401k plan participation

[brett636]

I recieved a letter from my teamster/ups 401k plan and it had a letter stating the current plan participation rates. As it stands 27% of eligible UPS employees participate, which I am not too surprised by considering the number of transitory employees that make up the part-time workforce. What did surprised me was the 51% participation rate among full-time ups employees. I see now why the APWA is so appealing to some of you. If just barely half of full-time employees are taking it upon themselves to save for retirement then the pension plans offered by the teamsters and UPS are the only thing your futures hinge on. I just cannot comprehend why someone would just float through life expecting someone else to work out the details of their own futures for them. I trust nobody but myself which is why I believe so strongly into creating your own retirment. Putting your best interests into the hands of other people is just asking for trouble.

 

[RockyRogue]

I recieved a letter from my teamster/ups 401k plan and it had a letter stating the current plan participation rates. As it stands 27% of eligible UPS employees participate, which I am not too surprised by considering the number of transitory employees that make up the part-time workforce. What did surprised me was the 51% participation rate among full-time ups employees. I see now why the APWA is so appealing to some of you. If just barely half of full-time employees are taking it upon themselves to save for retirement then the pension plans offered by the teamsters and UPS are the only thing your futures hinge on. I just cannot comprehend why someone would just float through life expecting someone else to work out the details of their own futures for them. I trust nobody but myself which is why I believe so strongly into creating your own retirment. Putting your best interests into the hands of other people is just asking for trouble.

I agree on all counts, Brett. Unforunately, my outspoken opinion on this topic has gotten me in trouble with couple other posters. But I'll say it again.

Allowing a second and/or third party to completely manage or save your retirement isn't just stupid [and the poster(s) I'm talking about know who they are] but something that makes my fangs pop out: arrogance. Putting all your eggs in one basket is just as bad! This is dumbfounding considering the economic environment of the last 15-25, certainly last 20 years. Isn't this the longest running prosperity period in American history? Why people haven't put some of this "extra" into an IRA or 401k is flabbergasting. Ohhh, wait...that's right. Ya had to go out and buy two new cars every two years!!! Stupid me (sarcasm intended)!!! Live within your means, live responsibly and save that money!!! -Rocky

 

[30andout]

I agree on some points also, I just hope the teamsters don't find a way to keep MY portion of my 401k also. After all their name is on it.That way they would be screwing me out of what I have saved AND what I have earned.
Go ahead keep on trusting the good old teamsters.

 

[brett636]

Rocky- I couldn't agree with you more. Taking personal responsibility for your retirement is key to making sure that there will be a retirement for you. I've said this before, but you have two options when it comes to your future. Either your a walmart greeter, or your out playing golf all day. Those that would get angry with you telling them they need to save will be those walmart greeters while you and I will be doing whatever we feel like.

I agree on some points also, I just hope the teamsters don't find a way to keep MY portion of my 401k also. After all their name is on it.That way they would be screwing me out of what I have saved AND what I have earned.
Go ahead keep on trusting the good old teamsters.

Even the IRS can't touch your 401k, so its safe from the teamsters you so niavely fear. If anything were to happen to one of the administrators of the plan, what you have saved could be left where its at depending on the value of your fund, or it could be rolled over to whatever new plan is offered.

 

[30andout]

I never thought they could take the money in my pension and they did, who's naive.

 

[brett636]

I never thought they could take the money in my pension and they did, who's naive.

Obviously its you. If you don't have the money in an account with your name exclusivly on it then whoever has their hand in the pot can change what you recieve. Remember the money in the pension fund is not your money. You recieve credits for years of service and how those credits pay out can be changed at anytime. Again,thats relying on others to look out for your best interests, which will be a recipe for disaster everytime.

 

[Bill]

Obviously its you. If you don't have the money in an account with your name exclusivly on it then whoever has their hand in the pot can change what you recieve. Remember the money in the pension fund is not your money. You recieve credits for years of service and how those credits pay out can be changed at anytime. Again,thats relying on others to look out for your best interests, which will be a recipe for disaster everytime.

To Brett, Rockyrogue, and everyone else who agree with them:
We should all be saving for retirement in addition to the pension that we have all worked hard to receive and now it is being destroyed by the Teamsters mismanagement. When we all started working for UPS, we were told that we had a pension and health benefits. They were great at one time, but in the past few years, our pension and benefits have sustained cuts that can not be corrected under the Teamster leadership. It doesn't matter whether I have saved $1 or $1,000,000, the point is that I should be receiving my full share of the pension money that UPS contributes weekly in my name. We all do the same job but receive different amounts when we retire due to the inequity of the pension depending on where you live. In Central States, the multi pension is seriously underfunded, money is being diverted from our medical package (a violation of the agreement in the last contract), thus we are paying more to receive less coverage. Other pension plans recently have taken pension cuts, and more is under way. It is just a matter of time before every pension plan is hit with cuts, except the one plan that the Teamster leadership put aside for themselves. The funny thing is that the top dogs in the Teamsters have a separate fund that only have 9 members, and is fully funded. What does that tell you? Are the Teamsters looking out for us or themselves? Wise up already and vote these Teamster clowns out!!!

 

[brett636]

To Brett, Rockyrogue, and everyone else who agree with them:
We should all be saving for retirement in addition to the pension that we have all worked hard to receive and now it is being destroyed by the Teamsters mismanagement. When we all started working for UPS, we were told that we had a pension and health benefits. They were great at one time, but in the past few years, our pension and benefits have sustained cuts that can not be corrected under the Teamster leadership. It doesn't matter whether I have saved $1 or $1,000,000, the point is that I should be receiving my full share of the pension money that UPS contributes weekly in my name. We all do the same job but receive different amounts when we retire due to the inequity of the pension depending on where you live. In Central States, the multi pension is seriously underfunded, money is being diverted from our medical package (a violation of the agreement in the last contract), thus we are paying more to receive less coverage. Other pension plans recently have taken pension cuts, and more is under way. It is just a matter of time before every pension plan is hit with cuts, except the one plan that the Teamster leadership put aside for themselves. The funny thing is that the top dogs in the Teamsters have a separate fund that only have 9 members, and is fully funded. What does that tell you? Are the Teamsters looking out for us or themselves? Wise up already and vote these Teamster clowns out!!!

How will I be able to save for my own retirement when the APWA negotiates away my industry leading pay rate to get the pension contributions they require? Since they are only running on the pension platform and refuse to let out any other details about a contract they would try to negotiate I can only assume the worst.

 

[30andout]

How will I be able to save for my own retirement when the APWA negotiates away my industry leading pay rate to get the pension contributions they require? Since they are only running on the pension platform and refuse to let out any other details about a contract they would try to negotiate I can only assume the worst.

Brett you finally said it, everyone knows what the word "

ASSume​

" means, or are you too young for that one?

 

[Overpaid Union Thug]

We all have had the choice to save for ourselves since we first started working. I started saving a long time ago. I agree that it's stupid not to be saving in 401-Ks, Mutual Funds, IRAs, etc.. I also agree that one should not depend on the government or the IBT (especially them) to take care of them when it's time to retire. What I don't agree with is how some of you are trying to lump individual saving plans into the same category as the current pension debacle the IBT has allowed to happen. They are seperate issues. Yes, it is true that if someone hasn't been saving for themselves that they'll be in deep sh#@ when they retire. They'll be depending on what little piece of the pie the IBT is forking over and social security. However, not saving on their own does not make them responsible for the IBT screwing up the pension. To imply that it does is just plain irresponsible. Myself for example; I've been saving but I'm still pissed at the IBT. They have screwed our pension up. If another person out there hasn't been saving they have just as much right to be pissed as I am. This has nothing to do with our own saving plans. It is all about the IBT screwing up. So if you have been saving on your own...good for you! Allot of us have. That doesn't mean the IBT should be getting a free pass on this. They have screwed us all royally on this one.

 

[pkgdriver]

It is all about the IBT screwing up.

Yes siree... You aint lying...

I thank god i have pretty much maxed out my 401-k since its inception.
Now if i only could have had my pension contributions put in it.

 

[brownmonster]

You must have a nice pile of loot after 20 years.

 

[pkgdriver]

Not as much as it should be.

This pile has no work restrictions also!!!!!!!!!!!!!!!

 

[brownmonster]

Did you notice at the end of the letter with your 401k that the trustees are asking us to talk to fellow employees about their lack of participation in The Plan. Both sides must know that the end is near for the pension as we know it.

 

[Overpaid Union Thug]

Most UPSers aren't concerned with their savings because they either don't plan on working at UPS forever or they are too concerned with who is getting kicked off American Idle and how many comments they've recieved on their MySpace page.

 

[area43]

I agree on all counts, Brett. Unforunately, my outspoken opinion on this topic has gotten me in trouble with couple other posters. But I'll say it again.

Allowing a second and/or third party to completely manage or save your retirement isn't just stupid [and the poster(s) I'm talking about know who they are] but something that makes my fangs pop out: arrogance. Putting all your eggs in one basket is just as bad! This is dumbfounding considering the economic environment of the last 15-25, certainly last 20 years. Isn't this the longest running prosperity period in American history? Why people haven't put some of this "extra" into an IRA or 401k is flabbergasting. Ohhh, wait...that's right. Ya had to go out and buy two new cars every two years!!! Stupid me (sarcasm intended)!!! Live within your means, live responsibly and save that money!!! -Rocky

excellent post. savings for americans are at an all time low(2 %). saving for retirement, a new car, tv(hi def that is), etc, etc is unheard of. We are a society of wanting it nowww!!! Live for today, screw tomorrow. A bunch of big Babies.

 

[Ms.PacMan]

I have contributed first 17% then 22% to my 401K for the last 10 years. In the last 2 yrs I've been buying UPS shares thru the ESPP. Do any of you buy stock? How are your 401K's doing? Mine has recovered quite a bit in the last couple years.

 

[ihadit]

Done quite well with the 401K. I put it in the self managed account and picked a variety of mutual funds highly rated by morningstar; last years return averaged just over 17%. I also used to invest in UPS stock thru payroll deduction but have become so disgusted by the way the company is being run and the pitiful return since the stock went public I've stopped it. Instead beefed up the 401K and max out my Roth IRA contribution every year, best move ever. UPS is not what it used to be, way to many negatives. Now if we could only get posession of the pension before UPS and the Union finally drive that into the ground! Always pay yourself first, its the only way to get rich.

 

[705red]

I never thought they could take the money in my pension and they did, who's naive.

30 Which teamster official put his hand into your pension fund and stole your money? Who took what? Or did you attend the apwa brain washing and think you were stating facts again? Isnt it true that no one stole from the fund, that the fact is it was lost through investing, and no one can invest 100% perfect. If they could dont you think the money would be insured by the investment company.

 

[705red]

To Brett, Rockyrogue, and everyone else who agree with them:
We should all be saving for retirement in addition to the pension that we have all worked hard to receive and now it is being destroyed by the Teamsters mismanagement. When we all started working for UPS, we were told that we had a pension and health benefits. They were great at one time, but in the past few years, our pension and benefits have sustained cuts that can not be corrected under the Teamster leadership. It doesn't matter whether I have saved $1 or $1,000,000, the point is that I should be receiving my full share of the pension money that UPS contributes weekly in my name. We all do the same job but receive different amounts when we retire due to the inequity of the pension depending on where you live. In Central States, the multi pension is seriously underfunded, money is being diverted from our medical package (a violation of the agreement in the last contract), thus we are paying more to receive less coverage. Other pension plans recently have taken pension cuts, and more is under way. It is just a matter of time before every pension plan is hit with cuts, except the one plan that the Teamster leadership put aside for themselves. The funny thing is that the top dogs in the Teamsters have a separate fund that only have 9 members, and is fully funded. What does that tell you? Are the Teamsters looking out for us or themselves? Wise up already and vote these Teamster clowns out!!!

I see that several of you financial wizards here working for ups (probably for fun) understand how to invest for the future. Now let me ask you if you have ever made a bad investment? You are probably the same group that will max out your ups stock option. Buy it today for $70 a share sell it in 20 years for $70 a share, how much have you made? But you probably consider that a sound investment. The fact is you could have made more money in a 3% savings account, but your happy nothing was lost. Do you kick your selves for not making any interest?

Now lets say that the cs plan invested in that bank at 3% over the same 20 years the plan would still be hurting today with that return. Right? Look we are all sorry for everyone in the cs plan, and have to find a fix, but accusing your teamster leaders of stealing it isnt proper.