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SEFL | Rotation/volunteers

no1uno

no1uno

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With the fears from the Coronavirus how are things at your terminal? How many guys are being sent home or volunteering.

Also spread the word about our thread here on Truckingboards. This can be a great resource for use to communicate with each other.
 
Once noticed this past week the miles in linehaul have dipped a bit, at least for wild drivers. Rotation seems to be ramping up a bit too.
 
No layoffs! Am thankful for that, but then how many would we have to hire when freight returns with a vengeance? Can’t find a local driver willing to leave his company before this hit and work at sefl. How will they hire enough quickly enough? Best they rotate us now and keep us around until things snap back.
 
LTLIndentured said:
No layoffs! Am thankful for that, but then how many would we have to hire when freight returns with a vengeance? Can’t find a local driver willing to leave his company before this hit and work at sefl. How will they hire enough quickly enough? Best they rotate us now and keep us around until things snap back.
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In RAL and GBO, and KIN, as well as other big terminals, they were asking linehaul drivers if anyone wanted to volunteer to take up to two weeks off either without pay or the option to use vacation days. Choice was theirs.
 
Hearing reports some terminals are sending 8 plus drivers a night home. Surely they have cut all purchase power out and sent all part time drivers home until further notice.
 
With the carpet mills in Dalton closed I would imagine the rotation has got to be deep there. Wonder why we cant access our 401k like other companies?
 
LTLIndentured said:
I’m dumping lots of money into my 401 right now. It’s all on sale. That’s only access I need lol
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That's a good plan, I'm 30+years from retirement. If SEFL would allow (as of Friday they have not contacted Troweprice) us to access our money and some of us could pull some out without quitting or paying the penalty it could possibly change the way people live!
 
Freighthauler9 said:
That's a good plan, I'm 30+years from retirement. If SEFL would allow (as of Friday they have not contacted Troweprice) us to access our money and some of us could pull some out without quitting or paying the penalty it could possibly change the way people live!
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I don’t understand. Are you saying you want a loan against your 401? Sefl doesn’t impose penalties on withdrawals. The US gov does. Loans aren’t penalized.
 
LTLIndentured said:
I don’t understand. Are you saying you want a loan against your 401? Sefl doesn’t impose penalties on withdrawals. The US gov does. Loans aren’t penalized.
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Roadready said:
Southeastern determined rules on 401k. Tax rate and penalties ,if any , only thing Gov. controls.
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yes, but why would you withdraw money from your 401 when you can take a loan against instead? Thats fiscally irresponsible since a withdrawal will get hit with a massive early withdrawal penalty from the us government? Maybe the company is trying to keep us from panicking and doing something long term foolish.
 
LTLIndentured said:
yes, but why would you withdraw money from your 401 when you can take a loan against instead? Thats fiscally irresponsible since a withdrawal will get hit with a massive early withdrawal penalty from the us government? Maybe the company is trying to keep us from panicking and doing something long term foolish.
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Under the "CARES ACT" passed by the government, if your employer allows it one could take out a lump sum of money from there 401k up to $100,000. This is not a loan and you dont pay a penalty for being under 59.5. You will pay taxes regardless of age. I know some of you think its stupid to withdraw money from your 401k ( not a loan) but for my circumstance if I took out the full $100,000 I could pay my home off and actually save $100,000 over the next 15 years from the interest on my home.
 
Freighthauler9 said:
Under the "CARES ACT" passed by the government, if your employer allows it one could take out a lump sum of money from there 401k up to $100,000. This is not a loan and you dont pay a penalty for being under 59.5. You will pay taxes regardless of age. I know some of you think its stupid to withdraw money from your 401k ( not a loan) but for my circumstance if I took out the full $100,000 I could pay my home off and actually save $100,000 over the next 15 years from the interest on my home.
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On the other hand, that is 15 years the $100,000.00 is not working for you.
I do not know which is better. Just a thought.
 
Freighthauler9 said:
Under the "CARES ACT" passed by the government, if your employer allows it one could take out a lump sum of money from there 401k up to $100,000. This is not a loan and you dont pay a penalty for being under 59.5. You will pay taxes regardless of age. I know some of you think its stupid to withdraw money from your 401k ( not a loan) but for my circumstance if I took out the full $100,000 I could pay my home off and actually save $100,000 over the next 15 years from the interest on my home.
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Very interesting. You say sefl won’t allow us to take it out? Have you contacted benefits at corporate to find out why not? If it’s penalty free then that’s a different ball game
 
Freighthauler9 said:
Under the "CARES ACT" passed by the government, if your employer allows it one could take out a lump sum of money from there 401k up to $100,000. This is not a loan and you dont pay a penalty for being under 59.5. You will pay taxes regardless of age. I know some of you think its stupid to withdraw money from your 401k ( not a loan) but for my circumstance if I took out the full $100,000 I could pay my home off and actually save $100,000 over the next 15 years from the interest on my home.
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Think about the income tax you’ll pay on the $100. Also compare your interest rate vs average growth in your plan. Maybe refi a 15 yr at 3% and a small 401k loan if need be. Lots of scenarios to consider and math to do.
 
Just heard that Tobin has made a decision on the 401K part of the Cares Act. He does not think it's a good idea. Guess Tobin knows what's best for my family and I.
 
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