forced to put into 401k

[cachmeifucan]

Lowering the bar again so when they negotiate the worst contract instead of a better one you can say fedex pays better 1 day. I'm waiting how much taxable income this year so I can factoring the 14 % tax decrease that's a new word

 

[cachmeifucan]

How much taxable income did ups have last year to profit 4. ?? Billion then how much for next year with same numbers

 

[cachmeifucan]

Abney wanted hillary so that they can make everyone legal to drive wages down. And import more cheap labor u can't deliver house to house from another country so bring the other county here that backfired

 

[gman042]

So if ups profited 4 billion last year how much will they profit next year with a 14 percent corporate tax rate.

4 billion a quarter

 

[DriveInDriveOut]

Got a letter in the Mail stating any new full-time employee or a lateral bid full-time employees will be forced to put 3% into 401k and 1% increase that will be capped at 10%. For One Is This Even Legal. 2 it scares me because are they trying to take our pension. They already took .10 from the part time employees to put into full time pension. Management is eliminating pension for non union employees. That was before the yuge tax cut. If ups revenue is 60 billion they tend to save a additional 14% corporate tax rate witch is roughly 9 bill

At least you got a letter.
Told me nothing just started taking money out of my check.

 

[Fenris]

How much taxable income did ups have last year to profit 4. ?? Billion then how much for next year with same numbers

If you look at the last 3 annual reports, they averaged paying total taxes of $2.1 Billion a year. Assume $1.5B to $1.8 Billion to the feds. Percent reduction from 35 to 15 is 40%. That would equate to 600 to 720 Million. I believe that is about what Mugarolla figured on one of these threads by looking at it from the profit front.

 

[Jackburton]

You guys act as though they are doing forced contributions to help everyone be more responsible. Wanna know why they are really doing it, it’s because the HCE’s are limited to amounts they can put into 401k’s by the amount of participation in the plans.

Basicly, they force you to save so they can meet the threshold to allow them to max out tax sheltered/differed accounts for themselves.

Those that know me here know I have extensive knowledge on this subject.

 

[Jackburton]

BTW, Prudential is absolutely horrible at coding 1099-R forms correctly. I had to call them twice this year and still didn’t get anywhere. My tax advisor told me to recode it myself and keep records of Prudential’s incompetence.

 

[Pizza]

You guys act as though they are doing forced contributions to help everyone be more responsible. Wanna know why they are really doing it, it’s because the HCE’s are limited to amounts they can put into 401k’s by the amount of participation in the plans.

Basicly, they force you to save so they can meet the threshold to allow them to max out tax sheltered/differed accounts for themselves.

Those that know me here know I have extensive knowledge on this subject.

Are people who are not ups teamsters allowed to enroll in the plan?

 

[Jackburton]

Are people who are not ups teamsters allowed to enroll in the plan?

Management has a separate plan but all of them fall under 401k umbrella together for participation requirements. This keeps companies from just making up separate plans to facilitate the needs of each sub group.

 

[wide load]

Got a letter in the Mail stating any new full-time employee or a lateral bid full-time employees will be forced to put 3% into 401k and 1% increase that will be capped at 10%. For One Is This Even Legal. 2 it scares me because are they trying to take our pension. They already took .10 from the part time employees to put into full time pension. Management is eliminating pension for non union employees. That was before the yuge tax cut. If ups revenue is 60 billion they tend to save a additional 14% corporate tax rate witch is roughly 9 bill

I got a letter from the government the other day, I opened and read it, it said they were suckers.

Btw, taxed on profits not revenue.

 

[dudebro]

So if I save ten% for ten years then the market crashed how much do I get. The market is a gamble and I don't believe making someone save their money in 401k is legal

You are a regarding finance. Please go see a planner.

 

[Mugarolla]

If you look at the last 3 annual reports, they averaged paying total taxes of $2.1 Billion a year. Assume $1.5B to $1.8 Billion to the feds. Percent reduction from 35 to 15 is 40%. That would equate to 600 to 720 Million. I believe that is about what Mugarolla figured on one of these threads by looking at it from the profit front.

Correct.

That $700M was based on previous years reported profit. That's what they would have saved if the Corporate Tax Rate was reduced in those previous years.

UPS is continuing to increase profits every year, so that $700M number will continue to increase as profits increase.

The "experts" in the financial industry are predicting roughly $1B in the tax savings for the current year for UPS.

 

[Mrunderdog]

What Is a 529 Plan?

a 529 Plan is a college saving account which is like a 401K, you get taxed the same as a 401K, so for example if you donate $25 per week to the 529 and you make $1000, you are only getting taxed on $975. I been doing it since 2010 and see it raise nicely, better then a bank or a CD, I do risky and it has a 12% average yearly growth.

I don't work for U.P.S my job automatically takes it our of my pay and into the fund and its free (Check with UPS on if there is a fee). you can also use if for any childs College expense not just your own, lets say your child gets a full scholarship then you can transfer it to a Relative and only charge them the interest you are charged which would be way less then the student loan.

you can sync all your credit cards and/ or Relatives cards also and if you by a certain product they will contribute anywhere from a penny to 5 cents per purchase of their product, and some card such as Barclays you can use your points to put into the account

not all States offer it I live in N.Y and not sure what states do.

I recommend it and good luck

 

[PhatPattheRiverRat]

God this is crazy dude. Either opt out, or shut up and save. Not a big deal.

 

[Pizza]

529's are not like 401k's
Contributions to 529 are not pretax or deductible on federal tax.
They are deductible in some states.

 

[IVE GOTTA PACKAGE 4U]

529's are not like 401k's
Contributions to 529 are not pretax or deductible on federal tax.
They are deductible in some states.

They work like a ROTH IRA

 

[cachmeifucan]

Thanks jack Burton. The post was to find out why they are making you save I already have 7%. Phat pat why do you even post something that is not constructive towards the concern if this was a nothing burger why did so many others post and how many people were made aware. This site isn't to insult but to educate.

 

[TearsInRain]

>who needs a 401k when i have monopoly millionaire and scratch offs?

 

[PhatPattheRiverRat]

Not

Thanks jack Burton. The post was to find out why they are making you save I already have 7%. Phat pat why do you even post something that is not constructive towards the concern if this was a nothing burger why did so many others post and how many people were made aware. This site isn't to insult but to educate.

Not trying to be a jerk man. I think you are stressing yourself out for no reason. Every place I have ever worked is auto-enroll. You're saving 7 percent already? Good. I mean, not enough people save for their future IMO. There won't be a pension, or it will be a ghost of what it is now. Auto enroll me all day long, I don't give a rip. The fact that you are auto enrolled shouldn't be a surprise if you keep an eye on your finances anyway, right?