401k question

dean kappler

New Member
:sad: :sad: :sad:
spitt2000 said:
I am a package handler (non-union) I JOINED THE TEAMSTER 401K BECAUSE i THOUGHT THAT WAS MY ONLY CHOICE, CAN i GET OUT OF THAT ONE AND GET INTO THE UPS SAVINGS PLAN? THERE IS NO MATCH IN THE TEAMSTER PLAN.
 

IDoLessWorkThanMost

Well-Known Member
Whats up brothers i'm with the 705 teamster in franklin park,IL.
My question is how do i stop ups 401k?

Call them.

If you have additional questions after using this website, call the Teamster-UPS National 401(k) Tax Deferred Savings Plan Information Line at 1-800-537-0189. Participant Services Representatives are available Monday through Friday, 7:30 AM to 5 PM Eastern Time, except on New York Stock Exchange holidays.


Or go online - www.teamsterups.csplans.com
 

UpstateNYUPSer(Ret)

Well-Known Member
Whats up brothers i'm with the 705 teamster in franklin park,IL.
My question is how do i stop ups 401k?

What do you mean by "stop ups 401k"? Are you talking about stopping the withdrawals from your paycheck or are you talking about withdrawing all of your money and no longer participating in the plan? The first is easy--go to the 401k website (teamsterups.csplans.com) and change your contribution amount to zero. Keep in mind it may take up to 2 pay periods for the change to take affect. Withdrawing completely from the plan is not easy and you may end up losing more money that you would like as they have to take 20% off the top for Federal taxes and then you have to claim the withdrawal as income on your tax return. There are only a few accepted situations that will allow you to close your 401k and these are listed on their website.
 

sortaisle

Livin the cardboard dream
I can certainly understand your thinking & frustration with SOME of the pension plans. On the other hand I'm not planning on being with ups another 15 years till I can FINALLY draw from my 401k (59.5 years old).

My example, retire early --in 2 years--only 1,653$ a month ("projected")--save or regain my sanity, keep what's left of my health, cut back on expenses, push the last kid out the door, P/T fun job, pack the wife's lunch-slap her on her skinny butt & say, 'Have a nice day."--She loves her job!
OR
Keep working 48 hours a week :mad: , 7 weeks vacation :thumbup1: , great pay & benefits, loose the rest of my sanity.

I think my answer is somewhere in the middle

Sounds to me like you need a new route:happy-very:
 

Ms.PacMan

Well-Known Member
I can certainly understand your thinking & frustration with SOME of the pension plans. On the other hand I'm not planning on being with ups another 15 years till I can FINALLY draw from my 401k (59.5 years old).

My example, retire early --in 2 years--only 1,653$ a month ("projected")--save or regain my sanity, keep what's left of my health, cut back on expenses, push the last kid out the door, P/T fun job, pack the wife's lunch-slap her on her skinny butt & say, 'Have a nice day."--She loves her job!
OR
Keep working 48 hours a week :mad: , 7 weeks vacation :thumbup1: , great pay & benefits, loose the rest of my sanity.

I think my answer is somewhere in the middle

Not to hijack the thread but you can take penalty free withdrawals from a 401K as long as you retire in the year that you turn 55 (not before).

You can use S.E.P.P. (substantially equal periodic payments) to make 401K withdrawals after retirement before the age of 55 for 5 years or until 59 1/2 whichever is longer from both an IRA or a 401K.
 

softshoe

Well-Known Member
I think that what 25yr vet is trying to tell you is that since you don't want to be part of the brotherhood that is the teamsters and still work at UPS, that is essentially a slap in the face to all of us who have worked for years and trusted in the teamster organization to make this a good job with a decent retirement and benefits. What people like you who prefer to be non-union do is undermine the years of work that has been done and also threaten our retirement and very possibly our jobs, so since you have faith that management will always take care of you and guarantee you a job and decent retirement you should be able to go to them for all of your financial question with the same faith that they will guide you in the proper direction that will provide the most fruitful return on your investments.


Perfect Answer!
 
Are you allowed to take a loan from your 401k for whatever reason you want. For instance, I was considering taking a loan from my 401k to pay off my friend-n credit cards because the rate would be so much better. Would that be allowed? anybody here know about that stuff?
 

Catatonic

Nine Lives
Are you allowed to take a loan from your 401k for whatever reason you want. For instance, I was considering taking a loan from my 401k to pay off my friend-n credit cards because the rate would be so much better. Would that be allowed? anybody here know about that stuff?

Whether are not it is allowed...this might not be the right time to take a loan against 401k.
Reason is that the amount of the loan is removed from the 401k and this may be the bottom of the market. Any gains made in the market will not be applied to the outstanding loan amount.

Just be aware of this impact in making your decision.
 

satellitedriver

Moderator
Are you allowed to take a loan from your 401k for whatever reason you want. For instance, I was considering taking a loan from my 401k to pay off my friend-n credit cards because the rate would be so much better. Would that be allowed? anybody here know about that stuff?
You would only be borrowing from your future.
Do what you can; extra job, spend less and pay off the credit cards.
A simple, but elegant quote:
"Debt is the worst poverty", Thomas Fuller.
 

Bubblehead

My Senior Picture
I have worked here for over 7 mos, could not even tell you who the "union" guy is...Nobody has ever bothered to ask me to join.. and with a sales pitch like that you really missed your calling, I really want in now. I just asked a simple question and you guys jump me like a buch of carjackers! I have no idea how it is where you live, but shouldn't somebody bother to ask guys to join? I just has a simple 401k question... Maybe your bretheren need your sales skills. Membership would skyrocket! wow, me a mgt lackey? you really have me pegged... later

Here's the problem as I see it. You come on here asking a question that can be answered in a myriad of ways depending on were you are geographically. Were I am you can't work as a package handler without being in the union. You must be in a bull :censored2::censored2::censored2::censored2: "right to work" state. Either way your question is better suited for the human resources department in your building or an administrator with the 401K plan you are participating in.

The biggest problem with this sight and the advise that is dispensed here is that we are not all operating under the same contractual language or state laws. What flies in one area can get somebody in a jackpot somewhere else.
 

JonFrum

Member
I am a package handler (non-union) I JOINED THE TEAMSTER 401K BECAUSE i THOUGHT THAT WAS MY ONLY CHOICE, CAN i GET OUT OF THAT ONE AND GET INTO THE UPS SAVINGS PLAN? THERE IS NO MATCH IN THE TEAMSTER PLAN.
Spitt, you are part of the Bargaining Unit, and so you are only eligible for the Teamster-negotiated 401(k) available here . . .
http://teamsterups.csplans.com
(Note there is no "www" in the hyperlink.)

The other plan has a 3% match (I think) but is for "non-union" (meaning non-Bargaining Unit) employees only.
 

IDoLessWorkThanMost

Well-Known Member
Spitt, you are part of the Bargaining Unit, and so you are only eligible for the Teamster-negotiated 401(k) available here . . .
http://teamsterups.csplans.com
(Note there is no "www" in the hyperlink.)

The other plan has a 3% match (I think) but is for "non-union" (meaning non-Bargaining Unit) employees only.

Try reading more carefully. IN THE POST YOU RESPONDED TO, even, the person said they are NOT union and in a right-to-work state. Read the posts, read the thread, and then respond.
 

JonFrum

Member
Try reading more carefully. IN THE POST YOU RESPONDED TO, even, the person said they are NOT union and in a right-to-work state. Read the posts, read the thread, and then respond.
I don't understand the point you are trying to make. Please elaborate. Without the attitude.

My understanding is Spitt is a package handler and therefore part of the Bargaining Unit. But he is non-union because he never joined the Teamsters. This makes him eligible for the union 401(k). If he was management, he would be eligible for the management 401(k). The one with the match.

What am I missing?

Do you at least agree that the link you provided will not work because you added a "www" where there shouldn't be one?
 

UpstateNYUPSer(Ret)

Well-Known Member
Do you at least agree that the link you provided will not work because you added a "www" where there shouldn't be one?

Jon, you are correct in that you have to leave the "www" off for the link to work.

I am amazed at the number of people who have 401k accounts who don't have a clue. Go to the website, take a few minutes and READ. You can learn all about loans and the situations under which you are allowed to borrow money, withdrawals and the different kinds and situations you are allowed to withdraw money and the penalties associated with withdrawals, contributions, fund transfers, how you want your contributions allocated to the fund(s) that you have chosen to invest in.

It is your money and what you choose to do with it is entirely up to you. I certainly think it would be worth taking a few minutes to do some research--all of the information that you need is in one place.

teamsterups.csplans.com
 

Bubblehead

My Senior Picture
Try reading more carefully. IN THE POST YOU RESPONDED TO, even, the person said they are NOT union and in a right-to-work state. Read the posts, read the thread, and then respond.

While you are splitting hairs and advising to read carefully, I will point that nowhere in Spitts post does he say he is in a right to work state. It can be assumed, but was not stated in his post.

On a side note, shouldn't it be call a "right to free union representation if I'm to cheap pay dues" state. For those who don't know, the union is still obligated in these states to represent these right to workers when they get in trouble. I say let these scabs go to the gallows alone wishing they had the assistance of the rank and file rather than having their cake and eating it too.
 

Ms.PacMan

Well-Known Member
I decided to root around the internet and found this from a 2003 article:

UPS’s unionized part-timers get free health insurance, while nonunion part-timers pay approximately $50 a month for health care. Nonunion part-timers who participate in the 401(k) plan receive an immediately vested 100 percent match on the first 3 percent of compensation contributed, and both union and nonunion part-timers are covered by defined benefit retirement plans.

(Can't insert link for some reason) The UPS benefits for p/t's link no longer works.

I have never heard that non-union part-timers were eligible for mgmts. matching 401K or that they had to pay for health care.
 

biz2008

Member
What do you mean by "stop ups 401k"? Are you talking about stopping the withdrawals from your paycheck or are you talking about withdrawing all of your money and no longer participating in the plan? The first is easy--go to the 401k website (teamsterups.csplans.com) and change your contribution amount to zero. Keep in mind it may take up to 2 pay periods for the change to take affect. Withdrawing completely from the plan is not easy and you may end up losing more money that you would like as they have to take 20% off the top for Federal taxes and then you have to claim the withdrawal as income on your tax return. There are only a few accepted situations that will allow you to close your 401k and these are listed on their website.

I was talking about a complete withdrawal,but i see your point on the claiming the withdrawal as income tax.

Thanks for the reply
 
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