Discussion in 'UPS Discussions' started by Jas3, Nov 4, 2007.
does it vary per region?
There is only a match for supes and Mgt I believe.
The match is for all non-union employees of ups
If UPS had had a match all these years, I would be retired.
Seems like a match for me. I put in $900 dollars in 2 years and have $1800
Yep Damn Straight
I think I read many years back that the company paid recordkeeping expenses for the hourly 401k.
why would the union allow that? it be better for the money to go into the teamsters pension plans for all teamsters to use. They need to make sure that it is invested wisely. no need for the average driver to risk his retirement, let the experts at the union handle it for you
Has nothing to do with pension. Has to do with individual retirement plans. You want to invest in 401? You can. You don't want to? Then don't.
mine"s double that
that was not my point. My point is that I doubt this will ever happen. The union will not want to let ups match your 401k because the union wants the money to go into the unions funds. I totally agree with you about 401k. You should fund it as much as you can. Personally, I max out my Roth IRA every year and put some into my regular 401k also.
btw, managements match is 3% in ups stock.
If you sell your Option Week and have it put into your 401(k), you could consider that a company match, kinda...
I'm sorry but thats akin to selling a pint of blood to the blood bank each week and putting that money into the 401k and considering it the company match. Your going to miss the option week or the pint of blood, but true a company match is just free money even if it is just ups stock.
What is the percentage of upsers who are union who put money into a 401K, any figures on this???
Painfully low. No excuse for a full time driver not to contribute. Many of these same people whining about the union and the pension probably don't contribute to the 401k. Don't have to get a UPS match to take advantage of tax breaks and long term gains. BM
I heard that it is only about 25%, but I am not sure how accurate that is. I hate to admit it, but I didn't join until about a year ago, and it has done well. I also have an IRA and some mutual funds. It amazes me how many full time drivers we have that just live paycheck to paycheck, especially considering that my area currently has the lousy Central States Pension Plan. Everyone needs to plan ahead and not rely on just Social Security or a Pension Plan. I like the 401K because it automatically makes you save and it doesn't take that much out of your paycheck. And it is easy to manage your investments online.
I think it's even less than 25% Scratch. To all you younger folks out there. Please join the 401k tommorrow. I joined from when it was insituted, I believe it was 1986. I started at 5% and by the time I left I was up to 18%. Now many people will say they can't afford that much. I'm telling you when you take that money out before taxes it will not affect your take home pay nearly as much as you think. I retired this past year. I left with $180,000 in my 401k. And that was investing conservativly. If there had been a 401k when I started full time in 1975 I really could have saved some cash. The first thing I told a new senority driver was to get in the 401k, I don't care if it was for only 2%. Just get started.
I would suggest that everyone look at the Roth 401k's especially if your young. You don't get the tax benefits when you put in the money like a regular 401k, but you don't pay takes on the interest that it makes when you take it back out when you retire. This has the potential of saving you a lot of money. an investment can double in value every 7 years at a modest interest rate and all that interest would be tax free when you pull it back out. ups started offering roth 401k's recently.
By using the Rule of 72, you can get a close approximation on how long it would take to double your money. Divide your interest rate into 72 to get the time period. For example: If you were getting 9% interest, 72 / 9% = 8yrs. Don't ask me how it works, I'm not a finance whiz - just a dumb truck driver.1
UPS doesn't match for union employees. I'm on record at this website as saying I would rather take a UPS match than a pension contribution. A little bit each week along with favorable market conditions can turn a little bit into a small fortune.
I started contributions in June of '02 (I was 28 years 8 months old) at 7% of my salsry. So I missed, by luck, most of the worst bear market since the depression. I had at least 30 years to retirement and was not going to let short term flucuations in the stock market affect the way I invested at this early stage.
So I invested agressively (100% stock funds to this day) and increased my contributions to reach 14% of my salary right now. Each raise I recieve now, I will increase my contribution to the 401k by that percentage. I grew my balance to around $40,000 in less than 5 years. The 401k is a powerful tool.
If I stopped investing today and just let the investments grow, I would have hundreds of thousands of dollars at age 65.
So to all you 18-21 years olds, start now and you'll be a millionare in your 40's! Good luck!
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