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electraglideatl

electraglideatl

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Went to check my Teamster 401k plan today and it isnt there anymore in mass mutual.......Anyone have any info. on this...?.....I didnt receive any info in mail.....:TR10driving03:
 
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electraglideatl said:
Went to check my Teamster 401k plan today and it isnt there anymore in mass mutual.......Anyone have any info. on this...?.....I didnt receive any info in mail.....:TR10driving03:
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Yeah, it went in the stock market last year buying YRC stock. That happened before the merger. People get $0.10 back for every dollar put in.
 
A letter was sent out a few weeks ago regarding this changeover. I almost threw it out without reading it. The letter states that Prudential is taking over the 401K plan from Mass Mutual. They stated that there is going to be a period of "quiet"" from today until I believe the 1st of December before you can access your account and see what you have. There is no .10 cents on the dollar here, every dime you had is going to be there when Prudential allows you to log in and view your funds. The money that you had invested will go into funds that are as similar as possible to the ones offered at Mass Mutual. I hope this clears up and uncomfortable feeling. Have a good safe holiday.
 
Great, another organization holding on to my money. I wonder what rules are in place, to keep people from retrieving their money. If it was up to me, I would put it in the US Bonds gaining non taxed interest or invest in gold. Some places have rules where people can't touch money after a certain amount of years.
 
If any one has traded funds in the self directed brokerage account there will be some paper work to fill out that you will get in the mail.
 
Watch out for the hidden penalties, that may not be mentioned on the form. New rules may apply with every different investment groups. I would talk to someone before filling out any form. Definately not the union either. Don't sign nothing until getting all info. With them, having your signature on that form is permission to that firm that everything is agreed upon. Reguardless of any changes of rules and regulations. It has be OK'd to your knowledge, and signed by law. Mass Mutual would take out 12% as payment for them to invest the 401k. If it was pre-taxed 401k there would be an additional tax on it. If u don't sign, I wonder if people can take there money without being charged the 12%. Because, the origial contract was with Mass Mutual not with this new firm. I would ask an accountant/family lawyer, and not from any of those firms thats for sure. Something to think about. Because, I wouldn't trust anybody with my money. Especially, the times we are all going through now.
 
pension fund with no control over your own money.....medical benefits without choice if U want it or not......In the words of Dr. Phil....What were we thinking......to give someone that much control over our money....
 
spaghettijg said:
Watch out for the hidden penalties, that may not be mentioned on the form. New rules may apply with every different investment groups. I would talk to someone before filling out any form. Definately not the union either. Don't sign nothing until getting all info. With them, having your signature on that form is permission to that firm that everything is agreed upon. Reguardless of any changes of rules and regulations. It has be OK'd to your knowledge, and signed by law. Mass Mutual would take out 12% as payment for them to invest the 401k. If it was pre-taxed 401k there would be an additional tax on it. If u don't sign, I wonder if people can take there money without being charged the 12%. Because, the origial contract was with Mass Mutual not with this new firm. I would ask an accountant/family lawyer, and not from any of those firms thats for sure. Something to think about. Because, I wouldn't trust anybody with my money. Especially, the times we are all going through now.
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No you can not get your money out unless you pay penalty per IRS. We have had guys call the IBT and were told you can if layed off or you quit. You can put up to 50% in the Self Directed account and pick you own stocks (John Deere, Microsoft,Yrcw,Campbell Soup, etc)
 
I heard Obama was going to make a lawthat made it easier (with less penalty) to swith a 401k untaxed money into a Roth IRA (which is after tax) anybody know anything about such a switchover ? if YRC goes under, how much penalty % would there be to take your 401k money and pay off your house or something like that ? Thanks for the info ?
 
treman530 said:
A letter was sent out a few weeks ago regarding this changeover. I almost threw it out without reading it. The letter states that Prudential is taking over the 401K plan from Mass Mutual. They stated that there is going to be a period of "quiet"" from today until I believe the 1st of December before you can access your account and see what you have. There is no .10 cents on the dollar here, every dime you had is going to be there when Prudential allows you to log in and view your funds. The money that you had invested will go into funds that are as similar as possible to the ones offered at Mass Mutual. I hope this clears up and uncomfortable feeling. Have a good safe holiday.
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Thanks Treman........I missed that letter and glad you cleared it up for me......Almost freaked out when I couldnt find my funds.........Happy Thanksgiving.........:TR10driving03:
 
electraglideatl said:
Thanks Treman........I missed that letter and glad you cleared it up for me......Almost freaked out when I couldnt find my funds.........Happy Thanksgiving.........:TR10driving03:
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The actual return date for being able to deal with your money is December 4th. Prudential shows a site where you can get updates on the transition. I haven't tried it yet but here it is.
www.prudential.com/teamsters401kplan

Hopoe you had a decent holiday.
 
i think i caught in the fine print a 100.00 dollar fee adn higher purchase costs in self directed fund each year that i don't remember getting from mass mutual, I called about choices for stock and they said stocks with a price lower than 5.00 you can't buy in self directed when you could with mass mutual.
 
Why would anyone invest anything in a deal investing money with the Teamster's name on it? You can do the same thing yourself with your own 401K with payroll deductions.
Look at your fees from these crooks. Front end , rear end, yearly fees
 
can't do own 401k as i know... IRA maybe, furthermore the company won't approve the transfer to the account. whole new set of problems and restrictions.... but i will say shame on me for trusting the situation
 
rockford files said:
Why would anyone invest anything in a deal investing money with the Teamster's name on it? You can do the same thing yourself with your own 401K with payroll deductions.
Look at your fees from these crooks. Front end , rear end, yearly fees
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The Teamsters really do not appear to have anything at all to do with this. This is a 401K that is exactly like any other 401K as far as I can see. The investments are all in companies that do not have anything to do with Teamsters, organized labor or anything else. I got started with this thing as soon as it was offered to us and I have never regretted it. I have never seen any investment consultant say anything bad about any 401k under any circumstances. It is a tool for putting money away that your family will benefit from. I fail to see anything wrong with that.
 
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