Part time pension buyout - ON TOPIC

[Neutz55]

Background: I just recently left ups after 5 years part time while in college. I received a job offer over an hour away. It's been about 2 months since I left the company and I still have not been contacted about a pension buyout offer. Is there something I can do to get the ball rolling or do I just sit back and wait to get contacted?
Thanks for the help.

 

[UpstateNYUPSer(Ret)]

Who told you that you would receive a pension buyout?

 

[Neutz55]

My steward. Is that not a common thing everywhere?

 

[UpstateNYUPSer(Ret)]

No.

 

[Neutz55]

Huh. It's pretty common in my former hub. I wonder if it varies by location/state etc..

 

[silenze]

Did you verify you have 5 yrs of pension credit before you left?

 

[Neutz55]

Yes. It's verified

 

[Neutz55]

I'm sorry, but how does this help answer my question?

 

[burrheadd]

I'm sorry, but how does this help answer my question?

Guess you haven't met the hyena

 

[Neutz55]

Yeah I'm starting to realize that I'm probably not going to get a good answer or resource out of this thread. However if by some miracle there is someone out there who reads this and can help please do reply, it will be greatly appreciated. If not please stay out of the thread to save space for those who can help.

 

[Inthegame]

My steward. Is that not a common thing everywhere?

It is very unusual for a pension to payout anything below a certain age, and those that offer a "payout" are usually in lieu of monthly "lifetime" benefits. UPS plans reduce below age 65.

 

[Big Lug]

According to the pension plan documents, if the Accrued Benefit is $5,000 or less then they will automatically distribute a lump sum. If they mean $5,000 or less payable for the year in total then the OP should receive a distribution. With 5 vested years @ 60 /month per year, he's only at $3,600. That being said, I'm not sure if that's how they determine that. Contacting the pension plan board would be your best option to find out.

 

[oldngray]

I never heard of any local with a pension buyout. If he is partially vested he probably won't see any money until he is 65.

 

[East coast navy]

Background: I just recently left ups after 5 years part time while in college. I received a job offer over an hour away. It's been about 2 months since I left the company and I still have not been contacted about a pension buyout offer. Is there something I can do to get the ball rolling or do I just sit back and wait to get contacted?
Thanks for the help.

After the pension reform law came to law, it forced locals to make changes to their pensions.. One of them was no payouts. I don't know what local you were in. I would call your old HR and your old local union hall. Good luck.

 

[saintrick]

If you are in the PT company plan try retirement dept at UPS

If the present value of your accrued benefit is $5000 or less you have the option of a cash distribution or rollover.

If you take the cash distribution it is subject to 20% federal tax and a 10% early-withdrawal penalty.

 

[PT Crazy]

No payout til you are 65.

 

[PiedmontSteward]

I only have a digital copy of the SPD from 2007, but here goes:

 

[saintrick]

The 2013 SPD has the amount at $5000 not $1000 as listed above from Piedmont.

The full time IBT/UPS plan has the same wording.

 

[greengrenades]

Yeah I'm starting to realize that I'm probably not going to get a good answer or resource out of this thread. However if by some miracle there is someone out there who reads this and can help please do reply, it will be greatly appreciated. If not please stay out of the thread to save space for those who can help.

If you ever need something answered try asking it here. What can brown do for you? • /r/UPS No b/s just straight up answered questions, I usually ask the people there instead of being blasted in the ass here.

 

[UpstateNYUPSer(Ret)]

If you ever need something answered try asking it here. What can brown do for you? • /r/UPS No b/s just straight up answered questions, I usually ask the people there instead of being blasted in the ass here.

I clicked on your link and while it does look like a good resource to answer most UPS related questions I doubt that they would be able to answer contract related questions.