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ODFL | 401k match/profit sharing

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leftie

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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.
 
leftie said:
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.
Click to expand...

That isn't good enough? smh, this is the best job any truck driver will ever have in their life.
 
BillyLo said:
That isn't good enough? smh, this is the best job any truck driver will ever have in their life.
Click to expand...

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.
 
leftie said:
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.
Click to expand...
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.
 
BillyLo said:
That isn't good enough? smh, this is the best job any truck driver will ever have in their life.
Click to expand...
Haven't had the kool-aid yet, I'm still just looking at the pitcher, gimme a break lol

haulbytruck said:
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.
Click to expand...
That's awesome! Exactly what I was looking for, not a bad deal at all.
 
haulbytruck said:
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.
Click to expand...
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 ?
 
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