401k match/profit sharing

Discussion in 'Old Dominion Freight Line' started by leftie, Oct 8, 2017.

  1. leftie

    leftie Member

    Messages:
    25
    Likes Received:
    35
    Trophy Points:
    13
    Hello, all. I recently had my interview, received offer, and finished the road test and drug test.
    Now I'm seriously evaluating the offer and all is good, but I'm seeking some clarification.

    During the interview the 401k was explained to me and I was a little too caught up with it all to take good notes. That's on me.
    I understand (or think I do) that there is a 30% match up to 6% and at the end of the year they'll do profit sharing as a lump sum.
    How I understood that is if you gross $1000 and contribute the full 6% you'll put $60 in and OD's part is $18. Essentially a 1.8% match on gross.
    How does the profit sharing work/would you say it makes up the difference compared to company's that match say 100% up to 3%?
    If there's a good thread on here that explains this I was unable to find it, I apologize if this is an annoying question.

    I was also told the term company-paid health insurance, which I'm fairly certain isn't true as I've seen those posts on here.

    Thanks in advance for all the info already here.
     
  2. BillyLo

    BillyLo Service 2.0 OD Strong All Time Mastio Champion

    Messages:
    2,269
    Likes Received:
    1,173
    Trophy Points:
    113
    That isn't good enough? smh, this is the best job any truck driver will ever have in their life.
     
    flybynite likes this.
  3. seabreeze

    seabreeze Not Well Known Member, 60 Year Teamster Member

    Messages:
    1,359
    Likes Received:
    1,597
    Trophy Points:
    113
    Son, you need to stay out of that koolaid, you don't know the difference between a job and a position, you have a job, I had a position.
    No dirty hands, no sweating,no dolly grease, had city drivers do drop and hooks, no fueling, didn;t even clean ws.
    What a life Billy, what a life.
    Makes me tired just thinking about the good old days.
    Think I'll run over to Wallyworld, see if they're hiring greeters.
     
    flybynite likes this.
  4. haulbytruck

    haulbytruck Member

    Messages:
    40
    Likes Received:
    35
    Trophy Points:
    18
    Company guaranteed match = 30% on the first 6% that we contribute. As a company, if this match does not equal 10% of the company net income then the company contributes the difference. Typically, the match has been a 60 to 80 cents on the dollar return. If I recall, last year this total net income match was almost 30 million. That is a lot of money coming back to us that participate.
     
    Freightsup and leftie like this.
  5. leftie

    leftie Member

    Messages:
    25
    Likes Received:
    35
    Trophy Points:
    13
    Haven't had the kool-aid yet, I'm still just looking at the pitcher, gimme a break lol

    That's awesome! Exactly what I was looking for, not a bad deal at all.
     
    Songremainsthesame likes this.
  6. Songremainsthesame

    Songremainsthesame Well-Known Member

    Messages:
    5,435
    Likes Received:
    2,763
    Trophy Points:
    113
    :heykoolaid::heykoolaid::heykoolaid:Ohhh yeah!!!
     
    Skypilot likes this.
  7. Polebender

    Polebender polebender

    Messages:
    34
    Likes Received:
    15
    Trophy Points:
    8
    So if someone were thinking of retiring, would you still get that match catch up as long as you stay through the end of the year ?
     
  8. leftie

    leftie Member

    Messages:
    25
    Likes Received:
    35
    Trophy Points:
    13
    That never even crossed my mind but I'd say if a couple grand will make or break your retirement you're probably not ready to retire lol
     
    DayliteDean likes this.

Share This Page