Retirement...contract talks

[Brownslave688]

"IF" they are matching 6% of your 401K contribution. Your contribution is capped at $18,000 for this year. It's not unlimited.

The wording is odd. They match 100% of your contribution. UP TO 6% of your income.

 

[Jkloc420]

I hear what your saying, but I sorta believe this is the way we're voting. Listening to co workers after votes and during proposals, just doesn't give me the feeling we're willing to strike. I'm assuming I know. I see more of us willing and rationalizing contract proposals. It's a different crew voting today, then 20 years ago. The union has convinced many of us, "we're lucky to have a job".
So we bend over and say; okay.[/QU

My issue is the last contract was voting down. The union did some by laws stuff and passed it anyways over the no vote.

 

[UpstateNYUPSer(Ret)]

"IF" they are matching 6% of your 401K contribution. Your contribution is capped at $18,000 for this year. It's not unlimited.

The cap is for employee contribution only. The employer contribution can exceed that cap.

 

[twoweeled]

The cap is for employee contribution only. The employer contribution can exceed that cap.

This is totally new to me. help me understand this. From what I read. This is up to 6% match in your 401K? If we cannot exceed the IRS max for 401K contributions, then what is the company matching if we are no longer contributing past the 401K max?

 

[Brownslave688]

This is totally new to me. help me understand this. From what I read. This is up to 6% match in your 401K? If we cannot exceed the IRS max for 401K contributions, then what is the company matching if we are no longer contributing past the 401K max?

Employer contributions are seperate from employee contributions.


Combined my wife puts upwards of 40k a year in her 401k. 18k is only the limit on how much you can personally contribute.

 

[twoweeled]

Employer contributions are seperate from employee contributions.


Combined my wife puts upwards of 40k a year in her 401k. 18k is only the limit on how much you can personally contribute.

Yes, I realize employee and employer are seperate contributions. I'm aware of that. But you say your wife contributes upwards of 40K? Not your wife "and" the company, but you say "my wife puts upwards of 40k a year in her 401k"?

 

[By The Book]

Yes, I realize employee and employer are seperate contributions. I'm aware of that. But you say your wife contributes upwards of 40K? Not your wife "and" the company, but you say "my wife puts upwards of 40k a year in her 401k"?

The word "combined" means a lot here.

 

[twoweeled]

The word "combined" means a lot here.

right, I missed that. I'm trying to figure out what their agreement is. I'm still assuming her contribution is $18K? So what is the company's agreed contribution? What do you think it is, and how?

It sounds like a 110% match?

 

[Brownslave688]

Yes, I realize employee and employer are seperate contributions. I'm aware of that. But you say your wife contributes upwards of 40K? Not your wife "and" the company, but you say "my wife puts upwards of 40k a year in her 401k"?

The word and or combined is implied in this instance. Any sort of common 401k knowledge and you'd understand that.


I have no idea what you're not grasping here. A number of people have put it in as plain of English as possible for you.

 

[Brownslave688]

right, I missed that. I'm trying to figure out what their agreement is. I'm still assuming her contribution is $18K? So what is the company's agreed contribution? What do you think it is, and how?

It sounds like a 110% match?

They match 6% which is approx 11k a year. The rest is profit sharing.

 

[twoweeled]

I have no idea what you're not grasping here. A number of people have put it in as plain of English as possible for you.

They match 6% which is approx 11k a year. The rest is profit sharing.

LOL! What I'm not grasping, is what your not saying. You just pulled "profit sharing" out of nowhere!! You english is good, it just needs to contain pertinent information like "PROFIT SHARING"!!
Your wife's possible contribution = $18,000
6% match by the company = $1080
Missing variable "Profit Sharing" = $21,000 (approx)
=$41,080 (approx)
You have to admit. not mentioning the largest part of the $40,000 equation, makes this math difficult. There has been no mention of Profit Sharing "AT ALL", except for this, right now.
But I thank you for bringing it up, because it just wasn't making any sense to me, prior to the additional $21,000 you now bring up. But that's good profit sharing!!! Gotta admit.

 

[Brownslave688]

LOL! What I'm not grasping, is what your not saying. You just pulled "profit sharing" out of nowhere!! You english is good, it just needs to contain pertinent information like "PROFIT SHARING"!!
Your wife's possible contribution = $18,000
6% match by the company = $1080
Missing variable "Profit Sharing" = $21,000 (approx)
=$41,080 (approx)
You have to admit. not mentioning the largest part of the $40,000 equation, makes this math difficult. There has been no mention of Profit Sharing "AT ALL", except for this, right now.
But I thank you for bringing it up, because it just wasn't making any sense to me, prior to the additional $21,000 you now bring up. But that's good profit sharing!!! Gotta admit.

Not you're not grasping what a 6% match is. I typed it out in plain English earlier. As I did that my wife's company has profit sharing. Either you're not comprehending or you haven't read this whole thread just bits and pieces.

 

[twoweeled]

I just seen it for the first time in your last two post. Not sure why. The company, nor anyone else has mentioned profit sharing with the 6% match being a possibility in the next contract. ( at least not that I've seen), but at least it makes sense now.

 

[Brownslave688]

I just seen it for the first time in your last two post. Not sure why. The company, nor anyone else has mentioned profit sharing with the 6% match being a possibility in the next contract. ( at least not that I've seen), but at least it makes sense now.

This has all been covered in this thread but I'll type it 1 more time and hope that you slow down and read and comprehend it this time.


I only mentioned my wife's situation because you seemed to be confused about contribution limits. I was not comparing it to ups in any way shape or form.

Now the math that will hopefully lead to you understanding a 401k match.

You make 100k a year and contribute 6% to your 401k. A 6% match means the company would match 100% of that 6% that you put in. So you would put in 6k and they would put in 6k. This means the higher your salary the more money a company contributes on your behalf.

 

[rod]

UPS should have kept the thrift plan.

It was excellent for a few years (paid 20-22%) but UPS figured out a way to make it suck by putting caps on how much you could earn. Leave it to UPS to screw a good thing up. Mean while as the Thrift Plan was going into the toilet management was laughing all the way to the bank with the stock they were given an bonuses.

 

[rod]

I just seen it for the first time in your last two post. Not sure why. The company, nor anyone else has mentioned profit sharing with the 6% match being a possibility in the next contract. ( at least not that I've seen), but at least it makes sense now.

UPS would never do profit sharing. That would cut into their piece of the pie too much.

 

[IVE GOTTA PACKAGE 4U]

It was excellent for a few years (paid 20-22%) but UPS figured out a way to make it suck by putting caps on how much you could earn. Leave it to UPS to screw a good thing up. Mean while as the Thrift Plan was going into the toilet management was laughing all the way to the bank with the stock they were given an bonuses.

The new management isn't laughing.

 

[UpstateNYUPSer(Ret)]

UPS would never do profit sharing. That would cut into their piece of the pie too much.

Profit sharing was part of the initial contract offered in 1997(?).

 

[rod]

The new management isn't laughing.

Old management still is. Up in the Ivory Tower they are doubled over in pain from laughing so hard.

 

[twoweeled]

UPS would never do profit sharing. That would cut into their piece of the pie too much.

You've got that right! No possible way. They will have to up the ante. No way, does the company (or the Union) believe we'll accept 6%. They know it'll have to be much much higher. But it still won't be as good as we have now, and what we have now is only good if you compare it to lousy pension plans.