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question about 401k
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<blockquote data-quote="beentheredonethat" data-source="post: 800703" data-attributes="member: 4886"><p>For mgmt\admins there is a 50% match for first 5% employee contributes. (this just started in jan 2011) we had a 100% on first 3% a few years ago, but that got taken away for a while due to bad economy. for newer non union there is a higher match closer to 100% for first 3%. Newer nonunion doesn't get a defined benefit pension. Instead gets defined contribution. This gets liability due to stock market losses off of company and onto employee.</p><p></p><p>Teamsters doesn't get a match from ups for 401K. </p><p></p><p>The 401K will still allow you to save for retirement and lower your tax liability now. You can also (at least for nonunion) put money into roth 401k. this doesn't lower your current taxes,but it allows you to have no tax liability when you withdraw in retirement.</p><p></p><p>Many people think the 401K is good for the tax advantages and to help save for retirement.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 800703, member: 4886"] For mgmt\admins there is a 50% match for first 5% employee contributes. (this just started in jan 2011) we had a 100% on first 3% a few years ago, but that got taken away for a while due to bad economy. for newer non union there is a higher match closer to 100% for first 3%. Newer nonunion doesn't get a defined benefit pension. Instead gets defined contribution. This gets liability due to stock market losses off of company and onto employee. Teamsters doesn't get a match from ups for 401K. The 401K will still allow you to save for retirement and lower your tax liability now. You can also (at least for nonunion) put money into roth 401k. this doesn't lower your current taxes,but it allows you to have no tax liability when you withdraw in retirement. Many people think the 401K is good for the tax advantages and to help save for retirement. [/QUOTE]
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