What's new

TForce | 401k ???

I

imported_trucker69orso

TB Lurker
Credits
0
I rec'd a book from the co.(UPGF) about the 401k I'm already in. I also rec'd from human resources a book about the Teamster/UPS 401K plan. No explanation or directions,just info. Our T.M. told one of our guys that when we ratified our contract,our 401 froze and no money(ours)was put towards it,and that we had to re-up in one or the other to continue adding $.
Now, My question is....Why was no explanation or notice given either verbally or in writing about these changes by the Co. or the Union???? I find it very disturbing and irresponsible by both parties to have dropped the ball on this very important issue.
 
Get used to it. Just wait until you have contract issues. Company is going to do what they want, and any grievences you file will be set aside or delayed until you forget you filed them.
 
trucker69orso said:
I rec'd a book from the co.(UPGF) about the 401k I'm already in. I also rec'd from human resources a book about the Teamster/UPS 401K plan. No explanation or directions,just info. Our T.M. told one of our guys that when we ratified our contract,our 401 froze and no money(ours)was put towards it,and that we had to re-up in one or the other to continue adding $.
Now, My question is....Why was no explanation or notice given either verbally or in writing about these changes by the Co. or the Union???? I find it very disturbing and irresponsible by both parties to have dropped the ball on this very important issue.
Click to expand...

You did not vote yes on this contract without fully understanding it like most did. Did you? The Co. washed their hands of the 401K upon ratification and the Teamsters could give a f..k less if you join their 401k as they are contributing zilch to it. Their only concern is your monthly dues.:1036316054:
 
galaxy99dx said:
Get used to it. Just wait until you have contract issues. Company is going to do what they want, and any grievences you file will be set aside or delayed until you forget you filed them.
Click to expand...

:stupid:It is called the grievance process. Sorry, you can't get what you want right away. I haven't forgot any of the grievances and I am happy that November is just weeks away. :1036316054:
 
acsx99773 said:
You did not vote yes on this contract without fully understanding it like most did. Did you? The Co. washed their hands of the 401K upon ratification and the Teamsters could give a f..k less if you join their 401k as they are contributing zilch to it. Their only concern is your monthly dues.:1036316054:
Click to expand...

Written like a man truely involved with the process.:1036316054:
 
trucker69orso said:
I rec'd a book from the co.(UPGF) about the 401k I'm already in. I also rec'd from human resources a book about the Teamster/UPS 401K plan. No explanation or directions,just info. Our T.M. told one of our guys that when we ratified our contract,our 401 froze and no money(ours)was put towards it,and that we had to re-up in one or the other to continue adding $.
Now, My question is....Why was no explanation or notice given either verbally or in writing about these changes by the Co. or the Union???? I find it very disturbing and irresponsible by both parties to have dropped the ball on this very important issue.
Click to expand...

If you recieved the DVD, from the union, and it should have been mentioned during your meeting as well upon ratification of your contract what happened to the contribution of the 401 and why, and the changeover to the 401K ,UPS\TEAMSTERS PLAN.

Alot of people do not care for what happened because the changeover does not effect them, well not now anyway. But was infact upset about loosing the contribution, I was one of them, not as extreme as some, but I have scince then hightened my contributions to compensate.

The contribution to the 401 was eliminated, based on the fact there was a low % of people in the plan to begin with, so the contribution was taken away, and now is contributed to retiree ins. with Over. the insurance costs for retirement ( cobra) was something like $900.00 a month, now most retirees will only see an amount of $500.00 a month ( cobra) a significant savings. For the same INS.
 
Well spoken from what I remember everyone before voting if you have voted was told about the change and for the ones that haven't yet well I think you'll lose it eventually anyway.
 
SlowRide said:
Well spoken from what I remember everyone before voting if you have voted was told about the change and for the ones that haven't yet well I think you'll lose it eventually anyway.
Click to expand...

Well they, ( those who were in the OVER\UPS 401K) will not loose it, it has been frozen, at this point you can do one of three different things.
1. Keep the OVER.\UPS plan where it is, and start a Teamster\UPS 401K plan. And roll it over into your new plan after if you wish.

2. Roll it over into some other type of retirement fund of your choice.
3. Cancel it, and walk away with the money.( Something I do not strongly suggest).

After creating your new 401K Teamster\UPS plan, your contributions will be put into the new plan.
 
Accelerator can you tell me the difference in the two plans other than the letterhead.I don`t see any.I have heard you cant roll the old money (OVNT/UPS)into the new plan(Teamster)..you know of anyone who accually done it ?
 
renegade313 said:
Accelerator can you tell me the difference in the two plans other than the letterhead.I don`t see any.I have heard you cant roll the old money (OVNT/UPS)into the new plan(Teamster)..you know of anyone who accually done it ?
Click to expand...

Accept for the contribution being eliminated, there is no differance, I will also have to call HR and see if we can roll over the old plan into the new, a few have said yes, so I assumed they have done this, I will call to be sure.
 
Well has anyone gotten or recieved confirmation as to if the old plan can be rolled over into the new teamster plan? I've asked and only recieved BS answers which is typical. I honestly don't understand how UPS can freeze my money.
 
Frozen is not the correct term. Your money continues to accumulate interest or lose money depending on market conditions. If you have stock in the 401K, dividend reinvestment still occurs. The thing that did change, you can no longer contribute to the UPS 401K plan. Your contributions now go to Teamster 401K. No match from company in either plan. You CAN take the money from the UPS plan & move it. It is still your money & it has not been frozen or taken from you. If you do not move it to a qualified plan, say hello to Uncle Sam.
 
Roadrunner73...have you personally moved your money from the UPS plan to the Teamster plan? I and alot of others have inquired about moving their monies as you suggested and the answer from ING is NO....I did contact Prudential about it and they say it isn't an issue....Where did you get your info from and contact info?
 
acrylic51 said:
Roadrunner73...have you personally moved your money from the UPS plan to the Teamster plan? I and alot of others have inquired about moving their monies as you suggested and the answer from ING is NO....I did contact Prudential about it and they say it isn't an issue....Where did you get your info from and contact info?
Click to expand...

Mostly posted from my own experience with the old 401K. Now I have not tried to move money out of the account. I can't understand why that would be an issue. The stock would have to stay, but otherwise it should move. This is UPS so maybe normal rules don't apply.

I have moved money around in my account. I have also received additional stock thru the dividend reinvestment. This is stock received thru the 401K. I have never personally purcased any.
 
i remember reading/hearing when ups/union first froze the funds that it would remain frozen for a period of 5 years. your not allowed to contribute or withdrawl your funds but you can move your funds around to better your yield during that period. move them around such as from bonds to stocks, or balanced to high risk. but not withdrawl or add.
 
I have both the 401k UPS savings plan and the Teamster 401k plan. They both are the same and I continue to contribute into the Teamster plan. Both plans are allocated to my choice of the 2015 funds. They both have been doing a steady incline over the last 3-6 months. I am up $20,000 compared to where I was 1 year ago today. Hopefully we will watch a slow steady incline for the years to come now. I have invested in my 401k for 28 years now and I am not planning on doing any thing with either plan until I have too other than continuing to contribute to the Teamster plan.........watch it grow with all those stocks I bought on sale over the last 2 years.
 
You must log in or register to reply here.
Top