Vested Money after quitting UPS

Discussion in 'UPS Discussions' started by upstexan08, Nov 1, 2013.

  1. upstexan08

    upstexan08 New Member

    Hello,
    I recently quit UPS after almost 8 years as PT supervisor. I was wondering if anyone knew if it was possible to cash out your vested retirement income in order to move it into a personal IRA account or another investment account. Is this possible or does this money stay with UPS and you start drawing on it after retirement. HR and UPSers has been no help so far.
     
  2. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    ​It is not available until age 65.
     
  3. Ouch

    Ouch Well-Known Member

    Hey hoaxster would it be available if you paid the penalty on it or is it considered still not available till 65? Just wondering?
     
  4. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Nope---the amount, as small as it may be, will sit there (earning interest) until you turn 65.
     
  5. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    ​UpState nailed it.

    UPS hopes you forget about it.
     
  6. Jackburton

    Jackburton Gone Fish'n

    Prudential insurance was caught not notifying beneficiaries of claims to be paid out, collecting intrest off the claim to line thier own pockets. This is an instance where the underbelly of big buisness gets exposed

    Controller reaches settlement with Prudential Insurance
     
  7. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member


    Analogous but different.
    UPS has no legal obligation to notify retirees when they are eligible.
    One has to apply for retirement benefits.
     
  8. Jackburton

    Jackburton Gone Fish'n

    But it stays in the pool none the less, to be "managed" by UPS as it sees fit.
     
  9. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Yeah.

    Once UPS is notified the retiree is dead, that liability is removed and funds are reallocated to other current and future retirees.

    Like I said, I get your gist but it's a different type of benefit and processes. It works very similar to Social Security.

    If the retiree selects the retirement date and if he/she dies, the spouse (must be married at time of death) gets 50% of benefit that the retiree would have had at date of full retirement.
    ​The spouse must still file for retirement.
     
  10. Funfact

    Funfact Well-Known Member

    Pension like account no.

    ​ 401k yes