forced to put into 401k

[Tony Q]

Got a letter in the Mail stating any new full-time employee or a lateral bid full-time employees will be forced to put 3% into 401k and 1% increase that will be capped at 10%. For One Is This Even Legal. 2 it scares me because are they trying to take our pension. They already took .10 from the part time employees to put into full time pension. Management is eliminating pension for non union employees. That was before the yuge tax cut. If ups revenue is 60 billion they tend to save a additional 14% corporate tax rate witch is roughly 9 bill

You can get taken out of this with a few phone calls but with the current state of pensions its probably in your best interests. Then again I think the stock market will crash around the corner so maybe you are right.

 

[IVE GOTTA PACKAGE 4U]

You can get taken out of this with a few phone calls but with the current state of pensions its probably in your best interests. Then again I think the stock market will crash around the corner so maybe you are right.

Think about the long term, not about the short term.

 

[Tony Q]

Think about the long term, not about the short term.

I agree, I think some people need to be coaxed into saving money for the long term. I think it's kind of shady as hell how they went about this though.

 

[IVE GOTTA PACKAGE 4U]

I agree, I think some people need to be coaxed into saving money for the long term. I think it's kind of shady as hell how they went about this though.

It's not just UPS. Every company that has a 401k is forced to auto enroll.

 

[Tony Q]

It's not just UPS. Every company that has a 401k is forced to auto enroll.

I understand this, but it should have been included in the current contract before it was just implemented last year.

 

[IVE GOTTA PACKAGE 4U]

I understand this, but it should have been included in the current contract before it was just implemented last year.

It's nothing to do with the contract.

 

[Tony Q]

It's nothing to do with the contract.

It should be. How can you force members to go into a 401K that they don't sign up for? Why do we have a collective bargaining agreement then?

 

[IVE GOTTA PACKAGE 4U]

It should be. How can you force members to go into a 401K that they don't sign up for? Why do we have a collective bargaining agreement then?

IRS Approves Mandatory 401(k) Contributions, if Appropriate Notice is Provided to Plan Participants - FindLaw

 

[Tony Q]

IRS Approves Mandatory 401(k) Contributions, if Appropriate Notice is Provided to Plan Participants - FindLaw

Thats good to know, thanks.

 

[IVE GOTTA PACKAGE 4U]

Thats good to know, thanks.

No problem. Now start saving

 

[Tony Q]

No problem. Now start saving

I have been for decades, its not me they need to worry about. I understand it's in a lot of people's best interests to automatically enroll them into a 401k plan, but I still think it should have been collectively bargained over. In my opinion it is a clear violation of article 6 of the UPS national master agreement.

 

[IVE GOTTA PACKAGE 4U]

I have been for decades, its not me they need to worry about. I understand it's in a lot of people's best interests to automatically enroll them into a 401k plan, but I still think it should have been collectively bargained over. In my opinion it is a clear violation of article 6 of the UPS national master agreement.

The contract can not override the law. Just like you can't grieve it for them taking taxes out of your paycheck. It's a good thing.

The only thing I would like to see get changed is, give some financial guidance to the employees like other companies do.

 

[Tony Q]

The contract can not override the law. Just like you can't grieve it for them taking taxes out of your paycheck. It's a good thing.

The only thing I would like to see get changed is, give some financial guidance to the employees like other companies do.

Thats a good idea.

 

[IVE GOTTA PACKAGE 4U]

Thats a good idea.

It would be most helpful
They offer that at my youngest childs job

 

[Tony Q]

It would be most helpful
They offer that at my youngest childs job

You teach him to start it ASAP?

 

[542thruNthru]

>who needs a 401k when i have monopoly millionaire and scratch offs?

I'm guessing you got that line from this. If not watch it.

 

[DriveInDriveOut]

You can get taken out of this with a few phone calls but with the current state of pensions its probably in your best interests. Then again I think the stock market will crash around the corner so maybe you are right.

Ya, you can get out... after they've already taken money out of your check. Want to withdraw that money? Guess what, there's a penalty tax lol. It's not right, and the law they passed that allows it is a huge political handjob to big banks and wall street.

 

[Tony Q]

Ya, you can get out... after they've already taken money out of your check. Want to withdraw that money? Guess what, there's a penalty tax lol. It's not right, and the law they passed that allows it is a huge political handjob to big banks and wall street.

Yes those are some of the issues I have with it. The member can stop it, but it is a hassle.