Anyone see the email about the 401k funds changing names?

[ManInBrown]

What does this mean in English? I’m 100% in the S&P and now the fund isn’t called S&P anymore. Is it still S&P and they just changed the name. Column on left is old fund name, column on right new name.

This is one of the lines in the email. Should we take this as everything is still the same, just new name?

“The names of the funds are changing but will retain similar investment strategies and objectives”

 

[over9five]

Besides the fund name changes, I think it means we just pay more in fees.

 

[Thebrownblob]

Besides the fund name changes, I think it means we just pay more in fees.

Blackrock taking over

 

[ManInBrown]

Besides the fund name changes, I think it means we just pay more in fees.

Yeah we’ll see. I called when it first got switched to Empower and after being passed thru to 5 different people I was told the fees stayed the same.

 

[I have NOT been lurking]

Blackrock taking over

We're ed

 

[The Jeep Driver]

I'd say more "inconvenienced" than "ed." Move your money into an IRA.
I'm not doing business with Blackrock.

 

[upschuck]

I'd say more "inconvenienced" than "ed." Move your money into an IRA.
I'm not doing business with Blackrock.

I guess I am out of the loop, what is wrong with Blackrock

 

[Thebrownblob]

I'd say more "inconvenienced" than "ed." Move your money into an IRA.
I'm not doing business with Blackrock.

I feel you, but it’s going to get harder and harder not to.

 

[The Jeep Driver]

Blackrock heavily

I guess I am out of the loop, what is wrong with Blackrock

“BlackRock is using money that doesn’t belong to them to push an extreme agenda with no regard for American families who are paying the price not only now, but through their pension funds which are being weaponized to the detriment of their potential profits.” Quote from a report by a conservative think-tank, sums it up.

It's essentially “shareholder capitalism” vs. “stakeholder capitalism.” BlackRock practices stakeholder capitalism, following a business model that not only uses DEI and ESG guidelines, but forces those beliefs onto the companies they lend to, ultimately affecting the returns to the shareholder. Their CEO said that BlackRock was "forcing behaviors" through its climate and ESG investment strategy. This isn't the level of fiduciary commitment I'm seeking. This isn't the type of company I want to do business with.

BlackRock has exited some American investments that carry “sustainability-related risks,” (meaning not “green” enough) and launching new financial products that screen for exposure to and usage of fossil fuels, while at the time investing in Saudi Arabia oil production.

If a company needs capital to expand, and it doesn't meet the DEI and ESG stipulations set by BlackRock, they don't get funding, even if that company is a profitable one. If a company runs the wrong ad campaign during June, they risk losing funding, even if that company is a profitable one.

Again, “shareholder capitalism” vs. “stakeholder capitalism.” 401K's pensions, and IRA's suffer loss as a result.
BlackRock isn't alone in this. “Environmental, social, and governance” scores are showing up elsewhere; Bank of America, Citibank, JP Morgan Chase, Morgan Stanley, Goldman Sachs, and Wells Fargo have similar policy in one form or another. I don't do business with them either.

And I know I'm not alone in my opinion... West Virginia issued a list of banks and institutions, including BlackRock, that would be barred from entering into public contracts with the state last month. I except other States to follow.

 

[upschuck]

Blackrock heavily

“BlackRock is using money that doesn’t belong to them to push an extreme agenda with no regard for American families who are paying the price not only now, but through their pension funds which are being weaponized to the detriment of their potential profits.” Quote from a report by a conservative think-tank, sums it up.

It's essentially “shareholder capitalism” vs. “stakeholder capitalism.” BlackRock practices stakeholder capitalism, following a business model that not only uses DEI and ESG guidelines, but forces those beliefs onto the companies they lend to, ultimately affecting the returns to the shareholder. Their CEO said that BlackRock was "forcing behaviors" through its climate and ESG investment strategy. This isn't the level of fiduciary commitment I'm seeking. This isn't the type of company I want to do business with.

BlackRock has exited some American investments that carry “sustainability-related risks,” (meaning not “green” enough) and launching new financial products that screen for exposure to and usage of fossil fuels, while at the time investing in Saudi Arabia oil production.

If a company needs capital to expand, and it doesn't meet the DEI and ESG stipulations set by BlackRock, they don't get funding, even if that company is a profitable one. If a company runs the wrong ad campaign during June, they risk losing funding, even if that company is a profitable one.

Again, “shareholder capitalism” vs. “stakeholder capitalism.” 401K's pensions, and IRA's suffer loss as a result.
BlackRock isn't alone in this. “Environmental, social, and governance” scores are showing up elsewhere; Bank of America, Citibank, JP Morgan Chase, Morgan Stanley, Goldman Sachs, and Wells Fargo have similar policy in one form or another. I don't do business with them either.

And I know I'm not alone in my opinion... West Virginia issued a list of banks and institutions, including BlackRock, that would be barred from entering into public contracts with the state last month. I except other States to follow.

Thanks for the info. I've noticed that some of their funds, don't return what their benchmarked against, some by a couple %, which seemed odd to me.

 

[The Jeep Driver]

I feel you, but it’s going to get harder and harder not to.

Maybe... it's looking like I'm . You may not be. What we need to do is called an "In-service withdrawal/rollover." I'm at teamsterups401kplan,

"Usually, in-service withdrawals are only available to active participants who are over age 59 1/2. Prior to this age, you may be able to request an in-service withdrawal from certain sources within your account, depending on your plan. Please note, an in-service withdrawal will be subject to income taxes. If you are under age 59 1/2 at the time of withdrawal, you may also be subject to a 10% early withdrawal penalty.

You may review in-service withdrawal eligibility by clicking Account at the top of the page, then click Withdrawals and follow the steps provided. If you are unable to view withdrawal options and eligibility, you may contact an Empower representative for assistance."

And then....
"Due to plan setup, you are not eligible to request a withdrawal. Please contact a Service Representative at 1-800-537-0189 with any questions you may have."

I'll give them a call during the week.

 

[Thebrownblob]

Maybe... it's looking like I'm . You may not be. What we need to do is called an "In-service withdrawal/rollover." I'm at teamsterups401kplan,

"Usually, in-service withdrawals are only available to active participants who are over age 59 1/2. Prior to this age, you may be able to request an in-service withdrawal from certain sources within your account, depending on your plan. Please note, an in-service withdrawal will be subject to income taxes. If you are under age 59 1/2 at the time of withdrawal, you may also be subject to a 10% early withdrawal penalty.

You may review in-service withdrawal eligibility by clicking Account at the top of the page, then click Withdrawals and follow the steps provided. If you are unable to view withdrawal options and eligibility, you may contact an Empower representative for assistance."

And then....
"Due to plan setup, you are not eligible to request a withdrawal. Please contact a Service Representative at 1-800-537-0189 with any questions you may have."

I'll give them a call during the week.

 

[The Jeep Driver]

I spoke with Empower this morning. The Teamster-UPS 401K Plan is set up to prevent any rollovers until the participant leaves the company. Period.
I was reading more about our investment options last night. As I understand it, the ESG and DEI investments that BlackRock is so fond of are not available in Index Funds. Index Funds by definition have to aim to match the performance of an index, a list of stocks usually published by a third party. It looks as though our 401K has three of those; the S&P 500, the S&P MidCap 400, and the Russell 2000. I do not know what the retirement-age-based funds are considered. And I still don't know what I'm going to do, but thinking towards moving into one of the Index Funds.

 

[Thebrownblob]

I spoke with Empower this morning. The Teamster-UPS 401K Plan is set up to prevent any rollovers until the participant leaves the company. Period.
I was reading more about our investment options last night. As I understand it, the ESG and DEI investments that BlackRock is so fond of are not available in Index Funds. Index Funds by definition have to aim to match the performance of an index, a list of stocks usually published by a third party. It looks as though our 401K has three of those; the S&P 500, the S&P MidCap 400, and the Russell 2000. I do not know what the retirement-age-based funds are considered. And I still don't know what I'm going to do, but thinking towards moving into one of the Index Funds.

Yes, I’ve heard from other people on here that you can’t really do Jack squat with your 401(k) as far as moving it. Unless of course you quit.

 

[I have NOT been lurking]

Thanks for the info. I've noticed that some of their funds, don't return what their benchmarked against, some by a couple %, which seemed odd to me.

It's economic bullying

 

[The Jeep Driver]

Check out the 'UPS Teamsters 401(k) Resource Page' on fb. I have learned quite a bit from it. I did move all my funds into Index Funds and Bonds using an age-base chart to choose the diversification levels. I'll attach the chart I downloaded. As long as nothing else changes, all I need to do now is adjust and re-balance my allocations annually. There are documents in the fb group that explain all of this.

 

[IVE GOTTA PACKAGE 4U]

Yes, I’ve heard from other people on here that you can’t really do Jack squat with your 401(k) as far as moving it. Unless of course you quit.

That's the truth I wanted to do an in-service rollover to take advantage of these higher interest rates.

 

[PT Car Washer]

That's the truth I wanted to do an in-service rollover to take advantage of these higher interest rates.

I moved my 401(k) into my IRA and am taking the income from it. Still contributing 15% to my 401(k) every week.

 

[rod]

As long as you all keep paying into Social Security I don't care what you do with your money

 

[Babagounj]

What does this mean in English? I’m 100% in the S&P and now the fund isn’t called S&P anymore. Is it still S&P and they just changed the name. Column on left is old fund name, column on right new name.

This is one of the lines in the email. Should we take this as everything is still the same, just new name?

“The names of the funds are changing but will retain similar investment strategies and objectives”

No.