401k Match...when is it coming back?

[randomUPSISer]

The following is from Wikipedia:

401(k) plans are mainly employer sponsored plans; the employer can, as a benefit to the employee, optionally choose to "match" part or all of the employee's contribution by depositing additional amounts in the employee's 401(k) account or simply offer a profit sharing contribution to the plan.

Sounds like a perk to me!

And employers without 401k matches tend to pay more than those without. (Also employers without health care tend to pay more too)

All in all, each employee is an item on a budget for a high up manager somewhere. That budget number doesnt represent your salary, it represents what you actually cost to the employer. Rest assured, that 3% was planned as a reduction in employee cost, not a reduction in "perks". Wikipedia may say that, but Id hardly call it the end all be all of sources. A perk to me is something that costs the company no extra money and you just happen to get. Not an item thats used as compensation.

I guarantee that upper management saw it as a "reduction in total compensation". They figured the vast majority of employees wouldnt care as much as if they just slashed it from their take home pay. In a way its actually worse since its slashing our future earnings since that money could be out there making more money for us.

 

[kuff]

Drivers in California have never gotten a 401K match.

 

[UpstateNYUPSer(Ret)]

Drivers in California have never gotten a 401K match.

Hourly employees have never received 401k matches.

 

[pretzel_man]

And employers without 401k matches tend to pay more than those without. (Also employers without health care tend to pay more too)

All in all, each employee is an item on a budget for a high up manager somewhere. That budget number doesnt represent your salary, it represents what you actually cost to the employer. Rest assured, that 3% was planned as a reduction in employee cost, not a reduction in "perks". Wikipedia may say that, but Id hardly call it the end all be all of sources. A perk to me is something that costs the company no extra money and you just happen to get. Not an item thats used as compensation.

I guarantee that upper management saw it as a "reduction in total compensation". They figured the vast majority of employees wouldnt care as much as if they just slashed it from their take home pay. In a way its actually worse since its slashing our future earnings since that money could be out there making more money for us.

Of course, its a matter of overall compensation. Whether you are management or hourly, it works the same way. The company looks at what it is willing to spend for employee compensation overall first. Then where its spent is decided. It can be in direct compensation, pension, health care, benefits, etc.

The last time I looked, 2/3 of revenue goes to employee compensation. That is about the same % as in Casey's day.

Are you saying that eliminating the 3% 401K match is worse than reducing your take home pay by 3%? Very few people I know think that.

P-Man

 

[Anonymous 10]

When is the thrift plan coming back?

 

[randomUPSISer]

Are you saying that eliminating the 3% 401K match is worse than reducing your take home pay by 3%? Very few people I know think that.

P-Man

Its identical. Its a 3% reduction in pay. Those who think otherwise either A) Dont know any better, or B) Dont think about their long term financial future.

With the statistics showing how few of people are saving at an acceptable rate for retirement, I'd tend to side with B. They are more worried about money they have now than money they might have in 20yrs. Those who think taking away 401k match vs taking away 3% pay are the same are apparently only thinking about today.

I wonder when it does come back if the raises are equally as bad as this year or worse? After all, it would be a 3% + Merit raise increase for the company that year.

 

[Catatonic]

Its identical. Its a 3% reduction in pay. Those who think otherwise either A) Dont know any better, or B) Dont think about their long term financial future.

With the statistics showing how few of people are saving at an acceptable rate for retirement, I'd tend to side with B. They are more worried about money they have now than money they might have in 20yrs. Those who think taking away 401k match vs taking away 3% pay are the same are apparently only thinking about today.

I wonder when it does come back if the raises are equally as bad as this year or worse? After all, it would be a 3% + Merit raise increase for the company that year.

Knowing that a tomato is a fruit is an example of knowledge.
Knowing not to put tomatoes in a fruit salad is an example of wisdom.

 

[RoyalFlush]

Of course, its a matter of overall compensation. Whether you are management or hourly, it works the same way. The company looks at what it is willing to spend for employee compensation overall first. Then where its spent is decided. It can be in direct compensation, pension, health care, benefits, etc.

The last time I looked, 2/3 of revenue goes to employee compensation. That is about the same % as in Casey's day.

Are you saying that eliminating the 3% 401K match is worse than reducing your take home pay by 3%? Very few people I know think that.

P-Man

Everybody I know thinks losing 3% either way is still equal to losing 3%. It's pretty well known that UPS is attempting to reduce the percentage of revenue that goes to compensation. My math shows management and non-union compensation declining as a percentage of revenue while union hourly compensation is increasing.

 

[airbusfxr]

Hourly employees have never received 401k matches.

Wrong again friendo. airline mechanics are hourly and have still to this day get a 401k match. Never say never because you and doldwg are never right.

 

[mrv]

Hourly employees have never received 401k matches.

Thats good for you Upstate! Just one more item you won't have to hand over to UPS in 2013. You should start working on giving up some vacation time along with that wage freeze and paying for your insurance.

 

[randomUPSISer]

Everybody I know thinks losing 3% either way is still equal to losing 3%. It's pretty well known that UPS is attempting to reduce the percentage of revenue that goes to compensation. My math shows management and non-union compensation declining as a percentage of revenue while union hourly compensation is increasing.

This too. Everyone I know has noticed this trend. Everyone I know also realizes the lost 401k match is still lost 3% of our compensation.

Knowing that a tomato is a fruit is an example of knowledge.
Knowing not to put tomatoes in a fruit salad is an example of wisdom.

I like Tomatos. I also like being compensated fairly.

 

[pretzel_man]

Its identical. Its a 3% reduction in pay. Those who think otherwise either A) Dont know any better, or B) Dont think about their long term financial future.

With the statistics showing how few of people are saving at an acceptable rate for retirement, I'd tend to side with B. They are more worried about money they have now than money they might have in 20yrs. Those who think taking away 401k match vs taking away 3% pay are the same are apparently only thinking about today.

I wonder when it does come back if the raises are equally as bad as this year or worse? After all, it would be a 3% + Merit raise increase for the company that year.

You are the one who said it was worse than losing pay in your paycheck.... I was quoting you I thought.

I'm not happy about no raise and loss of the 3% match, but I'm tired of management whining on this. Those that whine either are working for poor managers or they don't deserve to be in management.

While people whine about what was reduced at UPS.....

My daughter took a 20% pay cut and then had her job eliminated.
My wife lost her job.
My neighbor was out of work for 1 year.
My brother saw his business cut in half and is digging deeply into his savings.

They are not whining....

P-Man

 

[Catatonic]

You are the one who said it was worse than losing pay in your paycheck.... I was quoting you I thought.

I'm not happy about no raise and loss of the 3% match, but I'm tired of management whining on this. Those that whine either are working for poor managers or they don't deserve to be in management.

While people whine about what was reduced at UPS.....

My daughter took a 20% pay cut and then had her job eliminated.
My wife lost her job.
My neighbor was out of work for 1 year.
My brother saw his business cut in half and is digging deeply into his savings.

They are not whining....

P-Man

That's because they are all living in your house while you are working ... are they practicing to be Canadians?

 

[bbsam]

That's because they are all living in your house while you are working ... are they practicing to be Canadians?

If this were my post, I would be hearing, "Dude, what is your problem?!"

 

[UpstateNYUPSer(Ret)]

Wrong again friendo. airline mechanics are hourly and have still to this day get a 401k match. Never say never because you and doldwg are never right.

I was referring to the hourly employees that I am familiar with, which would be those directly involved with operations. Most of us rarely if ever discuss or even think about the airline mechanics.

 

[UpstateNYUPSer(Ret)]

Thats good for you Upstate! Just one more item you won't have to hand over to UPS in 2013. You should start working on giving up some vacation time along with that wage freeze and paying for your insurance.

Perhaps it is you who needs to take off your union blinders and take a realistic look at our current economic situation. I don't know of anyone, including myself, who would willingly give up any part of their wage and benefit package but I also don't know of anyone who would insist upon raises and benefit increases during a recession.

 

[airbusfxr]

Scott Davis asked for and received a nice raise during this recession. UPstate how are your buffalow bills going to do this year, same as the sabres, say second or last place. Dont worry about UPSCO employees they only contribute to 19% of the volume that make the most money for this company, that is NDA and Int. Read the quarterly results and educate yourself to what UPS makes. You need to listen and read more, than just open your mouth and post nonsense.

 

[UpstateNYUPSer(Ret)]

I am a Boston fan. Last night was a rough night as we went 0 for 3.

I would think the Local 2727 thread used up our allotment of nonsense.

 

[airbusfxr]

I am a Boston fan. Last night was a rough night as we went 0 for 3.

I would think the Local 2727 thread used up our allotment of nonsense.

Just think you delivered ground only. How much money does ground only deliver for UPSINC? We all provide service for customers, mine are internal, which are pilots. I also have external customers which include the NTSB, FAA, TSA, and gateway/hub workers. I make sure that all UPSCO equipment is safe to operate to provide service to all customers internal and external. Just havent had a raise since 2005.

 

[brownmonster]

Scott Davis asked for and received a nice raise during this recession. UPstate how are your buffalow bills going to do this year, same as the sabres, say second or last place. Dont worry about UPSCO employees they only contribute to 19% of the volume that make the most money for this company, that is NDA and Int. Read the quarterly results and educate yourself to what UPS makes. You need to listen and read more, than just open your mouth and post nonsense.

Everyday I pickup and deliver Intl and NDA packages in my brown truck. I don't see any airline mechanics delivering them.