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Brown Cafe UPS Forum
UPS Retirement Topics
UPS Special Pension Buyout Offer - December 2016
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 4286478" data-attributes="member: 12570"><p>Now I see what the company is doing.</p><p></p><p>They are direct(ly) depositing only the cash out portion of the lump sum payout, less the 10% penalty and 20% taxes, and they are mailing a check for the balance. If you deposit the check in to an approved retirement account (IRA, 401k) within 60 days you will not be charged the 10% or 20%. If you decide to keep the money it will be treated as a distribution and you will be charged both the 10% and the 20%.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 4286478, member: 12570"] Now I see what the company is doing. They are direct(ly) depositing only the cash out portion of the lump sum payout, less the 10% penalty and 20% taxes, and they are mailing a check for the balance. If you deposit the check in to an approved retirement account (IRA, 401k) within 60 days you will not be charged the 10% or 20%. If you decide to keep the money it will be treated as a distribution and you will be charged both the 10% and the 20%. [/QUOTE]
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UPS Special Pension Buyout Offer - December 2016
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