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UPS going private again.....
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<blockquote data-quote="djbeckett" data-source="post: 175374" data-attributes="member: 5157"><p>If UPS poured money in to our 401Ks instead of the Teamster Pension Plan that could work out for the people that know how to hold on to their money, like you and me. However, on the other hand the people that do not know how to save and take loans against their 401Ks (& ending up defaulting on the loan) would end up near retirement money to support them. </p><p></p><p>But if UPS decided that they were going to make the money they put in the 401K off limits to loans some how, that could work for all of us, especially if we got a few more mutual funds to pick from in the Teamster 401K. </p><p>If UPS decided to match 14.33% of an employee's salary and put it into their 401K; that would come out to about $215/wk on a salary of $1500/wk. This would work, if the employee could not touch it until they retired! </p><p></p><p>This would not go over well at all with the Teamsters though, even if the money was going into the Teamsters UPS 401K Plan. This would kill the rest of the underfunded Teamster Pension Fund! This probably will never happen. I have friend that works for the state of Michigan and the state matches 8% of his salary and puts it into the 401K no matter if he puts any money in to the 401K or not. </p><p></p><p>Either way, we at UPS have it pretty good when you consider what the employees that work for the Detroit auto companies are going through! Thank God we still have jobs and are not taking major pay cuts!</p></blockquote><p></p>
[QUOTE="djbeckett, post: 175374, member: 5157"] If UPS poured money in to our 401Ks instead of the Teamster Pension Plan that could work out for the people that know how to hold on to their money, like you and me. However, on the other hand the people that do not know how to save and take loans against their 401Ks (& ending up defaulting on the loan) would end up near retirement money to support them. But if UPS decided that they were going to make the money they put in the 401K off limits to loans some how, that could work for all of us, especially if we got a few more mutual funds to pick from in the Teamster 401K. If UPS decided to match 14.33% of an employee's salary and put it into their 401K; that would come out to about $215/wk on a salary of $1500/wk. This would work, if the employee could not touch it until they retired! This would not go over well at all with the Teamsters though, even if the money was going into the Teamsters UPS 401K Plan. This would kill the rest of the underfunded Teamster Pension Fund! This probably will never happen. I have friend that works for the state of Michigan and the state matches 8% of his salary and puts it into the 401K no matter if he puts any money in to the 401K or not. Either way, we at UPS have it pretty good when you consider what the employees that work for the Detroit auto companies are going through! Thank God we still have jobs and are not taking major pay cuts! [/QUOTE]
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UPS going private again.....
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