How much does UPS contribute to 401K for full time and part time employees?

pkgdriver

Well-Known Member
Great advice guys

Im guessing my center is around 40% for the driver group

I started out about 8% when the 401k started, maxed it out(17%) a few years later and have had it at 25% for about 3 yrs now. Its turned into a nice chunk of change.
 

Braveheart

Well-Known Member
I have been told by every single person, banker, investment manager on the planet that UPS's policy of excluding the employees is just not good business sense and bad for moral too!!!!
 

BigBrownSanta

Well-Known Member
Selling your option week and putting it into your 401(k) and then taking the 1 weeks pay for when you would have been on vacation and then putting just 2% weekly into your 401(k) can leave you a hefty amount at retirement.

58 hrs. x 28.19 = $1,635.02
40 hrs. x 28.19 = $1,127.60
7.5 hrs. OT x 42.28 = $317.10
$70,000 x .02% = $1,400.00

Total yearly = $4,479.72

The average historical return for the stock market is somewhere between 10% and 13%. Just making a "measley" 9% for 20 years would gross you $229,182.46.

Extend that out for another 5 years and you would have $379,436.76.

If you're afraid 9% is too much to expect, then 5% would get you:

20 yrs. = $148,126.42
25 yrs. = $213,803.60

This is, in my opinion, a "minimal effort" savings plan. You work 1 extra week a year for your retirement and invest 2% of your annual income. The company "matches" $1,635.02 and you don't have to make any real big efforts to budget for savings. (And this doesn't even include future pay raises.)

That's my advice. If you want to knock me for it, feel free.
 

alister

Well-Known Member
I have been told by every single person, banker, investment manager on the planet that UPS's policy of excluding the employees is just not good business sense and bad for moral too!!!!

again, your assuming this is a company decision. make sure the union doesn't have a say about this before you blame the company for every one of your problems. I seen too many employees complain about their health benefits being reduced when the company has very little to do with this (central states plan).
 

frateshkr

Active Member
sure. what crap. anybody remember the thrift plan? that was where the better year ups had then the better the return on your savings. simple and easy. six bucks a week and a commitment to do the job right. in return you shared in the benefits of a good year.....i remember when 20-25 % returns were common. today the company gives the promise on friday and nothing else. and harrasses you while you do the job. you're not quite santa there big brown.
 

LongTimeComing

Air Ops Pro
Um, way to necro a dead post.

Secondly, go away. Considering the ample amounts of benefits and perks the union employees get at UPS, and the comparative dearth of perks for management, I'd say it's ok for our 401k match to be considered "thrown a bone". I'll file you in my BC Users Who Find Anything To Bitch About folder.

It's always more, more, more, isn't it?
 

Catatonic

Nine Lives
Teamster management would never agree to this because it would be giving money directly to the employee rather than UPS giving the money to the Teamsters.
 

frateshkr

Active Member
Um, way to necro a dead post.

Secondly, go away. Considering the ample amounts of benefits and perks the union employees get at UPS, and the comparative dearth of perks for management, I'd say it's ok for our 401k match to be considered "thrown a bone". I'll file you in my BC Users Who Find Anything To Bitch About folder.

It's always more, more, more, isn't it?
 
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