UPS Special Pension Buyout Offer - December 2016

retiredTxfeeder

cap'n crunch
Any ortopedic conditions (like 95% of UPS disability cases will be) have to go to a hearing with extensive medical evidence.
I was a little older (late 50's) I documented my knees with an orthopedic dr's diagnosis. I got my SSDI first try. They also went back like 15 months and put a lump back pay sum into my account. The amount of $$ I get is equal to the max payout at age 70, or whatever the max is. It's worth the effort.
 

TimmmyD

New Member
I left UPS a few years ago with 5 years vested. Not sure what the monthly payment would be. I received a postcard in the mail a week ago. I think I will be taking the lump sum. Where do I go to see how much I would get a month?
 

Kimmie

Member
I did not get a post card. That is why I asked the rep I was speaking with. Maybe it is because I left there in 2001. IDK... And like someone else just said..... I do not think that they know either....
 

UPSandy36109

Active Member
I spoke to a lady from the 800 number this AM about 9:30. As I'm decent with math and time, here's what I was told.
-As others have said, we would receive our packets next week. The deadline to have them back in/decided is November 12.
-Interest rates unconsidered,- I hesitate to say 'we' in the collective as YMMV-but what I was told about my case is:
-If I chose the monthly stipend, being 225 + or -, the first stipend check would arrive in December. THERE WOULD BE NO WAITING UNTIL 55/65/ whatever. I retired out after 5 years with med disability at the age of 41 in 2012. It would be a 2-month check, December's payment and January's. Continue ad infinitium.
-If I chose the lump sum, here's how I was told(I can NOT make this up)it would go.
-What I was told is that the Company would take the monthly sum, use the annual multiplier(basically 2800/year), times the IRS' actuarial tables allowed for a buyout.
Some have said the age is 81. IDK if it's 81,75,70. Doesn't matter.
2800 times bare mnimum 16 years(my early retirement was at 62)-43K and change.
2800 times 35 maximum-per IRS age 81-80K plus.
My jaw dropped. It would have been a good day but DW had to go to the ER. I know better than to call my bank and arrange to pay the house off, though. Never believe anything until you see it in writing. But it sounded like a good day. :-)
 

UPSandy36109

Active Member
I spoke to a lady from the 800 number this AM about 9:30. As I'm decent with math and time, here's what I was told.
-As others have said, we would receive our packets next week. The deadline to have them back in/decided is November 12.
-Interest rates unconsidered,- I hesitate to say 'we' in the collective as YMMV-but what I was told about my case is:
-If I chose the monthly stipend, being 225 + or -, the first stipend check would arrive in December. THERE WOULD BE NO WAITING UNTIL 55/65/ whatever. I retired out after 5 years with med disability at the age of 41 in 2012. It would be a 2-month check, December's payment and January's. Continue ad infinitium.
-If I chose the lump sum, here's how I was told(I can NOT make this up)it would go.
-What I was told is that the Company would take the monthly sum, use the annual multiplier(basically 2800/year), times the IRS' actuarial tables allowed for a buyout.
Some have said the age is 81. IDK if it's 81,75,70. Doesn't matter.
2800 times bare mnimum 16 years(my early retirement was at 62)-43K and change.
2800 times 35 maximum-per IRS age 81-80K plus.
My jaw dropped. It would have been a good day but DW had to go to the ER. I know better than to call my bank and arrange to pay the house off, though. Never believe anything until you see it in writing. But it sounded like a good day. :-)
Let me add that I already have other streams of income and have been since I was retired out in 2012. So this is just like a 'bonus.' on free money, literally. No pension contribution, and the only thing coming out of my check were union dues? Best money-or lack thereof-ever spent.
 

UPSandy36109

Active Member
Former Teamster here, The BA just told me that this was not authorized by UPS, and don't give out any of your information.
<<<How is it "my"information?"
This is posted anonymously. I'm not dumb enough to post the employee ID or any other personal information. My name could be John Smith or Jack Frost. OF COURSE this website is not authorized by UPS. And, I'm a Teamster myself, with plenty of Stewards to back me up. The Birmingham local I will always be loyal to.
 

scooby0048

This page left intentionally blank
<<<How is it "my"information?"
This is posted anonymously. I'm not dumb enough to post the employee ID or any other personal information. My name could be John Smith or Jack Frost. OF COURSE this website is not authorized by UPS. And, I'm a Teamster myself, with plenty of Stewards to back me up. The Birmingham local I will always be loyal to.

LOL...try to keep up (TTKU) the person is talking about the pension buyout stuff not THIS website.
 

25TOLIFE

Well-Known Member
I was a little older (late 50's) I documented my knees with an orthopedic dr's diagnosis. I got my SSDI first try. They also went back like 15 months and put a lump back pay sum into my account. The amount of $$ I get is equal to the max payout at age 70, or whatever the max is. It's worth the effort.

The SSA really pushes the over 50 rule. I was awarded 29 months of retroactive back pay once I finally was approved at my appeal hearing. Definitely worth the effort. I hired a disability attorney and it is not in their best interest to get you approved right away. By law they get 15% to a maximum of $6000 of your back benefits. The lawyers know the SSA appeal backlog will take long enough that their payment is maxed out. I'm not complaining it's all behind me now and it all worked out. I was able to hang in there without falling behind on any bills but I'm sure people who don't have a pension or some other source of income or savings are in serious trouble if not approved the first time.
 

jrhoderick

Member
I spoke to a lady from the 800 number this AM about 9:30. As I'm decent with math and time, here's what I was told.
-As others have said, we would receive our packets next week. The deadline to have them back in/decided is November 12.
-Interest rates unconsidered,- I hesitate to say 'we' in the collective as YMMV-but what I was told about my case is:
-If I chose the monthly stipend, being 225 + or -, the first stipend check would arrive in December. THERE WOULD BE NO WAITING UNTIL 55/65/ whatever. I retired out after 5 years with med disability at the age of 41 in 2012. It would be a 2-month check, December's payment and January's. Continue ad infinitium.
-If I chose the lump sum, here's how I was told(I can NOT make this up)it would go.
-What I was told is that the Company would take the monthly sum, use the annual multiplier(basically 2800/year), times the IRS' actuarial tables allowed for a buyout.
Some have said the age is 81. IDK if it's 81,75,70. Doesn't matter.
2800 times bare mnimum 16 years(my early retirement was at 62)-43K and change.
2800 times 35 maximum-per IRS age 81-80K plus.
My jaw dropped. It would have been a good day but DW had to go to the ER. I know better than to call my bank and arrange to pay the house off, though. Never believe anything until you see it in writing. But it sounded like a good day. :-)

That is good news indeed!
 
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