribution rates

 

[brownmonster]

Another benefit we don't have. I'm outraged.

 

[twoweeled]

Yeah right I doubt that but I'm pretty sure I have 10-11k in that plan....it probably has to do with different contributions for different locals just like it does now towards the pension.... Seems like Oregon and Washington in the western conference has the highest contribution rates

Another benefit we don't have. I'm outraged.

Aren't you accustom to it yet?

 

[burrheadd]

Aren't you accustom to it yet?

How long have you been retired?

 

[twoweeled]

To give you an idea of what Pacific Coast Benefits is like. I called and asked for the forms to be sent. they waited for a bit over a month. Then they sent the wrong forms! I found the proper forms online and downloaded them. I called and confirmed that these were all the forms that they needed for what I explained to them. Yes, they said - that's all I needed. I filled them out and had the one form notarized and mailed them off. I called and confirmed they had indeed received them. They had! I asked if everything was there. They informed me everything was there. It's been almost a month, and today I receive another form that has to be filled out, and notarized!
I was told before hand, they don't want to give this money up. It's income for them and they are doing nothing with it. Just billing for looking at it in an account! I figure I won't see any money for at least 6 more weeks. I'll keep you posted!

 

[IVE GOTTA PACKAGE 4U]

To give you an idea of what Pacific Coast Benefits is like. I called and asked for the forms to be sent. they waited for a bit over a month. Then they sent the wrong forms! I found the proper forms online and downloaded them. I called and confirmed that these were all the forms that they needed for what I explained to them. Yes, they said - that's all I needed. I filled them out and had the one form notarized and mailed them off. I called and confirmed they had indeed received them. They had! I asked if everything was there. They informed me everything was there. It's been almost a month, and today I receive another form that has to be filled out, and notarized!
I was told before hand, they don't want to give this money up. It's income for them and they are doing nothing with it. Just billing for looking at it in an account! I figure I won't see any money for at least 6 more weeks. I'll keep you posted!

Good luck

 

[twoweeled]

Good luck

Thanks! I know I'm gong to need it. I just called them and let them know; this is just a bunch of BS, and we're all being made aware of it.
FYI for anyone else filling this out. There are now "2" forms that need to be notarized. One by the wife, and one by the hubby. Only if your withdrawing more than $5k. Who knows, they may come up with another one before this is all said and done. I've been told by more than one person.
"You will not get a check before 3 months, it doesn't matter what you do"! They are making it was difficult as they can. There must be some sort of regulation on this. I wonder who regulates this?
Throw a lump of $%&! in their Christmas Stocking!!

 

[twoweeled]

Okay, update. Another person just received his papers back. Something about the order they were signed in. The wife has to be notarized on her form. The day she signs, has to be in a certain order, to the date the member signs. lol Remember! There is nothing addressing this on their website, the instructions, or if you call them. We all have called them, at least once. Then they also sent him a form, the driver has to have notarized! Again, nothing on their site, instructions or on the phone. They killed about 6 weeks with that one! I called to verify, they had received the form I had sent them, after they had returned the member notarization. This goes to Seattle WA. I waited 7 days and called them. It takes 2-3 days max to Seattle. She told me, "oh no, it takes 7-10 days to log in forms received".
There is still another driver who mailed everything, but was not aware of that member notary form. He will be starting over too. just watch.
Now I'm wondering, if I will be out of some certain order because they sent me the notary form separate from everything else?
They do everything they can to stall it, in my opinion, based on what I have seen. I was told this would happen.
unbelievable!

 

[Ntoul]

Okay, update. Another person just received his papers back. Something about the order they were signed in. The wife has to be notarized on her form. The day she signs, has to be in a certain order, to the date the member signs. lol Remember! There is nothing addressing this on their website, the instructions, or if you call them. We all have called them, at least once. Then they also sent him a form, the driver has to have notarized! Again, nothing on their site, instructions or on the phone. They killed about 6 weeks with that one! I called to verify, they had received the form I had sent them, after they had returned the member notarization. This goes to Seattle WA. I waited 7 days and called them. It takes 2-3 days max to Seattle. She told me, "oh no, it takes 7-10 days to log in forms received".
There is still another driver who mailed everything, but was not aware of that member notary form. He will be starting over too. just watch.
Now I'm wondering, if I will be out of some certain order because they sent me the notary form separate from everything else?
They do everything they can to stall it, in my opinion, based on what I have seen. I was told this would happen.
unbelievable!

Appreciate the info on this. As a long time part-timer, contributions and earnings never stopped being credited into this account. Balance is over $50k now

 

[twoweeled]

Appreciate the info on this. As a long time part-timer, contributions and earnings never stopped being credited into this account. Balance is over $50k now

Are you sure your not confusing this account, with another? Some of the thrift plans reached that balance. I don't know of anyone even close to that amount, with the pacific Coast Benefits administered by Northwest administrators? If it is, then great for you and I'm glad to hear it.

 

[twoweeled]

I could be wrong, but I thought I'd read the tax would be 15% unless you took it out early, then adding in the 10% penalty makes it 25%.

yeah, I could very well be wrong too, But!! I thought it was 20% withholding if you take a lump sum (which I assume that's what you want). I think if your under 59 1/2, you have the 10% penalty, in addition to the 20% withholding. That's a lot! From my understanding,
that 10% penalty is a 100% loss to you. The withholding, will depend on your particular tax situation. My point being if your not over 59 1/2, DON'T TAKE IT OUT!! please.

 

[realbrown1]

How is that possible??? I have much less time than you in and I have over 10k in that thing???? Different cintribution rates???

UPS contributed a lot more for PTers than for drivers.

I have over 18K in mine because of my almost 5 years as a PTer.

 

[realbrown1]

Are you sure your not confusing this account, with another? Some of the thrift plans reached that balance. I don't know of anyone even close to that amount, with the pacific Coast Benefits administered by Northwest administrators? If it is, then great for you and I'm glad to hear it.[/ QUOTE]
UPS contributed over $2 an hour to the PTers accounts and $.10 am hour to drivers.

Long term PTers can have a large account.