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UPS Retirement Topics
New England Teamsters Pension Fund: More Bad News
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<blockquote data-quote="JonFrum" data-source="post: 390713"><p>Can anyone confirm that the Trustees just voted to eliminate the Lump Sum payment option in the near future?</p><p></p><p>Currently, a retiree can elect to have up to 10% of his total benefit paid to him upfront in a lump sum when his retirement begins. The Lump Sum amount can't exceed $50,000. Your monthly benefit checks will be reduced to offset the lump sum payment. In other words, a Lump Sum payment doesn't increase your overall benefit, and eliminating it doesn't reduce your overall benefit. It's just an optional way to receive your money. Did we just loose that option?</p></blockquote><p></p>
[QUOTE="JonFrum, post: 390713"] Can anyone confirm that the Trustees just voted to eliminate the Lump Sum payment option in the near future? Currently, a retiree can elect to have up to 10% of his total benefit paid to him upfront in a lump sum when his retirement begins. The Lump Sum amount can't exceed $50,000. Your monthly benefit checks will be reduced to offset the lump sum payment. In other words, a Lump Sum payment doesn't increase your overall benefit, and eliminating it doesn't reduce your overall benefit. It's just an optional way to receive your money. Did we just loose that option? [/QUOTE]
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