Pru 401(K) just started showing up in paycheck?

Discussion in 'UPS Discussions' started by wonderwolf, Feb 19, 2015.

  1. Brasswolf

    Brasswolf New Member

    I've been unloading for nearly 7 years, I recently transferred from another hub just a few hours south. Just a few weeks ago I checked online direct deposits and a new feature its showing is "Pru 401(K)" (I'm guessing pru= prudential?) is coming out of my paychecks when I did not ask or sign up for anything to be coming out. I didn't sign up for anything but its coming out, almost a full 3%.

    They also show I've taken vacations on the # of hours listed at the bottom which is rich because we haven't even scheduled vacations yet. I printed off a copy of my check and wrote a note and gave it to my soup but this week its still showing I took one. Havn't missed a day yet this year so I'm scratching my head, havn't even been paid for it (shucks)
  2. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    If you didn't even notice it would it be so terrible for some money to go towards retirement?

    You should be able to get it stopped if you like. Just talk with HR.
  3. Wally

    Wally Hailing from Parts Unknown.

    What's more, cell phone bill, or 401k deduction?
  4. airintrace

    airintrace Active Member

    I think although Im not completely sure that all new employees are automatically enrolled in the 401k plan. I think that when you transferred to a new hub that it triggered something with your payroll.
  5. Flex

    Flex New Member

    I think the auto enroll is a complete shakedown if you don't enroll don't take money. Okay lets auto enroll 100k upsers and they can stop payments but cannot get back the first. That's a lot of stolen money people work for to go toward some other peoples 401k. Its stealing weather or not you want to setup your own 401.
  6. airintrace

    airintrace Active Member

    I understand the frustration but they haven't stolen it. It's still yours; its just that you can't get it back until your 59 1/2 without penalty. It seems to me that this comes down higher than UPS. I think I remember hearing about the current administration talking about companies possibly being required to do this forced savings plan for new employees because of the state of the country in regards to lack of savings amongst middle class workers. The problem is that; in this economy a lot of people need every dollar coming to them. It's a catch 22...

    HEFFERNAN Huge Member

    Somebody must have checked a box during the transfer and triggered it. You'd still be in the same Local, so that still seems weird that would happen.

    Personally, I would encourage you to keep it. Especially, if you're planning to make UPS a career. But I would agree with you if you went to HR and demand that money back in your pocket. It is stealing if you didn't ask to have it taken out.
  8. SameRightsForAll

    SameRightsForAll New Member

    All of you are missing his point. He did not sign up for the 401k plan. And no, it's not required by any federal or local laws. Where are you getting this information? I would be just as upset or worried, even though I signed up for their 401k plan. I went through a lengthy process to sign up, mind you.

    3% of his check is 3% of his annual income. Yes, it would be considered a form of theft. The only 3 or 4 required deductions would be for Medicaid, Social Security, Federal Income Tax, and State Tax if your state collects.

    Personally, I think he was either given the wrong paycheck and hasn't noticed yet or that somebody in his center took it upon themselves to enroll the person without permission. Just Pitiful. Why?... because UPS doesn't match, at least not for part-timers, and this is the whole purpose of a 401k.
    • Like Like x 3
    • Funny Funny x 1
    • List
    Last edited: Feb 19, 2015
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    UPS does not match any hourly contributions which, BTW, is not the whole purpose of a 401k. The primary selling point of a 401k are the compounding of contributions/principle and tax deferred savings.
  10. SameRightsForAll

    SameRightsForAll New Member

    Because the government allows companies to match, this should be part of the purpose of a 401k. I think it's terrible that UPS can't even throw a dirty dime at us for each dollar. They do sell their stock for a 5% discount, however, which is why I invest in both plans for diversity reasons.
  11. Brasswolf

    Brasswolf New Member

    I understand those of you who are saying "a 401(K) is not a bad thing" . The problem is I don't need a company telling me where to put my money. On one hand it sounds like the company is just kind of saying " We'll just hold on to this for you for a while" spoken in the tone a car sales person might use. Maybe they did it on purpose, maybe they didn't but either way nobody asked me and that is not cool with this guy. I talked to my soup today about the 401 (K) thing and he mentioned that he has never heard of it being set up like that (automatically) and that I should definitely look into it.

    I have to go into HR tomorrow anyways for some unrelated stuff so I'll inquire there as to what should be done.

    Its just bad form really on their part....hopefully it will all be straightened out.
  12. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    The money is going into noones 401k except the individuals.

    While I find it pathetic that an individual can't be responsible enough to prepare for their own retirement. I think auto enroll is one of the best things the company has done.

    Now if they would offer quarterly classes on saving for retirement I would really get excited.

    I still believe the responsibility falls on the individual but it's nibe to see a company help out.
    • Like Like x 1
    • Winner Winner x 1
    • List
  13. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Ask your Union to give up some your pension contributions for a 401k.

    I'd much rather have that money in my account to use as I see fit but it won't happen.

    Also it doesn't have to be a "match". A company can choose to just put money into your account. Nothing necessary on your end.
  14. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    The company isn't "holding onto" your money. It's in YOUR account. Only thing you can't do is touch it til retirement.

    You can let it sit in cash in the account or open a self managed account and invest however you want.

    I'd ask you to strongly reconsider stopping the deduction. While what they did may not have been right it will almost certainly benefit you in the long run.
  15. Jackburton

    Jackburton Gone Fish'n

    UPS isn't adding new hires in the 401K automatically because they care about your future. UPS Hourlies receive a pension, and to some, makes 401k irrelevant. This poses a problem for UPS higher managment as they are restricted to contributing amounts to their own 401k unless they meet a threshold of lower tier employees participation in the company. You can read more on HCE rules for 401k here
  16. silenze

    silenze Lunch is the best part of the day

    If you stop contributing the money won't even be there when you retire. It will get eaten by all the fees they charge.
  17. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The company pays the administrative fees so this is not true.
  18. Richard Harrow

    Richard Harrow Deplorable.

    Sweet Jesus do we have some winners here.

    People are actually complaining about saving money?
    • Agree Agree x 3
    • Derail Derail x 1
    • List
  19. brownmonster

    brownmonster Man of Great Wisdom

    Looks like the OP missed out on 7 years of growth in the markets.
  20. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    And plans on missing out on any more future growth.