Pension question

Discussion in 'UPS Retirement Topics' started by Brandon Whitworth, Apr 4, 2019.

  1. Brandon Whitworth

    Brandon Whitworth New Member

    I’m a 13 year driver on the west coast. I’m thinking of resigning and running my body shop full time. Does anyone know if I can roll my pension into my own 401k or IRA?
     
  2. rod

    rod retired and happy

    If you only have 13 years in what little pension you have you won't be able to get at for years. Contrary to what some believe you don't just quit and the pension check is in your mailbox the next day.
     
  3. rod

    rod retired and happy

    If that's your real name management at your center will know tomorrow that you are thinking of hanging it up. Not a good thing for them to know.
     
  4. Brandon Whitworth

    Brandon Whitworth New Member

     
  5. Brandon Whitworth

    Brandon Whitworth New Member

    They already know I own a body shop. I’m in the fact gathering stage. I want to gather all the facts then present them to my financial planner.
     
  6. rod

    rod retired and happy

    I would suggest talking to someone qualified to answer your questions. Seriously-you won't find anyone like that on here-- espically this time of night. I seriously doubt you will be able to take control of your future pension now. I fact I would say no way. Why would anybody give you the money now when they can play with it until you are qualified to get it? I will upgrade my answer to --HELL NO you won't be able to do what you want to with your money.
     
  7. rod

    rod retired and happy

    good luck
     
  8. rod

    rod retired and happy

    and good night
     
  9. DELACROIX

    DELACROIX In the Spirit of Honore' Daumier

    Nope..You can not roll your traditional pension plan into an individual 401K or IRA...Once you are vested (over 5 years) you have to wait till age 65 or reach the eligible service time required in the West for early retirement (generally 25 years)..If you retire prior to age 65 with any service years your pension is reduced six percent for every year prior to age 65..You are half way there, tough it out...

    Another consideration is Medical coverage....Choose wisely...
     
  10. bumped

    bumped Well-Known Member

    Your pension fund may buy you out of your pension though. I know of some fellow employees that quit, and were offered a pension buyout. I guess you could call your local and see if that's an option.
     
  11. Brandon Whitworth

    Brandon Whitworth New Member

    Thanks for the buyout idea, I will call them to ask about it.
     
  12. burrheadd

    burrheadd KING Of GIFS

    Wear your respirator never met a body man that wasn’t half goofy from sucking fumes everyday
     
  13. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    ....NO and why not if your under 55 years old?
     
  14. 1989

    1989 Well-Known Member

    That’s about 3K a month.
     
  15. rod

    rod retired and happy

    Damn--I worked 30 years and 3K is what I get. And they want to take 2/3rds of that away.
     
  16. 1989

    1989 Well-Known Member

    What’s the big deal? They know that anyone can leave at anytime. I’ve left 3 times with 3 days notice. They know that yesterday could be my last day.
     
  17. Indecisi0n

    Indecisi0n Well-Known Member

    Do you have dirty fingernails?