Whats up with the 401k?

Discussion in 'UPS Discussions' started by wornoutupser, Oct 29, 2008.

  1. wornoutupser

    wornoutupser Well-Known Member

    I called the 1-800-537-0189 line to check my balance and I was greeted by a recording that wanted to know if I wanted to switch from ING to Prudential or Dreyfus.
    I have not received any mail on this. Anyone know what is going on?
  2. Jack4343

    Jack4343 FT DR Specialist

    I got something in the mail from the Teamsters/UPS about the 401K. They will now be using Prudential Retirement to provide recordkeeping services for the plan, effective January 2009. Also in 1/2009, The Bank of NY Mellon will be the investment manager, providing the investment options for the plan except for the Stable Value Fund, which will remain with State Street Global Advisors. To make sure all information transfers accurately, there will be a brief "quiet period" during which time most plan activities will be put on hold. We will get more information on this in the coming weeks.

    The quiet period will begin on December 1st, 2008 and end the week of January 12th, 2009.

    Self managed accounts wil be controlled by Dreyfus. People with SMA's (Self Managed Accounts) will be notified seperately detailing the quiet period and changes.

    To sum it up, I really don't understand a thing I just typed. I basically summarized it from the letter.
  3. Baba gounj

    Baba gounj pensioner

    quiet period = no trading allowed.
  4. Monkey Butt

    Monkey Butt Obscured by Mirrors Staff Member

    Prime Corporate management material!
    High Paid Consultant.
  5. BigBrownSanta

    BigBrownSanta New Member

    Very good summation. That's exactly what my letter said too. I went to the website mentioned in the letter and every thing you click on says to check back next month.
  6. satellitedriver

    satellitedriver Moderator Staff Member

    Getting rid of State Street is a positive move.
  7. Jack4343

    Jack4343 FT DR Specialist

    No thanks....can't afford the cut in pay! :) Seriously though, the thought of working at UPS without my net (the Union) sends chills down my spine!
  8. wornoutupser

    wornoutupser Well-Known Member

    Thanks- I have not seen a thing in the mail from them.
  9. mountaingoat

    mountaingoat New Member

    As long as we're offered index funds and very low fund expenses, I'm for it. I don't need to rack up expensive fees for the funds for a trader who is trade-happy or goes outside the core mission of the fund. I've seen that happy quite a few times with disastrous results.

    Never tried to moon a werewolf, and have no intention to ;-)
  10. satellitedriver

    satellitedriver Moderator Staff Member

    We will just have to see what is offered, but SS has one of the worst reps in the business.
  11. browniehound

    browniehound Well-Known Member

    How come? I thought the website was easy to use and the funds covered all of my bases. Is there a company that can do better in your opinion?
    What problems did you experience or have with State Street?

    I look forward to your reply,
  12. satellitedriver

    satellitedriver Moderator Staff Member

    The funds they offer and manage.
    UPS and the teamsters think there is a better option and are changing to a broader range of choice.
    Website navigation means nothing, when the group of funds are so limited.
  13. 705red

    705red Browncafe Steward

    Just checked the website and our 401k's are now 200.5k's!