Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
UPS offer on the Table for takeover of Central States fund !
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="JonFrum" data-source="post: 196328"><p>I'm sure many pension plan participants, especially those in the Central States plan, wish they could get ahold of all the monies contributed on their behalf by UPS over their careers, and put the money in their own personal IRA or 401(k).</p><p></p><p>Unfortunately, this is not a possibility. ERISA and plan rules prohibit it. The only way to get a lump-sum payout is to retire normally, and even then you will probably only get a small portion of your lifetime benefit up front. Here in the New England fund, for example, the maximum lump-sum at retirement is 10%. Also, some retirees who's entire furure benefit is very small, say $3,500 or less in total, will be paid the full amount as a lump-sum just as a convienience, to save on postage and handling.</p><p></p><p>Pension plans are deliberately set up to pay benefits at retirement in monthly installments. Withdrawing early, either as an individual, or as a group, is intentionally discouraged, if not made impossible.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 196328"] I'm sure many pension plan participants, especially those in the Central States plan, wish they could get ahold of all the monies contributed on their behalf by UPS over their careers, and put the money in their own personal IRA or 401(k). Unfortunately, this is not a possibility. ERISA and plan rules prohibit it. The only way to get a lump-sum payout is to retire normally, and even then you will probably only get a small portion of your lifetime benefit up front. Here in the New England fund, for example, the maximum lump-sum at retirement is 10%. Also, some retirees who's entire furure benefit is very small, say $3,500 or less in total, will be paid the full amount as a lump-sum just as a convienience, to save on postage and handling. Pension plans are deliberately set up to pay benefits at retirement in monthly installments. Withdrawing early, either as an individual, or as a group, is intentionally discouraged, if not made impossible. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
UPS offer on the Table for takeover of Central States fund !
Top