realityofitall
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401k is not the same as profit sharing. need to be at pitt for 6 years to be 100% vested in the profit sharing.
Pitt-Ohio | Unionization of Pitt
- Thread starter realityofitall
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Thank the taxpayers for funding many of these plans that were on their way to insolvency. This response if I'm understanding it correctly explains why union membership is down and many people don't want to be in them anymore.Only doomed to the ones that don’t have one.
Many employers have a 5 year vesting period to keep 100% contributions to retirement plans. I think that sucks but it's a common practice. I've never heard of a traditional pension plan that didn't have at least a 5 year vesting period before retirement benefits were locked in. I've seen a few where it was a 10 year vesting period before anything was locked in.
Michigan Bill
Good luck!
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The family that started Pitt Ohio used to run a regional ltl carrier in the same original area, that was ibt.
Michigan Bill
Good luck!
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Hammel's Express.
I know a lot of the smaller family owned nmfa companies basically wound down their union effort, and restarted under a new name.
Another one in the same area is/was B&L motor freight, which is now non union, and known as "truck one".
I know a lot of the smaller family owned nmfa companies basically wound down their union effort, and restarted under a new name.
Another one in the same area is/was B&L motor freight, which is now non union, and known as "truck one".
Puff Driver
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Read I mention LTL carriers..
Try to keep up...
Puff Driver
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Yes they are basically ponzi schemes, as long as there are lots of people contributing it stays alive.
Once that ends.......
Checkmate unless the federal government bails you out....
Puff Driver
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But with a 401k you get to keep all of the $$$$
I have a friend who was in a union pension, no married partner, after 32 years of working his estate only received 5 years of payments.
Had that been a 401k his estate would have kept all of the contributions, matching contribution and growth.
Can you explain Pitt Ohio’s profit sharing program?
6% of your previous years earnings are deposited into 401k once a year. Usually in February or March from my understanding. It has gone down to 4% during really tough economic times but mostly everyone was cutting back at that time to remain in business. It's really just a 401k percentage match.
So is that in addition to a 401k match? If so what is the 401k match?. Thank you
That is the only amount put in. It's a yearly amount put in. I personally wish it was weekly but it is what it is.
realityofitall
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worst job i ever had was working here. so glad i dont work here anymore. such petty bs.
Where did you end up going that's better? Best of luck on your new job.
realityofitall
TB Regular
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I'm taking a year off I'm going to live my life explore new things do some traveling attend some sporting events.
401k is the fund, and profit sharing is the source. The end result is a contribution being made to the fund by the company regardless of what they call it. Vesting periods are the norm across the board at both Union and non-Union companies.
It went down for a few years when all companies were struggling, some froze wages while Pitt went this route. It’s been back up to 6% for at least 3-4? years if not longer.
Now that’s living
. Best of luck to you.