UPS Special Pension Buyout Offer - December 2016

[UpstateNYUPSer(Ret)]

It's my money and I want 80% of it now

 

[jrhoderick]

Anybody get paid yet?

 

[Nomoturkey]

Would it surprise you if they stuck to us one last time and waited for the last day of the month? Lol

 

[jrhoderick]

called them..... payments will start going out on the 15th

 

[Tstorm]

Same. I was told the 15th they would start also.

 

[Gary Lyle]

I hope they get it together and roll out the payments before Christmas, that would be a sweet end to 2016!

 

[Blackmamba24]

I agree it would have been nice if they were more specific on the disbursement date. The dates they gave are so vague.

 

[Blackmamba24]

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.

Were they specific on what order the direct deposits were going out? Or was it they were going to just start but in no particular order if that makes sense.

 

[Nomoturkey]

Ok...So my friend received it today via direct deposit (showed me) I however did not. I called today and was told that Mellon bank of NY has started releasing payments in batches. Also was told they will be doing this throughout the month up until Dec. 30

 

[fishscale99]

Ok...So my friend received it today via direct deposit (showed me) I however did not. I called today and was told that Mellon bank of NY has started releasing payments in batches. Also was told they will be doing this throughout the month up until Dec. 30

nice!!

 

[Gary Lyle]

Ok...So my friend received it today via direct deposit (showed me) I however did not. I called today and was told that Mellon bank of NY has started releasing payments in batches. Also was told they will be doing this throughout the month up until Dec. 30

What? It's not even the 15th!

 

[Catatonic]

What? It's not even the 15th!

Now you're going to bitch about it being early?

 

[TSGman]

Ok...So my friend received it today via direct deposit (showed me) I however did not. I called today and was told that Mellon bank of NY has started releasing payments in batches. Also was told they will be doing this throughout the month up until Dec. 30

Do you know if he elect rollover or cash out.

 

[UpstateNYUPSer(Ret)]

Do you know if he elect rollover or cash out.

If he elected rollover the proceeds would not have been direct deposited in to his personal account.

 

[Nomoturkey]

Cash out less the expected 20%

 

[Tstorm]

Ok...So my friend received it today via direct deposit (showed me) I however did not. I called today and was told that Mellon bank of NY has started releasing payments in batches. Also was told they will be doing this throughout the month up until Dec. 30

Showed you his direct deposit? Did you doubt him?
It seems most people were told that they would start on the 15th. Odd.

 

[Nomoturkey]

Known my friend for over 30 yrs thought he might be pulling my leg like we have done with each other for years lol They told us both the 15th as well. Maybe he should send it back to them to hold for the 15th?

 

[Upsea10]

Showed you his direct deposit? Did you doubt him?
It seems most people were told that they would start on the 15th. Odd.

That was a made up date from people who were trying to process pension elections, but couldn't because people kept calling and asking when they would get their money. "Lets just tell everyone the 15th." Payment decision were made in Atlanta, not Dallas.

 

[Tstorm]

That was a made up date from people who were trying to process pension elections, but couldn't because people kept calling and asking when they would get their money. "Lets just tell everyone the 15th." Payment decision were made in Atlanta, not Dallas.

I see. I wont complain if it comes before then. Thanks for the info

 

[Gary Lyle]

Now you're going to bitch about it being early?

I'm not bitchin' - just excited!