Teamster 401K Packet

[RangerRock]

Ok so I was hired as a seasonal driver for UPS. I checked my mailbox today as I was out of town for the weekend and I got a 401k Packet from Teamster. Now this makes no sense to me as I am only a seasonal driver and seems to be a waste of time/money on part of UPS or whatever to send it to me considering I only have 2 weeks max left to work.

 

[UpstateNYUPSer(Ret)]

You can try to enroll (www.retirement.prudential.com) but will probably be told that you are not eligible.

 

[RangerRock]

You can try to enroll (www.retirement.prudential.com) but will probably be told that you are not eligible.

Yeah I have no intentions to enroll unless I happen to go FT. Would rather keep what little bit of $ I can until I find another job once this one ends.

 

[ManInBrown]

They send it to all the seasonals, regardless of being hired permanent or not

There is nothing ups likes more, than wasting time and money

GL

 

[UpstateNYUPSer(Ret)]

Yeah I have no intentions to enroll unless I happen to go FT. Would rather keep what little bit of $ I can until I find another job once this one ends.

You can always enroll with a 0% contribution rate.

 

[Brisket]

I think I read something like you are automatically enrolled at 2% , unless you either decline it or increase it.

 

[UpstateNYUPSer(Ret)]

I think I read something like you are automatically enrolled at 2% , unless you either decline it or increase it.

It is 3% and you have to opt out by decreasing it to 0%.

 

[Brisket]

It is 3% and you have to opt out by decreasing it to 0%.

Ah thanks for clarifying!

 

[Wally]

Buy risky stocks!

 

[pickup]

Ah thanks for clarifying!

By the time you are notified and made aware of opting out, you're already opted in and your paycheck this week will probably have 2 percent (or 3 percent if we go by upstate's post). You then will try to opt out and will be informed by the rep over the phone or your computer that the change will take up to 10 business days to process. So you will probably end up with 2 or 3 paychecks having that bite in them.

And then when you leave the company , you will then receive a letter from the 401 fund that you need to rollover the little money you have in the fund to another 401k fund or take a check .If you take the check(which is the default option if you don't take action by a certain time), you will then have to pay a 10 percent penalty in addition to the taxes on the money in the check.

Yep, that's the way it usually goes, from what I heard.

 

[Brisket]

Oh I have NO plans on opting out, been in it too long for that.

 

[pickup]

Oh I'm NOT opting out.

Sorry, I thought you were the original poster.

 

[DriveInDriveOut]

I was automatically enrolled when I went FT.
Pissed me off.
I already have a 401k, I didn't sign up for that crap.
Got online and changed the contribution to 0.

Kind of ridiculous that they enroll people without their knowledge.
This crap shouldn't be legal.

 

[Matty_lawn]

Must be different for part time I actually had to call and enroll. Been on the payroll since July and I just called and signed up a few weeks ago. 15 percent right now but ill max it out once my initiation fees are finished.

 

[Rack em]

I was automatically enrolled when I went FT.
me off.
I already have a 401k, I didn't sign up for that crap.
Got online and changed the contribution to 0.

Kind of ridiculous that they enroll people without their knowledge.
This crap shouldn't be legal.

One time I had to talk to my banker about getting a new savings account and after we got everything settled he said I was also approved for a $10,000 line of credit. He tried to sell me on it and I told him I would think about it and maybe call him in a week. Well I did some online banking a few days later and noticed I all of the sudden had a $10,000 line of credit already on my account!

I never said yes to him and I never signed anything! I went down to wells fargo demanding to get that banker and the bank manager in an office. I am usually a cool tempered guy, but I went off on both of them and threatened to get my lawyer involved because I didn't sign anything for a line of credit. The banker got fired I believe because I think he forged my signature? But after hearing about the whole wells fargo making fake accounts scandal, it made a little more sense.

 

[Babagounj]

Good job .
Having an open line of credit can hurt your credit report score .
The highest number you can achieve is 850 . Less than 1.5% have made it to this level .

 

[Mugarolla]

I think I read something like you are automatically enrolled at 2% , unless you either decline it or increase it.

 

[IVE GOTTA PACKAGE 4U]

By the time you are notified and made aware of opting out, you're already opted in and your paycheck this week will probably have 2 percent (or 3 percent if we go by upstate's post). You then will try to opt out and will be informed by the rep over the phone or your computer that the change will take up to 10 business days to process. So you will probably end up with 2 or 3 paychecks having that bite in them.

And then when you leave the company , you will then receive a letter from the 401 fund that you need to rollover the little money you have in the fund to another 401k fund or take a check .If you take the check(which is the default option if you don't take action by a certain time), you will then have to pay a 10 percent penalty in addition to the taxes on the money in the check.

Yep, that's the way it usually goes, from what I heard.

If you have less than 5k when you separate from service , they can liquify the account and send you a check. If you have more than that, they can't do it.

 

[pickup]

I was automatically enrolled when I went FT.
me off.
I already have a 401k, I didn't sign up for that crap.
Got online and changed the contribution to 0.

Kind of ridiculous that they enroll people without their knowledge.
This crap shouldn't be legal.

Unfortunately it is legal . A law was passed at the federal level that allows this but I believe that the company , in this case UPS has to notify the employee way before the default option of being enrolled kicks in so that the employee has ample time to opt out if he decides to do so. From what I hear the notification comes too late.

 

[pickup]

If you have less than 5k when you separate from service , they can liquify the account and send you a check. If you have more than that, they can't do it.

That might be true but I was addressing the original poster who is a seasonal employee. He won't have 5 k in his account by the time he is shown the door .