401k transfer/rollover

Discussion in 'UPS Retirement Topics' started by DaveA, Apr 19, 2010.

  1. DaveA

    DaveA New Member

    I started in 2002 and worked P/T in the union for a few years. I then went to management and have been there since.

    My question is in regards to the 401k. I started one in the union and then another one when I went to management. Obviously the majority of my funds are in the management side of my 401k. Today I logged into the site for my Teamster 401k and was looking in the options of rolling it over into my management one. I emailed Prudential to see if it was possible. I'm not sure it is since on the Teamster/Prudential one I am still listed as an active employee, since I do still work for UPS.

    I'm just wondering if anyone has had experience with this.

    Thanks.

    Dave
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You are unfortunately out of luck. A co-worker of mine was a PT sup who is now a driver and she tried several times to combine the two 401k's and was told that she couldn't, which is a shame as she would be better off combining the two rather than having two separate but smaller amounts upon which to earn interest. This was several years ago back when we were with State Street---maybe it's different with Prudential.
     
  3. Shifting Contents

    Shifting Contents Most Help Needed

    Pt mgmnt to ft

    But a driver in the other thread?
     
  4. Ms.PacMan

    Ms.PacMan Well-Known Member

    You need to think this through. One larger amount vs two smaller amounts still yields the same dollar wise.

    10% of $1 = .10
    10% of $2 = .20
    10% of $3 = .30
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You are leaving out the compounding factor, which is the key feature of a 401k.
     
  6. Ms.PacMan

    Ms.PacMan Well-Known Member

  7. Jackburton

    Jackburton Gone Fish'n

    No, the key factor of a 401k is differed taxes if you're doing a traditional, tax free growth if you're doing a ROTH. All investment accounts can be calculated with the rule of 72, 401k is just a tax sheltered account.