401k Match...when is it coming back?

Discussion in 'UPS Partners' started by pbateman, May 6, 2010.

  1. pbateman

    pbateman New Member

    Hey guys,
    I was wondering if anyone has heard when the match is coming back. I keep reading about all these companies who cut matches that are/or have already reinstated it (including Fedex).
    Then I read how there's earnings jumping for UPS and records earnings blah blah blah, but still no word on when the match will be reinstated.
    Seems no one around our building knows or dares to ask. I know the economy isn't back 100% but last i heard (last year) the match was being cut for the remainder of the year (2009). I would have expected some sort of update by now...
  2. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Keep in mind that FedEx cut salaries significantly and then gave small raises, if at all, and reinstated 401k match.
    If salaries would have been cut, then that would have lowered your base for all future raises, future 401 k match and pension pay-out.
    UPS did not cut salaries ... my guess - look for 401k reinstatement October 1 or next year if, if, the economy continues to improve.
  3. badpal

    badpal Active Member

    Prolly when they bring back your christmas turkey and service awards.
  4. pbateman

    pbateman New Member

    Thanks Hoaxster,
    True we did not get our salaries cut, but as far as raises, we basically did not get any either. I don't know if it was for everyone but in our region the scales used for our yearly raise were 'modified' for 2009. Whereas before your raise was whatever the score in your review was (1-5) minus 1 (eg. Review score was a 4 you got a 3% raise), last year it was changed so that the same 4, would equal a 1 or 2% raise. Basically when it came to it, the raise was pretty much non existent.
    That 3% match is something most people count in when it comes to the percentage they save towards retirement. I just find it odd they were quick to mention it when they removed it but almost seems like they're trying to put it in the back burner until enough people ask about it. Just an official update or PCM would have been nice....
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    A 401k match should be thought of as a perk, not something to be counted on as part of the percentage to save towards retirement.
  6. pbateman

    pbateman New Member

    True, I agree...but it still doesn't take away from the fact that for some families where money's a bit tight, using that 3% perk towards their 10% (or whatever rate their savings rate is) is something they count on so you can have a bit more money after taxes.
    Then when you see that a lot of the other 'perks' are going sour a swell ( higher health plan cost, lower or suspended raises, etc..) that 3% extra you're not getting after taxes, could be going towards paying for your new higher out of pocket for medical, etc....(eg. I know after taxes it doesn't quite equal to 3% but just generalizing).
    I see it like a bonus, or discretionary day payout...true its an extra, and technically you shouldn't count on that as part of your budget or salary but its still something people count on (even though they probably shouldn't)..I know I hold off on taking discretionary days if I can so I can have that money around Xmas time, which helps out with the extra expenses
  7. brownmonster

    brownmonster Man of Great Wisdom

    My 401k never had a match.
  8. User Name

    User Name Only 230 Today?? lol

    So if you didn't receive a raise last year, then that would have lowered you base salary, which in turn would have affected future raises because of the missed salary increase. I know it wasn't a cut but if you didn't receive a raise it will affect you the rest of your career??????????
  9. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Well aware of that.
    My point is that I would rather not have my salary cut and lose the 401 k match.
  10. TechGrrl

    TechGrrl Space Cadet

    Scott Davis was shooting his mouth off in his TIME magazine interview back in March, using the 401K match as an indicator that the company is recovering from the bad economy....wish one of the analysts would have nailed him on that in the earnings call.
  11. randomUPSISer

    randomUPSISer New Member

    Maybe he is just so out of touch with the employees that he doesn't realize its still gone? Lord knows he doesn't count on it given the generous stocks they throw at people that high.

    That's the only thing I can think of. Otherwise what leader would think their organization were on the track towards great things when the ENTIRE organization is angry at the leadership? A very significant number of people are just waiting for the chance to jump ship when possible. When people are determined to leave do you think they work hard while at their current job, or hardly work? The company cant just give these things back when they have to and expect the wounds to magically heal. People have memories. You would think Scott would realize that the strength of UPS was its culture and its people... which he has shat all over the last couple years as irrelevant.
  12. randomUPSISer

    randomUPSISer New Member

    Its not a perk when every other company gives it. It should NEVER be thought of as a "perk". A perk is having flex time, getting a company car, being able to get discounts from other companies, etc.

    A 401k match is part of compensation .

    Hoax, maybe I've become cynical but from what I can tell we did get a significant pay reduction. 401k cut (-3%), low MIP (-3/4 months salary), large increase in healthcare cost (sorry... health care is increasing but no one else I knows cost more than doubled then! Depending on what your salary is, this is significant or irrelevant), no COLA in 2009, (-3%?) and a token COLA in 2010. (-2%?)

    if I add it all up Im down at least 10% from what I was a couple years ago. Upper managements plan to give us wage reductions without us noticing has clearly worked on you :(

    Lastly, 401k match will come back when every other company in america is doing well and giving generous raises and so many people jump from the sinking ship that they HAVE to give it back or risk having no one left.
  13. softshoe

    softshoe Member

    Ask Scott. Maybe he will share some of his stock with you.
  14. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The following is from Wikipedia:

    401(k) plans are mainly employer sponsored plans; the employer can, as a benefit to the employee, optionally choose to "match" part or all of the employee's contribution by depositing additional amounts in the employee's 401(k) account or simply offer a profit sharing contribution to the plan.

    Sounds like a perk to me!
  15. RoyalFlush

    RoyalFlush One of Them

    The turkey, 401K match, prior level MIP and decent benefits are coming back on the 5th of never.
  16. hellfire

    hellfire no one considers UPS people."real" Teamsters.-BUG

    heh heheh heh,,long before the union stole it,, full timers got a grand bonus xmas time,,and remember the super thrift program?
  17. fxdwg

    fxdwg Member

    Excuse the crudeness: but we'd be better off betting on how long of a flame we'd have if we held a "match" to our butt and excreted some methane.
    Those days are over, my friends and I am a Company Man that has committed 25+years to UPS.
  18. airbusfxr

    airbusfxr New Member

    Airline mechanics still get the 401k match, join our local and get it, its free for the asking. I thought everyone gets free health care and a 401k match, who would give this up while the company is making billions on NDA and Int volume.
  19. fxdwg

    fxdwg Member

    The SPIN DOCTOR has arrived
  20. airbusfxr

    airbusfxr New Member

    Dolfxd you post on every forum, you are jack of forum, master of none. My 401k match is NICE, thanks local 2727.