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TForce | UPS savings plan transfer to Teamster-UPS 401K plan

Dockworker

Dockworker

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UPS Freight Teamsters who have a balance in the UPS Savings Plan can now liquidate their plan and transfer it to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. There will be no tax consequences to transfer.

You should be receiving an announcement in the mail along with a Transfer of Assets Authorization Form.

Excerpt from the letter:
The Board of Trustees of the Teamster-UPS National 401(k) Tax-Deferred Savings Plan and Administrative Committee of the UPS Savings Plan have agreed to allow a one-time opportunity to transfer your UPS Savings Plan balance to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. This is a one-time, voluntary election that you can make between April 29, 2011 at 4PM (ET) and July 15, 2011 at 4PM (ET)

Your balance in the UPS Savings Plan will not automatically transfer to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. You must actively elect to transfer 100% of your UPS Savings Plan balance during the transfer election period.

www.teamsterups401kplan.com
 
Dockworker said:
UPS Freight Teamsters who have a balance in the UPS Savings Plan can now liquidate their plan and transfer it to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. There will be no tax consequences to transfer.

You should be receiving an announcement in the mail along with a Transfer of Assets Authorization Form.

Excerpt from the letter:
The Board of Trustees of the Teamster-UPS National 401(k) Tax-Deferred Savings Plan and Administrative Committee of the UPS Savings Plan have agreed to allow a one-time opportunity to transfer your UPS Savings Plan balance to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. This is a one-time, voluntary election that you can make between April 29, 2011 at 4PM (ET) and July 15, 2011 at 4PM (ET)

Your balance in the UPS Savings Plan will not automatically transfer to the Teamster-UPS National 401(k) Tax-Deferred Savings Plan. You must actively elect to transfer 100% of your UPS Savings Plan balance during the transfer election period.

www.teamsterups401kplan.com
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You must be enrolled in the Teamster plan ,also, to be able to transfer your money from the old UPS Savings Plan. Thank God it's voluntary!
 
I have over 100 shares of UPS stock I got for a 401K match. Dividends reinvest into more shares. Not really interested in selling it, I guess I won't be transfering.
 
The UPS/Teamster 401k will have the Roth 401K option. Which is the best way to save, when there is not match. You put in post tax income and you pay nothing on that principle and all accrued interest when you retire.
 
I have the Roth 401K. The max I can put in is 5%. Is this related to age? Can anyone contribute more than 5%? The rest I save goes into the traditional 401K
 
Roadrunner73 said:
I have the Roth 401K. The max I can put in is 5%. Is this related to age? Can anyone contribute more than 5%? The rest I save goes into the traditional 401K
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You must not work for UPS freight, because that option went away 3 years ago. Unless you are a non-union employee(management or hourly office).
 
Sorry, I am a union road driver. Been in the Teamsters since 1983 except for 2 years non when I started at Overnite/UPSF. When I go onto Teamster/Pru 401K I get to put 5% into the Roth 401K. That is the max it offers me. I am 55.
 
Roadrunner73 said:
Sorry, I am a union road driver. Been in the Teamsters since 1983 except for 2 years non when I started at Overnite/UPSF. When I go onto Teamster/Pru 401K I get to put 5% into the Roth 401K. That is the max it offers me. I am 55.
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There is no roth 401k in the UPS/Teamster prudential plan.

There will be one starting 7/1/2011.

So, you are either mistaken about your investments or not in the plan that this thread refers too.

http://www3.prudential.com/email/retirement/IMFPWeb/cws/teamsterups/0182769-00001-01.pdf

I think you are confusing the after tax allowance contribution of 1-5%, that is not a roth 401k. You will pay taxes on the growth of that investment when you retire. The Roth 401k is tax free when you retire.
 
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You are right. I am confused. I thought it was a Roth. It actually says pretax contribution & after tax contribution. It is the after tax that is limited to 5%.
 
Roadrunner73 said:
You are right. I am confused. I thought it was a Roth. It actually says pretax contribution & after tax contribution. It is the after tax that is limited to 5%.
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If you decide to switch over, jump on that Roth 401k, a pre tax 401k without a match is not worth it, but the Roth is the way to go, I am glad that UPS/TEAMSTERS finally got on the ball with this one.
 
I went to check out my UPS savings plan balance, and all my UPS stock is missing. Has anyone else had this happen, or does it show back up when I hit my five years in November? I havent logged on in awhile so I was surprised to see it not there. This is the match that UPS gave us.
 
sppollock said:
I went to check out my UPS savings plan balance, and all my UPS stock is missing. Has anyone else had this happen, or does it show back up when I hit my five years in November? I havent logged on in awhile so I was surprised to see it not there. This is the match that UPS gave us.
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Logged into that account just now. The stock is still there for me.
 
Ive never heard of this UPS Savings Plan. Im on the UPSers website and I dont see it. I use the Prudential 401k and the discounted stock purchase plan. Never heard of this savings plan.
 
Just wondering if anyone has sought any legal advise regarding this voluntary roll over. I have a substantial amount of money in the UPS savings plan and I am on the fence as to rolling it over to my UPS/Teamster 401k plan.
 
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