Terminated Can I get my money from WCT Pension Fund

Discussion in 'UPS Union Issues' started by just4me, Aug 23, 2016.

  1. just4me

    just4me New Member

    Was terminated 3 months ago, can I get money from WCT Pension Fund or do I have to wait for retirement.

    Thanks
     
  2. scooby0048

    scooby0048 This page left intentionally blank

    It's my money and I want it NOW!
     
    • Funny Funny x 3
    • Like Like x 2
    • List
  3. dookie stain

    dookie stain Well-Known Member

  4. useyourloadstand

    useyourloadstand New Member

    they will tax you on it. Think you have to be vested into UPS for 5 years to even get it. It's best to roll it over tax free into Roth IRA
     
  5. PiedmontSteward

    PiedmontSteward RTW-4-Less

    Not familiar with the WCT fund but the other funds I am familiar with require that you have 5 years vested in order to ever draw or recieve a lump sum.

    Unless you're close to retirement age, it will likely be penalized into oblivion. Lump sums are typically only given out to folks with only a few years in the fund as with the UPS PT plan.
     
  6. SoCalUPS

    SoCalUPS Active Member

    WCT does not allow the member to take any lump sum or withdraw anything if certain guidelines are not met.
    1)You must be a vested member for 5 years and
    2)You must be of retirement age or permanently disabled collecting social security.

    The pension plan is not a 401k. If you have any further questions, contact the pension administration.
     
  7. olroadbeech

    olroadbeech Happy Verified UPSer

    the directions are on the back of your statements. otherwise call them.
     
  8. rod

    rod retired and happy

    There went that nest egg you thought you had.
     
  9. 3 done 3 to go

    3 done 3 to go In control of my own destiny

    The way I understand the upstate. Ny pension. If you are terminated. You get nothing. We had a driver fired. With a failed blood test after reporting for work. He was allowed to sign back to work only to sign a release form (retire) . Which was decent of UPS to do. They really didn't have to
     
  10. How long did you work there and how old are you?
     
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    He will have to wait until he turns 65 to start collecting unless he has the years of service (30) but not the age; if this is the case, he would start collecting when he turns 55.
     
  12. 3 done 3 to go

    3 done 3 to go In control of my own destiny

    The guy I was mentioning. Had 27 yrs. Has been getting a grand a month for about 7 yrs now. Which will be cut 35% with our wonderful union screw job
     
  13. burrheadd

    burrheadd Superstar

    So what'd ya steal
     
  14. BigUnionGuy

    BigUnionGuy Got the T-Shirt


    That situation.... is not uncommon.




    Who's fault is that ??



    -Bug-
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    So he took the 6% cut per year every year from age 65.

    Ouch!
     
  16. 3 done 3 to go

    3 done 3 to go In control of my own destiny


    His own doing. But, the 35% cut at the end of the month is all the local union