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TForce | so you want to give up $83,000

Overnite

Overnite

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if you make $80,000 and are putting away 7% in a 401k that is $5600 a year the company will match that with $2800 if that money gows at 4% which is a very low estimate over 20 years you have given up $83,379

my 401k earned 20% last year

if it earns 8% a year for 20 years that comes to a grand total of $128,134 that we give up

that also assumes $80k for the rest of your life no raises.

The 401k should be the biggest single reason in this or any labor contract a pension is shaky and not guaranteed a 401k is your money and can't be touched by anyone.

How can the teamsters let such a huge chunk of money be taken from us?

This contract is very shortsighted.

we should not have to be told we are getting a better deal we should be able to see it for ourselves.
 
Overnite said:
if you make $80,000 and are putting away 7% in a 401k that is $5600 a year the company will match that with $2800 if that money gows at 4% which is a very low estimate over 20 years you have given up $83,379

my 401k earned 20% last year

if it earns 8% a year for 20 years that comes to a grand total of $128,134 that we give up

that also assumes $80k for the rest of your life no raises.

The 401k should be the biggest single reason in this or any labor contract a pension is shaky and not guaranteed a 401k is your money and can't be touched by anyone.

How can the teamsters let such a huge chunk of money be taken from us?

This contract is very shortsighted.

we should not have to be told we are getting a better deal we should be able to see it for ourselves.
Click to expand...

You talk as if this is a guarenteed thing,,,,It is not and it is still matched with stock....You are only looking at one thing and not listening to anything else anyone is saying....You sound as if you would live and die by this 401k......I respect you spending sooo much time figuring out just how much it MIGHT put in to your account ....But it is a far cry from everything that we face....I want this contractor bs stopped and the delay paid to me.....Compensated for every hour I work.....And not spend time away from family because they have figured out away to make it so I HAVE TOO.....One point is good but you can't sell the farm for it.....
 
Overnite,
Seriously, why do you think that UPSF is going to continue matching anyone's 401K? It's fairly obvious that the match is going to be gone soon. If you're figures were projecting future matching by the Company you haven't lost anything. You can't really lose what you don't yet have.
 
what?

hell you can take part of the money you get for all time paid and your wages and buy stock straight up, you'll be better off, then put the other money you have laying around in the ups 401k, i'm thinking you will do pretty damn good over 20 years.
 
Overnite said:
if you make $80,000 and are putting away 7% in a 401k that is $5600 a year the company will match that with $2800 if that money gows at 4% which is a very low estimate over 20 years you have given up $83,379

my 401k earned 20% last year

if it earns 8% a year for 20 years that comes to a grand total of $128,134 that we give up

that also assumes $80k for the rest of your life no raises.

The 401k should be the biggest single reason in this or any labor contract a pension is shaky and not guaranteed a 401k is your money and can't be touched by anyone.

How can the teamsters let such a huge chunk of money be taken from us?

This contract is very shortsighted.

we should not have to be told we are getting a better deal we should be able to see it for ourselves.
Click to expand...

take your raise and buy discounted stock tru the company or put in the roth Ira.
 
Overnite said:
if you make $80,000 and are putting away 7% in a 401k that is $5600 a year the company will match that with $2800 if that money gows at 4% which is a very low estimate over 20 years you have given up $83,379

my 401k earned 20% last year

if it earns 8% a year for 20 years that comes to a grand total of $128,134 that we give up

that also assumes $80k for the rest of your life no raises.

The 401k should be the biggest single reason in this or any labor contract a pension is shaky and not guaranteed a 401k is your money and can't be touched by anyone.

How can the teamsters let such a huge chunk of money be taken from us?

This contract is very shortsighted.

we should not have to be told we are getting a better deal we should be able to see it for ourselves.
Click to expand...

It was no surprise that at our pcm today, the company stated that not enough of us are in the 401k. They think that this one benefit loss will keep workers from joining the union. The facts scare them,only 6 out of 10 employees are in the 401k and that includes all workers not just union eligible employees. That issue falls deaf on at least 40% or more ears.:1036316054: the average salary at my terminal is about $47000.
 
Overnite said:
if you make $80,000 and are putting away 7% in a 401k that is $5600 a year the company will match that with $2800 if that money gows at 4% which is a very low estimate over 20 years you have given up $83,379

my 401k earned 20% last year

if it earns 8% a year for 20 years that comes to a grand total of $128,134 that we give up

that also assumes $80k for the rest of your life no raises.

The 401k should be the biggest single reason in this or any labor contract a pension is shaky and not guaranteed a 401k is your money and can't be touched by anyone.

How can the teamsters let such a huge chunk of money be taken from us?

This contract is very shortsighted.

we should not have to be told we are getting a better deal we should be able to see it for ourselves.
Click to expand...


If I earn more in wages with increases year after year, how hard is it for me to suppliment my own 401 with the added 3.5% to compensate in cash, as opposed to stock, I put in 14% now, I realize I have to retire one day but this is not the only issue facing us at this point.

Do not forget the pention. If it stays. everything at this point is impredictable, I am not saying we should throw a good thing away, there will be other contracts. this is just the beginning.

If UPS was infact scincere in our retirement, this match would still be there. But unfortunatley, it will not be if we go in this direction.
 
The 3.5% is FREE money, yes paid in stock, but don't forget, you can cash this stock out every 2 years for cash put back into your 401K.
 
This reminds me of a buddy of mine years ago who was obsessed with saving money but wouldn't risk it in anything other than CDs. Good guy but the cheapest guy I ever knew. He would make 8 or 9% one year on CDs and the interest rate would lower and he'd maybe make 6 or 7% the next. He still made money. He would say that he lost money. I'd say no he didn't lose any money, he just didn't make as much. I finally got him to admit that he didn't 'lose' anything because you can't lose something you never had.
 
diverman said:
The 3.5% is FREE money, yes paid in stock, but don't forget, you can cash this stock out every 2 years for cash put back into your 401K.
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Nothing is free, it is all part of the big picture.Give something , take away something. According to company records 4-10 employees don't take the free money.
 
In my humble opinion the 401k match was going to end soon anyways. Now that UPS has bargained/bought our pension plan, I forsee it ending soon as well. I think all we will have is a 401k that we contribute to plus whatever pension you currently have vested. For those with very little time with the company, they may need to consider moving on in the near future!!!
 
Why do some people expect the company to give them something for free. I come to work to EARN a living not beg for handouts.If the 3% match is a big deal to some of you why not take the first pay increase of .65 cents which is about 3% of our curent top rate and put it in your 401. Then you will still get another pay increase at the first of the year.
 
Bmftrucker said:
In my humble opinion the 401k match was going to end soon anyways. Now that UPS has bargained/bought our pension plan, I forsee it ending soon as well. I think all we will have is a 401k that we contribute to plus whatever pension you currently have vested. For those with very little time with the company, they may need to consider moving on in the near future!!!
Click to expand...

The pension is not ending for Indy. Its protected by a CONTRACT.:1036316054:
 
Nothing is free, it is all part of the big picture.Give something , take away something. According to company records 4-10 employees don't take the free money.

If other people don't take advantage of an extra benifit, does that mean those of us that do should not take advantage of it.

even with the raise, which is something you have earned, yes, put more in, but why not take the extra 3.5% and put it in there also.

Why do some people expect the company to give them something for free.
I guess the same could be said for health beni's also, and for any other benifit the company offers. Why is this considered begging?

Some people are so sure it is going away, there has been no mention at all of losing this except for in the contract. Even if it does eventually go, why not take advantage of it while you can. I just don't understand why this is not worth fighting for like everything else, for me it is like losing the drop and hooks, or stand by pay. It is not fair for anyone to say it is not important to others. Again different priorities. But lieb sounds like he is ready to give everything up just so he can have a another grievence committee. Now, does he believe this, probably not, but,in a give and take, why do we have to give up a good benifit?
What is good for one, is not necessarily good for another.
 
UPS has some weird mystical power over the union. I'm not sure if it's due to their sheer enormous size or what but they hold most of the cards which is evident to most of us. In the near future (mark my words) the company pension will be dissolved.
 
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