Lump sum payout...

[BIGPAPY24]

i work for 10 years and i m wonder if i can take a lump sum payout , did anyone have information or a phone number, where i need to contact to get stared...thanks and have a good day to all....

 

[UpstateNYUPSer(Ret)]

Are you management or hourly? If hourly, what plan do you fall under? I am with the NYS Teamster Pension Plan and the only time they will issue a lump sum payout is if the balance is $5K or less.

 

[ostler123]

i work for 10 years and i m wonder if i can take a lump sum payout , did anyone have information or a phone number, where i need to contact to get stared...thanks and have a good day to all....

You can search another good job because lump sum is very little money.It is really hard to lead life.

 

[crooks everywhere]

Full time or Part time? Think Full time use to have that option but not anymore. Now 705 is eliminating the one time bonus payout also. Be sure you 705ers go to the next meeting.

 

[hondo]

Full time or Part time? Think Full time use to have that option but not anymore. Now 705 is eliminating the one time bonus payout also. Be sure you 705ers go to the next meeting.

According to my notes & recollection, the IRS will be suspending L705's lump sum payout. If I understand correctly, the (formerly optional) choice of adding $8 for each year of service to the monthly benefit takes its place.
And just like any other month, it is a good idea to attend the general membership meeting.