Auto enroll 401K?

Discussion in 'UPS Discussions' started by Indecisi0n, Sep 3, 2011.

  1. Indecisi0n

    Indecisi0n Well-Known Member

    I received a letter in the mail stating that i was auto enrolled into a 401K plan. Thinking it was junk mail i threw it in the trash. I looked at my pay and they are taking out funds for a 401K ! haha What is that about? I tried clicking the 401K link on upsers but its dead.
     
  2. superballs63

    superballs63 Well-Known Troll Troll

    I would check out prudentials website and try to create an account, since prudential is the one who manages the 401k.

    I just started my 401k few months back, just in time for the markets to tank lol. Now my balance is ONLY $50 less than what I have contributed. haha
     
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

  4. yeldarb

    yeldarb Member

    When the markets tank, is a great time to max out what you can afford...When the markets do come back, it will likely grow much quicker than if you were contributing if it is already high.
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    At it's lowest point I was down about $13K--it has bounced back slightly--I am only down $10K--we'll see what the updated balance is on Tuesday after the dismal jobs report.
     
  6. superballs63

    superballs63 Well-Known Troll Troll

    That's a great point, but until I hit top pay in a few months, the 7% I put away is all I can afford to still be able to be comfortable and pay all my bills. But if the market is still in the crapper when I hit full scale then I'm gonna go big.
     
  7. bumped

    bumped Well-Known Member

    You can opt out of the 401K if you wish. JFYI
     
  8. Indecisi0n

    Indecisi0n Well-Known Member

    Thanks for the link. I wasn't aware they could just up and enroll me without my consent.
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Neither was I.
     
  10. bumped

    bumped Well-Known Member

    It started about 5 years or so ago about enrolling new hires into the 401K, but the new hires can opt out if they wish.
     
  11. JonFrum

    JonFrum Member

    The Automatic Enrollment feature is required by a Federal Law passed a few years ago.

    The Plan website . . .
    http://www.teamsterups401kplan.com/

    Eligibility and enrollment
    You are eligible to participate in the Teamster-UPS National 401(k) Tax Deferred Savings Plan if you are a UPS employee who is represented by the International Brotherhood of Teamsters or other labor unions as approved by the Trustees.

    Eligible employees can enroll as soon as they are employed by UPS and may enroll immediately either online or on the phone:

    Log on to the Plan website at www.teamsterups401kplan.com.
    • Click “Access Your Account.”
    • Click “Register Now” and follow the instructions to complete your enrollment.
    Call the toll-free Information Line at 1-800-537-0189 and follow the instructions to complete your enrollment.

    Automatic Enrollment
    Full-time employees hired, rehired or transferred to an eligible job position on or after April 1, 2009 will be automatically enrolled 90 days after their date of hire at a 2% pre-tax deferral rate. Those contributions will be invested in the age-appropriate Bright Horizon Fund, based on a retirement age of 60. You may actively enroll at any time prior to being automatically enrolled. By actively enrolling, you can choose your own contribution rate and investment options. You may decline enrollment at any time prior to being automatically enrolled by going to www.teamsterups401kplan.com or calling 1-800-537-0189.
     
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.