Left UPS, Can I withdraw contributions?

NewAirRamp909

Well-Known Member
I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63
 
I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63
Leave the money in there and find a $500 somewhere else
 

DELACROIX

In the Spirit of Honore' Daumier
I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63

Sorry .. sounds like you are vested...can’t touch it till you are 65.

By then that $ 535 should get you a Big Mac with extra fries...
 

Fenris

Well-Known Member
I recently left UPS to start school. I put it for an education transfer but was denied because I didn't have enough time in. I received a letter from Pacific Coast Trust which states that I'm a vested employee and i have a vested balance of 535.00 dollars from withdrawals made from my time at UPS. Can I take this money out? Looks like there are 3 ways to receive: Because of retirement, termination or death. I resigned. Does anyone have any suggestions? I was working in Ontario, California. Local 63
Resigned = termination
 

Cloud

Well-Known Member
There should be something about low balances of under $1000 are automatically cashed out. And also if you don't roll it over into a retirement account, it could be subject to 10% early withdrawal penalty.
 

Its_a_me

New Member
10% early withdrawal penalty and taxed at ordinary income rates for a lump sum payment. Meaning you might clear $300.00 from it.

As stated above best advice is to roll it over into another retirement vehicle--open an account at a low cost provider (Vanguard is my recommendation and use electronic communications to avoid fees) if you don't have one. Tell Pacific Coast Trust to ACH the funds directly to the retirement account as it will save you a lot of trouble with physical paperwork later.
 

DELACROIX

In the Spirit of Honore' Daumier
10% early withdrawal penalty and taxed at ordinary income rates for a lump sum payment. Meaning you might clear $300.00 from it.

As stated above best advice is to roll it over into another retirement vehicle--open an account at a low cost provider (Vanguard is my recommendation and use electronic communications to avoid fees) if you don't have one. Tell Pacific Coast Trust to ACH the funds directly to the retirement account as it will save you a lot of trouble with physical paperwork later.

Ten percent penalty and subject to an automatic twenty percent federal tax.

I believe that the cash out option only applies for those employees that have less than 5 years in.

Otherwise you are vested till age 65.

Again there are so many different pension formulas out there...depending on what Conference or area you are under...
 

meritocracy

Well-Known Member
There are other threads about this. Might want to search for them. I would leave it and let it grow and put the paperwork in a folder with your important stuff like your birth certificate and whatnot. If you really want to you can take the penalty and withdraw it early.
 
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