401K

Indecisi0n

Well-Known Member
I am going through my 401K and i was curious up to what amount does UPS match dollar for dollar? I been reading on their site but so far no luck.
 

Indecisi0n

Well-Known Member
Really? That sucks. I am trying to read through as much information as i can before I talk to my tax guy. Every company i ever worked for in the past at least matched dollar for dollar up to 4%.
 

Jones

fILE A GRIEVE!
Staff member
Really? That sucks. I am trying to read through as much information as i can before I talk to my tax guy. Every company i ever worked for in the past at least matched dollar for dollar up to 4%.

Those companies probably didn't offer a pension in addition to the 401K.
 

barnyard

KTM rider
I really wish that the next contract would include a mechanism for opting out of the pension and instead get contributions to my 401k account. I will grant that I do not trust the criminals in the investment industry, but I also know that I will not be a UPSer until I am vested for a pension.
 

UpstateNYUPSer(Ret)

Well-Known Member
I really wish that the next contract would include a mechanism for opting out of the pension and instead get contributions to my 401k account. I will grant that I do not trust the criminals in the investment industry, but I also know that I will not be a UPSer until I am vested for a pension./QUOTE]

You are vested after 5 years.
 

DorkHead

Well-Known Member
I really wish that the next contract would include a mechanism for opting out of the pension and instead get contributions to my 401k account. I will grant that I do not trust the criminals in the investment industry, but I also know that I will not be a UPSer until I am vested for a pension.

Are you sure you would want this. In my area, UPS contributes over $10.00 per hour up to 40 hrs. per week into my pension and health. That is $400.00 per week which means most likely that $200.00 goes into the pension.

Last year UPS contributed a total of $21,765.12 on my behalf.
 

Brownslave688

You want a toe? I can get you a toe.
$300 a week for 30 years covers my $3000 a month pension for 13 years and that's with ZERO growth realistically it should prob cover me for 30 years. If they are handling our money right why are all the pensions broke. I'm with barnyard let me opt out I'll make that money grow into much more than the $3000 a month pension.
 

DorkHead

Well-Known Member
I revised the numbers after I looked at my statement.
Why are they in critical status? Most likely from the financial meltdown in 2008.

Most pensions and 401k`s took a major hit. I know mine did.
 

Cementups

Box Monkey
I am going through my 401K and i was curious up to what amount does UPS match dollar for dollar? I been reading on their site but so far no luck.

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Brownslave688

You want a toe? I can get you a toe.
The big thing to me is say u opt out and take a $5 an hour raise then u get that raise on OT too which would be $7.50 an hour. You don't get benifits paid for any OT
 

barnyard

KTM rider
The big thing to me is say u opt out and take a $5 an hour raise then u get that raise on OT too which would be $7.50 an hour. You don't get benifits paid for any OT

In my version, you would not receive pension dough in your check. It would be put into a 401k that the employee could direct. The other advantage to employee directed 401k is being able to pass along unused money to heirs.
 

Jackburton

Gone Fish'n
Why not have the best if both worlds and contribute 20% (at 85k a year that puts you at 17k, the 2012 limit)in either the Roth or traditional 401k?
 

barnyard

KTM rider
Why not have the best if both worlds and contribute 20% (at 85k a year that puts you at 17k, the 2012 limit)in either the Roth or traditional 401k?

I put in 15%, buy stock and contribute to a separate roth IRA. When I started at UPS, I had serious doubts that I could make 25 years. Looks like I will not make 15.

Not everyone does that, though. There are a large segment of employees that fully expect their pension will be there when they will retire. One just needs to look to the airline industry to see large groups of 'smart' people that relied on a pension for retirement and now has nothing.
 

Jackburton

Gone Fish'n
The benefit we have in our 401k is we can do a Roth and exceed the 5k IRA limit to the 17k limit. The restrictions are the different but that can be easily taken care of by rolling it into a private Roth IRA to avoid the mandatory withdrawals among other things. If you can take the tax hit you'll be able to catch up as you technically contribute more money than the traditional 401k as its after tax dollars and all earnings are not taxed, this is of course if you max it out
 

kingOFchester

Well-Known Member
I have an easy retirement goal. Not to become a wal-mart greeter.

To attain this goal is the hard part. Spend below my means. Pay into my 401k and IRA's until it hurts.
 
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