A Update and some questions.

[Brownslave688]

Yes there were a couple of new hires while I was out, but according to my manager they are in just for peak, one of the is already a helper and the other is doing 4 bulk stops. I asked them if they have filled or sign anything on their book and they answered me no.

Doesn't matter. Seasonals can't work while you're sitting at home.

 

[ViewAskew]

From what I have been told new employees are automatically enrolled in the 401k with a 3% contribution rate and have to opt out if they don't wish to participate.

When I went FT from PT this was the case.

 

[idrivethetruck]

If you're planning on making this job a career, then the 401k is a good thing to have. I've contributed to mine at an average of only 5% and after 20+ years, my balance is pushing 150k

 

[Jackburton]

Well that's awesome and long over due if you ask me.

While you think the company might be looking out for the employees, take a look at the "Actual Deferral Percentage" test for 401k's. In a nutshell, if a low percentage of "lower compensated" employees of a company fail to participate in a 401k plan, the "highly compensated" employees of a company are restricted on the amount they and the employer can contribute to their own 401k's.

 

[pickup]

Well that's awesome and long over due if you ask me.

Yeah, I'm thrilled that an employer and a financial company can commit someone to a 401 plan without the affected person signing off on it.

 

[IVE GOTTA PACKAGE 4U]

Yeah, I'm thrilled that an employer and a financial company can commit someone to a 401 plan without the affected person signing off on it.

They have been,pushing that at many places.

 

[bleedinbrown58]

Yeah, I'm thrilled that an employer and a financial company can commit someone to a 401 plan without the affected person signing off on it.

That is BS for sure....I've only heard about that on BC though.

 

[Jackburton]

Yeah, I'm thrilled that an employer and a financial company can commit someone to a 401 plan without the affected person signing off on it.

It's disquised to be a help to you, but it's really to allow the higher ups to be able to contribute the max. I believe Hoax had a year or two where he was restricted, if I recall correctly in a post in the retirement forums awhile back. I think he had mentioned they refunded money that he had contributed and took a tax hit on it. Maybe he'll chime in and correct me if I'm wrong.