Our UPS/Teamster 401(k)

Discussion in 'UPS Discussions' started by FAVREFAN, Mar 25, 2010.


    FAVREFAN Member

    I just wanted to say I think one thing we are lucky to have at UPS is such a good 401(k). I just spent the better part of 3 hours doing an annual review on my fiancee's 401(k). She works for a smaller company of around 100 employees and theirs is full of mutual funds with high fees. We are lucky to have the index funds to copy cat the market. 80% of mutual funds under perform the S & P 500 every year. The fees are much higher than index funds as well.
    Just a little something to appreciate having even if we don't appreciate how we are treated everyday.
  2. 705red

    705red Browncafe Steward

    I just spent some time trying to borrow against my 401k savings. This plan has a hardship clause which you must meet in order to qualfy. Being broke is not one of them, having a wife and kids is not one of them, being cut off of workers comp is not one of them. You must be in fore closure with a ruined credit history and on the verge of losing your house. Doesnt seem right that you cannot borrow your own money.

    So I will just cash in my CDs and pay a penalty, but rest assured I will make that penalty money up 10 fold when I get back to work.

    FAVREFAN Member

    I didn't know you were out of work Red. I hope you get back very soon.
  4. satellitedriver

    satellitedriver Moderator Staff Member

    do not cash in your CD's.
    You can easily get a loan from the bank that issued the CD's to you.
    The standard loan rate is 2% to 3% over the percentage rate of return of the CD, depending on the amount of the loan.
    The penalty rate for cashing out a CD early can cost you big time.
    -( cashing out penalties are not governed by law, they are at the discretion of the bank)-
    Normally, you can borrow 90% of the value of the CD.
    The CD guarantees the the loan .
    -( it is your money that you are borrowing)-
    When you get back on your feet you can pay it off, or let the CD pay it off, and it will not effect your credit score.
    Money is always about the percentages over time.
    I have never" looked" into borrowing against my 401k, but I am sure one could do it, at a severe long term cost.

    Believe it or not,
    one day you will look back at these days as the "Good Ole days".
    I know you will do everything, to protect and provide for your beautiful family.

    Take care,

  5. BadBrownGirl

    BadBrownGirl New Member

    Hey, you being forced out too?? I was hurt and have 2 years til full retirement. UPS cut me off comp. and is trying to get rid of me. Always gave 5000%, as we all do, but as a 'repeat offender' (twice hurt) and retirement so near, I am being treated like scum. Unfortunately, my life HAS gotten to the point where I CAN take a hardship withdraw.

    I gave my life to this place.
  6. hdkappler

    hdkappler Member

    been cut off from workman's comp hire a comp lawer.
  7. User Name

    User Name Only 230 Today?? lol

    Maybe someone can inform me as to why do they take out two sets of fees a week?
  8. I hope things get better for you soon. The other post talked about hiring a workmans comp lawyer. Have you looked into that? Best of luck to you.