Vested Money after quitting UPS

[upstexan08]

Hello,
I recently quit UPS after almost 8 years as PT supervisor. I was wondering if anyone knew if it was possible to cash out your vested retirement income in order to move it into a personal IRA account or another investment account. Is this possible or does this money stay with UPS and you start drawing on it after retirement. HR and UPSers has been no help so far.

 

[Catatonic]

Hello,
I recently quit UPS after almost 8 years as PT supervisor. I was wondering if anyone knew if it was possible to cash out your vested retirement income in order to move it into a personal IRA account or another investment account. Is this possible or does this money stay with UPS and you start drawing on it after retirement. HR and UPSers has been no help so far.

​It is not available until age 65.

 

[Ouch]

​It is not available until age 65.

Hey hoaxster would it be available if you paid the penalty on it or is it considered still not available till 65? Just wondering?

 

[UpstateNYUPSer(Ret)]

Nope---the amount, as small as it may be, will sit there (earning interest) until you turn 65.

 

[Catatonic]

Hey hoaxster would it be available if you paid the penalty on it or is it considered still not available till 65? Just wondering?

Nope---the amount, as small as it may be, will sit there (earning interest) until you turn 65.

​UpState nailed it.

UPS hopes you forget about it.

 

[Jackburton]

UpState nailed it. UPS hopes you forget about it.

Prudential insurance was caught not notifying beneficiaries of claims to be paid out, collecting intrest off the claim to line thier own pockets. This is an instance where the underbelly of big buisness gets exposed

Controller reaches settlement with Prudential Insurance

 

[Catatonic]

Prudential insurance was caught not notifying beneficiaries of claims to be paid out, collecting intrest off the claim to line thier own pockets. This is an instance where the underbelly of big buisness gets exposed

Controller reaches settlement with Prudential Insurance

Analogous but different.
UPS has no legal obligation to notify retirees when they are eligible.
One has to apply for retirement benefits.

 

[Jackburton]

Analogous but different.
UPS has no legal obligation to notify retirees when they are eligible.
​One has to apply for retirement benefits.

But it stays in the pool none the less, to be "managed" by UPS as it sees fit.

 

[Catatonic]

But it stays in the pool none the less, to be "managed" by UPS as it sees fit.

Yeah.

Once UPS is notified the retiree is dead, that liability is removed and funds are reallocated to other current and future retirees.

Like I said, I get your gist but it's a different type of benefit and processes. It works very similar to Social Security.

If the retiree selects the retirement date and if he/she dies, the spouse (must be married at time of death) gets 50% of benefit that the retiree would have had at date of full retirement.
​The spouse must still file for retirement.

 

[UPSGUY72]

Hello,
I recently quit UPS after almost 8 years as PT supervisor. I was wondering if anyone knew if it was possible to cash out your vested retirement income in order to move it into a personal IRA account or another investment account. Is this possible or does this money stay with UPS and you start drawing on it after retirement. HR and UPSers has been no help so far.

Pension like account no.

​ 401k yes