UPS Special Pension Payment Offer

Discussion in 'UPS Retirement Topics' started by JMR07168, Sep 18, 2016.

  1. JMR07168

    JMR07168 New Member

    Hey! after updating my info per the request of the pension servicer a few weeks ago, I received this in the mail.
    Anyone else get one?
    Any idea on what the lump sum offer might be?
    I am vested at $740/mo
    Thanks
     

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  2. Jackburton

    Jackburton Gone Fish'n

    I'd be curious about your tenure here. I was just talking about a buyout on active members to a friend of mine the other day. Seems they are targeting current retirees, how much of your pension is from Central States vs the company.

    Just reread it and it's unclear wether you're retired or not.
     
  3. 1989

    1989 Well-Known Member

    Go on, take the money, and run.
     
  4. olroadbeech

    olroadbeech Happy Verified UPSer

    Once you get the offer may I suggest you contact a very good CPA to run the numbers.
     
  5. Outta there

    Outta there New Member

    Received same notification, retired 6 years ago after 26 years, was 46 at the time. Curious to see what the offer will be.
     
  6. JMR07168

    JMR07168 New Member

    I'm 36. 2045 is when my retirement would start to pay as I understand it.
    I only had about 10 years of employment there. Most of it was part time.
     
  7. JERAD THADEN

    JERAD THADEN New Member

     
  8. reddog68

    reddog68 New Member

    Anybody heard anything else on this lump sum offer
     
  9. margincharge1

    margincharge1 New Member

    I received the same UPS Special Pension Payment Offer Card a few days ago.
    I worked for UPS a total of 16 years part time. I became disabled in 2006 so I had to resigned. I'm eligible for my pension at age 55. Still have 5 years to go. Does anyone know what the offer will be or how it will be calculated?
     
  10. margincharge1

    margincharge1 New Member

    ATTENTION!!!

    Here's the contact phone number for more info. for those who received the UPS SPECIAL PENSION PAYMENT OFFER Notice.
    (855) 216-8048
     
  11. margincharge1

    margincharge1 New Member

    ATTENTION!!!

    Here's the contact phone number for more info. for those who received the UPS SPECIAL PENSION PAYMENT OFFER Notice.
    (855) 216-8048
     
  12. JMR07168

    JMR07168 New Member

    I used this calculator to estimate it.

    PensionBenefits, Inc. - Lump Sum Value Calculator

    I do not know if its accurate. Mine came to $104,490.56 with a 731.70 monthly benefit.
    Definitely worth considering.

    Also, I called 1-855-216-8048. No representatives will be available until the 29th of this month.
    time to wait ;)
     
    Last edited: Sep 20, 2016
  13. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    ...which is why I advised earlier that anyone who received one of these letters needs to be patient and wait for their offer to come in the mail....do not act upon this offer alone....seek out a financial adviser....
     
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  14. Prissy0120

    Prissy0120 New Member

    Is this offer for retired or certain age ex-employees?
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Did you receive a post card?
     
  16. Prissy0120

    Prissy0120 New Member

    Yes, I received one
     
  17. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Let us know what they offer you---not specific figures but rather what percentage they are taking away from you---and whether it can be rolled over so as to avoid the tax hit.
     
  18. badpal

    badpal Member

    I wish they would offer this to current employees, i fully vested, but would think long and hard about an onetime lump payout.
     
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    ....which you would not receive until you reach normal retirement age, which is usually 65....
     
  20. Ms.PacMan

    Ms.PacMan Well-Known Member

    Lump sum pension buyouts are paid at the time they're accepted by the employee, not age 65.

    The amount would need to be rolled over into an IRA or a person will incur a 10% early withdrawal penalty and the amount will be taxed as ordinary income.

    I can't comment on whether it's an okay deal until they post the actual buyout amount.