Pension Question for past employment

Discussion in 'UPS Retirement Topics' started by HikerGuy, Jan 14, 2015.

  1. HikerGuy

    HikerGuy New Member

    Hello all. I have a question about my UPS pension.

    I worked at UPS from 2005 to 2013 when I decided to quit and go hike the Appalachian Trail (which was totally worth it). Before I quit, I asked HR at the Louisville Hub if I had a pension, which they replied with a yes since I had worked there longer than 5 years, "vesting" me into it. Anyways, I am trying to find out information on how to view my pension information as well as maybe going ahead and cashing it out. I have had personal event happen in my life and need to gather funds. Any help would be greatly appreciated, and hopefully I dont sound like a daft baffoon in asking these questions. Thank you in advance!
     
    Last edited: Jan 14, 2015
  2. upschuck

    upschuck Avatar bet gone wrong

    I believe no cash outs, but don't know for sure. Call your local union hall for the number for the pension fund to know for sure. It won't be a lot, either way, though.
     
  3. oldngray

    oldngray nowhere special

    partially vested like that you wouldn't get much and I think you have to wait until you are 65.
     
  4. bottomups

    bottomups Bad Moon Risen'

    Did you happen to run across Mark Sanford on your hike?
     
  5. rod

    rod retired and happy

    So you worked 9 years at UPS and quit to hike the trail? All I can say is --WOW. I want some of what you were smoking back then. Why didn't you just do it a little bit at a time while on vacations? I have some friends who are paddling down the whole length of the Mississippi in kayaks. They do about 300 miles a summer/fall and haven't missed a day of work. So far they have gone from the headwaters in Mn. to St. Louis. Sorry---in your case you will not be able to get any pension payout until you are 65 and that may have increased to 67 and a half by now.
     
  6. HikerGuy

    HikerGuy New Member

    Because section hiking is for old men, and it was always a dream of mine. Besides, I didn't plan on working at UPS my whole life. And yes, you'd die for what I've been smoking.

    Thanks for the information everyone.
     
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  7. HikerGuy

    HikerGuy New Member

    And sorry Bottomsup, no one hiking uses their real name so I'm unsure.
     
  8. rod

    rod retired and happy


    Lots of serial killers I've heard---they like to use an alias.
     
  9. brownmonster

    brownmonster Man of Great Wisdom

    I once drove the Bourbon Trail. Not a smart move.
     
  10. oldngray

    oldngray nowhere special

    Closest I ever did was a pub crawl.
     
  11. bottomups

    bottomups Bad Moon Risen'

    He looks like this.th (1).jpg
    Probably had his mistress along.
     
  12. Funfact

    Funfact Well-Known Member

    First of all you can't cash out you pension.

    Also only working for UPS for 8 or 9 years and most of it if not all as a Ptimer is going to mean you not going to get much as depending on how many hows you worked each year will also have a impact on how much you going to get when you hit 65 or 67.
     
  13. dupa

    dupa On-Road Integrated Optimization and Navigation.

    best friend quit at 16 years (4 pt 12 ft) his pension check will be $289.00 when he turns 65. He says it will be his monthly beer allotment in retirement
     
  14. scooby0048

    scooby0048 This page left intentionally blank

    Would he still not get whatever money he put in if he were to resign. They cannot hold his money hostage however, he might not get UPS' contribution portion but he will still be entitled to what he put in.
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Actually, you can----I believe the amount has to be $5K or less.
     
  16. scooby0048

    scooby0048 This page left intentionally blank

    I'm not sure that's correct either. What about hardships or for the purchase of homes? I believe you can take up to 50%.
     
  17. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I thought for sure I read somewhere that if your pension fund balance is $5K or less you can take that balance in full.

    You are talking about 401k's.
     
  18. 50% or $50,000. whichever Is less. in your 401k plan. Not sure about pension rules.
     
  19. scooby0048

    scooby0048 This page left intentionally blank

    Dave, yes 401k. Ok so I just checked and for hardship you can take the whole amount like you said. I've, I am looking at the loan section and you are right, 50% but I cannot find the fixed dollar amount.
     
  20. $50,000 Is the max. But It can not be over 50% of your account balance.

    example . if you have 200k you can borrow 50k. if you have 40k,you can only borrow 20k. IRS rules,not UPS.