401k packet

[Raydog2017]

Why would I get a packet in mail today about 401k plans when I havent been trained yet or hired in full time??

 

[4evapreloader]

Jackpot!

 

[burrheadd]

Why would I get a packet in mail today about 401k plans when I havent been trained yet or hired in full time??

You rich now Ray

 

[IVE GOTTA PACKAGE 4U]

Why would I get a packet in mail today about 401k plans when I havent been trained yet or hired in full time??

Never too early to start

 

[UpstateNYUPSer(Ret)]

I thought all new hires were automatically enrolled with a 3% contribution rate.

 

[flatbread]

You can, and should, contribute to your 401K as a part-timer. Read The Bogleheads' Guide to Investing for a good primer.

 

[Raydog2017]

You can, and should, contribute to your 401K as a part-timer. Read The Bogleheads' Guide to Investing for a good primer.

I guess I would think they would wait til I was hopefully hired in after the holidays....Im a seasonal driver and have yet to get any on the road training yet beside one ride along two weeks ago.

 

[Jackburton]

It’s so guys like me can pass government enrollment quotas. Thanks for making us richer.

 

[Wally]

Why would I get a packet in mail today about 401k plans when I havent been trained yet or hired in full time??

Here at UPS, our philosophy is prepared now for tomorrow. We hope you will read through our provided material and invest wisely.

 

[Jackburton]

Here at UPS, our philosophy is prepared now for tomorrow. We hope you will read through our provided material and invest wisely.

“We auto enroll all new hires for their benefit, it’s good to save for retirement, no matter your personal situation” - HCE

 

[pickup]

“We auto enroll all new hires for their benefit, it’s good to save for retirement, no matter your personal situation” - HCE

Translation: your government knows how to use your money better than you do.

 

[Rack em]

Translation: your government knows how to use your money better than you do.

Only like 18 trillion dollars in debt...yeah I trust them with MY money.

 

[Jackburton]

Translation: your government knows how to use your money better than you do.

Actually, highly compensated employees of a company are limited to contributing even further than the standard limit (18k this year) by the amount of lower compensated employees participation in said 401k. So by auto enrolling every newly hired employee, we can get that number up so we meet the participation limit that allows us to max it out.

 

[Jackburton]

Only like 18 trillion dollars in debt...yeah I trust them with MY money.

Unless you’re in bonds, you’re not investing in anything the government controls directly.

 

[Indecisi0n]

It's a scam. Cancel it now and just buy lottery tickets.

 

[What'dyabringmetoday???]

You can, and should, contribute to your 401K as a part-timer. Read The Bogleheads' Guide to Investing for a good primer.

Or just read Upstate's posts.

 

[UpstateNYUPSer(Ret)]

It's a scam. Cancel it now and just buy lottery tickets.

Trailer park retirement plan.

 

[What'dyabringmetoday???]

Trailer park retirement plan.

Well- that's not very nice. Lol.

 

[pickup]

Actually, highly compensated employees of a company are limited to contributing even further than the standard limit (18k this year) by the amount of lower compensated employees participation in said 401k. So by auto enrolling every newly hired employee, we can get that number up so we meet the participation limit that allows us to max it out.

All nice and good but the company also has the legal responsibility to inform the newly hired employees way before the actual enrollment takes place in order to give enough time to opt out if they so desire.

UPS doesn’t do this so the original poster , even if he contacts Prudential and puts a stop to this is probably going to see 2 percent taken from two paychecks and put into a 401k program that he is going to get kicked out of once his seasonal employment most likely ends and then he is going to be given the option of rolling it over into an IRA or other 401k or take the check of approximately 45 dollars with federal withholding plus a ten percent penalty.

Ups should follow the law and tell these guys way up front it is going to happen and give them a chance to opt out if they so desire as is their right.

 

[flatbread]

UPS doesn’t do this so the original poster , even if he contacts Prudential and puts a stop to this is probably going to see 2 percent taken from two paychecks and put into a 401k program that he is going to get kicked out of once his seasonal employment most likely ends and then he is going to be given the option of rolling it over into an IRA or other 401k or take the check of approximately 45 dollars with federal withholding plus a ten percent penalty.

I was not auto-enrolled until I made it to full-time, and I was properly notified of an automatic 3% deduction out of which I had the ability to opt-out in plenty of time. I don't believe this for a moment.

EDIT: No, I didn't opt out.