When will our 401(k) match return?

Discussion in 'UPS Information Technology' started by Brown Frown, Jul 28, 2010.

  1. Brown Frown

    Brown Frown New Member

    UPS made a lot of money last quarter (along with the quarter before). When do you think they'll start returning the love and bring our 401(k) match back?
  2. the CEO needs another big unwarranted raise, your 401k match can wait until he gets his golden parachute.
  3. klein

    klein Für Meno :)

    Why would you even ask. They have never done it in Canada, so why would they reinstate it there ?
    Gone for good !
  4. Papa John

    Papa John New Member

    i work at ups in moncton nb canada and they have transfered some of the tracking department calls to the philipeans (of course for cheaper labour) ups keeps telling us that there will be no job losses or centre closures (bull****) they must think that we're stupid or something. we have a few hundred people that work here at ups. there is a new pcm meeting that we have to attend next week that is about 45m long..... wonder if they are going to tell us that they are closing down. wouldnt be a surprise. everyone at work is talking about it. look what happened to the ups in santa maria, they closed down and were given a few months notice. ups canada call centre must really think we are stupid and not know whats going on in there
  5. Yourteamsux

    Yourteamsux New Member

    It's all about DB and company, They don't give a rats ass about anyone else.. Jim Casey is running out of places to roll in his grave!!!!!!!
  6. jimmythetech

    jimmythetech New Member

    Couldn't agree more - it's all about making the rich guys rich!

    The sad thing is that the newly hired UPS people in the United States, only have a 401K to retire with, they are not part of the retirement plan that most people are part of. Those newer people are the ones that are getting squeezed the most, and for the simple reason that they (the board) wants to report a nice year. Paying additional cash out would impact that opportunity.

    Look for a press release about high or higher dividends at years end to make wall street happy.

    Unfortunately the current leadership consists of members from failed companies and UPS either hired these people or bought the original company out. So now they lead at UPS and we can only hope that they don't destroy this company like they did their previous company.

    UPSSOCKS Well-Known Member

    Who cares about 401k, just keep the MIP coming!!!!!!!!!!
  8. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    401k would be of more interest to a prudent person that is looking towards their long-term financial security.
    The MIP is an arbitrary system that harkens back to a bygone era of protected stock investment.
    I personally would like an increase in the MIP rather than the 401k reinstatement but for someone under 45 years of age, the 401k reinstatement seems more attractive.

    UPSSOCKS Well-Known Member

    But Hoax, with the way things are going it's more wise to invest your MIP, your entire life. In the long run it is worth far more than the 401k. Think about it, take your current investments and add your MIP to the mix. It would take some discipline, but the end game is far worth it. Even for a young guy take a look at the future value of a dollar at x%. Start dumping your MIP now into a secure investment and in twenty years your set.
  10. Deeohem

    Deeohem New Member

    I think I'd agree with you that the MIP is better than the 401K match. It's almost as high upfront, and it's not tied to any contribution on my part. The problem is, I'm hourly. I doubt an MIP will ever be offered to hourly employees, not even the non-union ones. So... since I don't qualify for MIP, I'd REALLY like it if UPS would bring back a match of some sort.
  11. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    I see your point now ... I was assuming the dollar amount being the same.
    Max match on 401k is about $3000 which even for MIP here of late is still a small amount.
    We both have valid points just different assumptions regarding the amount of contribution.

    Carry on :wink2:
  12. mrups

    mrups New Member

    From what I understand:
    Employees hired after 2008 receive a 2.5% match.
    Employees hired before 2008 receive a 5% match.

    Does an employee receive the 5% match who is
    union employee
    hired before 2008
    promoted to a salaried position for example full time supervisor?

    Thank you in advance for your help with this matter!