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TForce | 401K, Pensions

Should mention that I figure on 32 years to go. With the 100% of 6% my 401k will have 1,339,400. Again, based off conservative estimates. Factor in my Roth IRA (everyone should have) and non-qualified money I think I'll be ok. I hope you guys don't think I'm spewing anti-union sentiment here. Nothing could be further from the truth. I think you guys have the opportunity to have retirement by the balls if done correctly. If you do not believe the figures I put on here go to any financial site and run them for yourself. If you know what your catch-up contributions are worth, run those also..
 
Yes you did. You guys have to get that match back. That is free money matching your tax deferred money. Get it back.. I don't know for sure, but I don't think a pension contribution is tax deferred.. If it is please, correct me..
 
I may be wrong, but close. It's 7% up to $3600 and the most you can contribute is $15500 a yr. That's per the Government.
However, The match is gone and we need to stick together on the local rule.
 
dvr49 said:
you just NOW!!!! realize this. but you wanted a contract, well you have it now live with it.:hysterical:
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We all have it. And will like it and live with it.

And if we don't, we all know what we can do.
I'm not the happiest about what we received "but it is what it is" as I've been told, and we're going to have to live with it for now.
So how about lets start working together on work rules, instead of bashing each other and putting these childish smiles behind every post.
 
pissweed said:
I read the post about the 401k's...if UPS no longer contributes to the 401Ks, who will? I seriously doubt that the union will want to out of the low dues that we will be paying, so does it just sit there and take a nosedive like the rest of the market?
Who contributes to the pension plan for us? Again, with the low dues, the union can't. So do our pensions stop growing? Who cares if the health insurance is a tiny bit better and we get a tiny raise....who pays for our benefits?!?!?! The union can't do it on these supposedly low dues...or are they going to go way up???? There are too many unknowns here and I haven't seen anything in writing except things like grievances and seniority... Who cares! I want my money for retirement!!! Show me in writing!!!
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Pissweed:

As far as I know.......nobody will be putting money into it but you!
I personaly think 401 (k)s suck. I would not continue to add to it. Go to an EdwardJones.com agent in your area....have them roll the 401 (k) money over into an IRA or better yet, a ROTH IRA and let them invest the money in a low risk American Equity Income fund or in Step up bonds, or a mutual fund.

You will be better off and can watch YOUR money grow right before your eyes. Just have them deduct the same amount out that you would have taken out and put in a 401 (k) fund from your checking account once a month.

THAT is the best way to go with YOUR money.....KK
 
Kennesaw Kid said:
Pissweed:

As far as I know.......nobody will be putting money into it but you!
I personaly think 401 (k)s suck. I would not continue to add to it. Go to an EdwardJones.com agent in your area....have them roll the 401 (k) money over into an IRA or better yet, a ROTH IRA and let them invest the money in a low risk American Equity Income fund or in Step up bonds, or a mutual fund.

You will be better off and can watch YOUR money grow right before your eyes. Just have them deduct the same amount out that you would have taken out and put in a 401 (k) fund from your checking account once a month.

THAT is the best way to go with YOUR money.....KK
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I don't believe you can do that KK. In order to move your 401 you have to quit or leave the company...
 
Kennesaw Kid said:
Pissweed:

As far as I know.......nobody will be putting money into it but you!
I personaly think 401 (k)s suck. I would not continue to add to it. Go to an EdwardJones.com agent in your area....have them roll the 401 (k) money over into an IRA or better yet, a ROTH IRA and let them invest the money in a low risk American Equity Income fund or in Step up bonds, or a mutual fund.

You will be better off and can watch YOUR money grow right before your eyes. Just have them deduct the same amount out that you would have taken out and put in a 401 (k) fund from your checking account once a month.

THAT is the best way to go with YOUR money.....KK
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my mother is 76 years old. she worked for american greetings. she has $855,000 in her 401k. that really sucks!!!!!!!! the rest of it is in a mayonnaise jar in the back yard:hysterical:
 
GLAD TO BE_UPSF said:
The only thing you loose is the company match.
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I'd say that's pretty damned significant, especially since there is no more company match. That's the idea behind getting folks to save is to give them an incentive that pays dividends. We already had the pension plan. I'd say we gave up more than we got and, God bless you guys that still think we've made leaps and bounds, but it looks more like a rock skipping across the water of a toilet bowl. Now you are stuck at the mercy of the company and hoping that they don't change the payout structure in five years when the contract comes back up for negotiation. Enjoy your work at Taco Bell during your "retirement".
 
pissweed said:
Don't be rude...that was not in the contract that I was given and I am not slow...I am far ahead of most of these guys who only worry about trivial things. So, if I had only 8 years under UPS (part of that was Overnite) and 3 or 4 years under the union, what pension would I get? (I don't mean exactly how much!) but wouldn't the change hurt my total pension? I also don't really want to lose the company 401K match, although I hate that UPS stock that they give us...it only goes up right before the match, so they give it to us when it is high then it goes down and we are therefore only getting about 2% max instead of 3.5%. So much for that, but I need it all. I'll bet that if I only have 3 or 4 years with the union, I won't get any pension at all from the union, will I? All I would get would be the 8 years with UPS/Overnite, right? Or if I don't get in the union now, I could get a pension from UPS based on 11 or 12 years service, right? So therefore, the union is only best for younger drivers and not those nearing retirement. Honestly, would that be a true statement?
This is very important to me.
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Let me try to put your mind at ease. I have worked with several guys over the years that have had to piece together 30 years service from 2 or more Teamster pension funds. All these funds have a reciprical agreement, meaning that each will honor the other's time to allow a full pension to be paid out.

Each fund pays out their portion based on how much was paid into that fund on behalf of the member. I'm sure that UPS and the IBT have worked this out.

I believe you became vested when you got 5 years in with Overnite and this should carry over to the new pension fund. If you are close to retirement you won't be able to collect either until you reach 65 with only 11 or 12 years in. You need 20 years to collect at 62.
 
tree9148 said:
I'd say that's pretty damned significant, especially since there is no more company match. That's the idea behind getting folks to save is to give them an incentive that pays dividends. We already had the pension plan. I'd say we gave up more than we got and, God bless you guys that still think we've made leaps and bounds, but it looks more like a rock skipping across the water of a toilet bowl. Now you are stuck at the mercy of the company and hoping that they don't change the payout structure in five years when the contract comes back up for negotiation. Enjoy your work at Taco Bell during your "retirement".
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You need to learn a little bit more about 401 plans. Do you think that you can't save for retirement with out a company match? I have contributed to a 401k for 28 years with and with out a company match. I do not have to much longer to go for retirement and my 401k will be at a half million dollars. Its not the match thats making you all the money. Its how much % of your weekly income that you contribute that will make you the money over the long term. By the way how much stock match have you made since UPS took over? If anything we lost when UPS took away the 50 cents to a dollar match and gave us stock instead. My stock match adds up to $1666.00 per year providing the stock market stays consistent which it has not.
 
BusterNite said:
You need to learn a little bit more about 401 plans. Do you think that you can't save for retirement with out a company match? I have contributed to a 401k for 28 years with and with out a company match. I do not have to much longer to go for retirement and my 401k will be at a half million dollars. Its not the match thats making you all the money. Its how much % of your weekly income that you contribute that will make you the money over the long term. By the way how much stock match have you made since UPS took over? If anything we lost when UPS took away the 50 cents to a dollar match and gave us stock instead. My stock match adds up to $1666.00 per year providing the stock market stays consistent which it has not.
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You are correct that you do not need a match to plan for retirement. They do help though. on page 7 of this thread I posted some projections based on having the match and not having it. Over time that can make a huge difference. Do I understand that instead of the match to the 401k, they give you stock instead? What determines how much you get? Is this separate from the 401k all together?
 
BusterNite said:
You need to learn a little bit more about 401 plans. Do you think that you can't save for retirement with out a company match? I have contributed to a 401k for 28 years with and with out a company match. I do not have to much longer to go for retirement and my 401k will be at a half million dollars. Its not the match thats making you all the money. Its how much % of your weekly income that you contribute that will make you the money over the long term. By the way how much stock match have you made since UPS took over? If anything we lost when UPS took away the 50 cents to a dollar match and gave us stock instead. My stock match adds up to $1666.00 per year providing the stock market stays consistent which it has not.
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Last year the price that we bought the company match stock at was set at $59, today it is worth $74.48 How did we lose by getting the match in stock? The way I see it we gained.
 
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