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Brown Cafe UPS Forum
UPS Retirement Topics
Anyone out there drawing a monthly stipend from their Teamster/UPS 401K?
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<blockquote data-quote="Ms.PacMan" data-source="post: 3327166" data-attributes="member: 4656"><p>From the Summary Plan Description for the 401K</p><p></p><p>In certain circumstances, the 10% federal excise tax on distributions may not apply. You should consult with your tax advisor to determine if the 10% federal excise tax will apply to your distribution. For example, the 10% federal excise tax does not apply to payments made to you after you separate from service with UPS after the year you reach age 55. </p><p></p><p>401K's are taxed as ordinary income afaik.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 3327166, member: 4656"] From the Summary Plan Description for the 401K In certain circumstances, the 10% federal excise tax on distributions may not apply. You should consult with your tax advisor to determine if the 10% federal excise tax will apply to your distribution. For example, the 10% federal excise tax does not apply to payments made to you after you separate from service with UPS after the year you reach age 55. 401K's are taxed as ordinary income afaik. [/QUOTE]
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Anyone out there drawing a monthly stipend from their Teamster/UPS 401K?
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