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UPS Retirement Topics
Retirement...contract talks
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<blockquote data-quote="Mugarolla" data-source="post: 2216648" data-attributes="member: 8481"><p>Maybe you should go back to teaching 4th graders and leave the more complicated math, and 401K investing, to the big boys.</p><p></p><p>The amount of money that your employer contributes to your 401K is not a percentage of the amount you contribute. It is a percentage of your gross wages.</p><p></p><p>You say that if you max your contributions to $18000 for the year, that the employer contribution will be 6% of $18000. Incorrect. It is 6% of your gross wages. </p><p></p><p>I'll keep math simple for you 4th graders.</p><p></p><p>An employee grosses $100K. In order to max his 401K, he contributes 18%</p><p></p><p>This gives him $18K contributed to his 401K. So what is the employers contribution, assuming a matching contribution up to 6%</p><p></p><p>This is 2nd grade math. It would be 6% (max) of $100K, or $6000.</p><p></p><p>So the total 401K contribution for this year would be $24K.</p><p></p><p>And yes, the max is $18K for your portion. With the employers matching contributions, you can go over that $18K limit.</p><p></p><p>Maybe you should go back to summer school yourself.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2216648, member: 8481"] Maybe you should go back to teaching 4th graders and leave the more complicated math, and 401K investing, to the big boys. The amount of money that your employer contributes to your 401K is not a percentage of the amount you contribute. It is a percentage of your gross wages. You say that if you max your contributions to $18000 for the year, that the employer contribution will be 6% of $18000. Incorrect. It is 6% of your gross wages. I'll keep math simple for you 4th graders. An employee grosses $100K. In order to max his 401K, he contributes 18% This gives him $18K contributed to his 401K. So what is the employers contribution, assuming a matching contribution up to 6% This is 2nd grade math. It would be 6% (max) of $100K, or $6000. So the total 401K contribution for this year would be $24K. And yes, the max is $18K for your portion. With the employers matching contributions, you can go over that $18K limit. Maybe you should go back to summer school yourself. [/QUOTE]
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