Retired!

[rod]

If I remember correctly....

It was like $5 $6 or $7 (you had a choice) and it was like 22% interest, until the

government shut them down. I can't remember why.


And congratulations @Vendor

My memories of it (granted I'm OLD) is that you were allowed 6 bucks a week max and there were a few years in the 20% payoff range. Then it was UPS who change the rules (imagine that) and the plan was maxed out at something like 12 - 15 % after that.

 

[clean hairy]

Interest rates were high resulting high returns on the thrift plan.
Home loans were at or above 10% at that time.

 

[rod]

Interest rates were high resulting high returns on the thrift plan.
Home loans were at or above 10% at that time.

My home loan was 13% and was one of the cheaper ones. We made double house payments and paid that bitch off as soon as we could.

 

[burrheadd]

My home loan was 13% and was one of the cheaper ones. We made double house payments and paid that bitch off as soon as we could.

I bought a car in 79 or 80 17% interest

 

[The Driver]

You can take money out of your 401k if you are 55 or older and retired.

What if you're 58 and decide to get some part time work? Do you get penalized on the 401(k) withdrawals at that point?

 

[cosmo1]

What if you're 58 and decide to get some part time work? Do you get penalized on the 401(k) withdrawals at that point?

The chances are better your pension fund will penalize you.

 

[IVE GOTTA PACKAGE 4U]

What if you're 58 and decide to get some part time work? Do you get penalized on the 401(k) withdrawals at that point?

No just as long as you don't move your 401k into an IRA

 

[Mugarolla]

OPL was set up in Bermuda and used as insurance to pay for damaged packages is the way I remember it. When the Thrift Plan was done away with, I bought some UPS Stock at $25 a share and it doubled when it went public. I put that in an IRA and bought some mutual funds at that time.

You remember it correctly. OPL involved insuring and paying for damaged packages.

For every 4 shares of UPS stock bought at $25/share, 1 of those was supposed to be OPL.

That's about when the IRS stepped in and started an investigation of UPS for tax evasion and a few other charges, scam comes to mind, involving OPL.

Since the Thrift Plan was a retirement plan, no taxes on interest until withdrawn, the stock purchased needed to go into a rollover IRA.

 

[brownmonster]

You remember it correctly. OPL involved insuring and paying for damaged packages.

For every 4 shares of UPS stock bought at $25/share, 1 of those was supposed to be OPL.

That's about when the IRS stepped in and started an investigation of UPS for tax evasion and a few other charges, scam comes to mind, involving OPL.

Since the Thrift Plan was a retirement plan, no taxes on interest until withdrawn, the stock purchased needed to go into a rollover IRA.

I only had about a grand in the thrift plan. It was converted to stock but not in an IRA. Maybe under a certain dollar amount it didn't have to be.

 

[clean hairy]

With my thrift plan, half was sent in a check and half was stock. There was no option to take it all in cash.

 

[IVE GOTTA PACKAGE 4U]

With my thrift plan, half was sent in a check and half was stock. There was no option to take it all in cash.

I got my original contributions back and the earnuear went into stock.

 

[Mugarolla]

I got my original contributions back and the earnuear went into stock.

Drinking again???

 

[IVE GOTTA PACKAGE 4U]

Drinking again???

Mind your own damn business

 

[Frankie's Friend]

Didn't it involve how they handled C.O.D. monies? I believe it did. But what would I know? Lol.

I thought that was later and cash cods then went away. That was well after the strike if I remember correctly.

 

[scratch]

I thought that was later and cash cods then went away. That was well after the strike if I remember correctly.

Overseas Partners Limited was set up as a way to buy extra insurance when shipping packages, it has nothing to do with CODs. OPL was set up in Bermuda to avoid taxes, that's why the IRS went after it. Courts later decided that it was legal, but it was shut down anyway.

 

[rod]

We had a guy who put all his Thrift Plan money into OPL stock and not UPS stock. He came to regret that decision.

 

[Frankie's Friend]

We had a guy who put all his Thrift Plan money into OPL stock and not UPS stock. He came to regret that decision.

Alot of old timers did that here.

 

[Mugarolla]

Any interested can read.

 

[What'dyabringmetoday???]

I can't remember all the details.





Don't remember that. Enlighten me.

I "heard" that they would hold onto the C.O.D. cash for a few days and earn interest on it. Supposedly that was part of the function of OPL. I could be wrong of course. I mean- I'm just a poser that is scared to go to work. Lol.

 

[What'dyabringmetoday???]

Overseas Partners Limited was set up as a way to buy extra insurance when shipping packages, it has nothing to do with CODs. OPL was set up in Bermuda to avoid taxes, that's why the IRS went after it. Courts later decided that it was legal, but it was shut down anyway.

Maybe. Maybe not. Notice none of the "partners" are chiming in? Lol.