The Thing About OT...

[Phenom5]

Nothing wrong with having a little bit of money putting each buckets

Agreed but id gladly take less pension for really good match.

 

[IVE GOTTA PACKAGE 4U]

Agreed but id gladly take less pension for really good match.

It's probably too late now

 

[Wally]

You retire then the next day you die. That pension is gone. That 401k is still there and can be given to your kids.
401ks can easily be transferred and are considered to be fully liquid assets. Pension are neither and that is their biggest cons. Pensions biggest benefits are that they are heavily regulated by governmental laws. Pension are normally a lot more conservative.
Im sure UPS could match a higher number than most of us even think. I believe they could do a full 100% match. Imagine putting over 40k per yr in your 401k. You’d only need 20 years to be set.

10 year payout guarantee.

 

[What'dyabringmetoday???]

Lol.

 

[Up In Smoke]

You retire then the next day you die. That pension is gone. That 401k is still there and can be given to your kids.
401ks can easily be transferred and are considered to be fully liquid assets. Pension are neither and that is their biggest cons. Pensions biggest benefits are that they are heavily regulated by governmental laws. Pension are normally a lot more conservative.
Im sure UPS could match a higher number than most of us even think. I believe they could do a full 100% match. Imagine putting over 40k per yr in your 401k. You’d only need 20 years to be set.

Check your pension rules. My pension has a 60 month guarantee with a 20% term life death benefit. I'm a trustee of our fund and secure in the fact that your pension will reach it's intended purpose.

 

[Phenom5]

Check your pension rules. My pension has a 60 month guarantee with a 20% term life death benefit. I'm a trustee of our fund and secure in the fact that your pension will reach it's intended purpose.

20% of the full value or the annual payout? Either way would still be less than a 401k match based on how much UPS contributes to the pension.

 

[Up In Smoke]

The 20% is roughly a 6th year payout. If UPS did a 401K match at say 6% of every dollar you contribute that amount would equal about 3 years of a 30yr pension. If you contribute 25K, then the company match would be $1500.00. Thirty years @ 5% annual return gets you 110K after 30 years. It's also important to remember that your pension will most likely increase throughout that 30 year period.

 

[AMC79]

The 20% is roughly a 6th year payout. If UPS did a 401K match at say 6% of every dollar you contribute that amount would equal about 3 years of a 30yr pension. If you contribute 25K, then the company match would be $1500.00. Thirty years @ 5% annual return gets you 110K after 30 years. It's also important to remember that your pension will most likely increase throughout that 30 year period.

If a company offers a 6% match it is usually a 100% match up to 6%. That means if you make $100K and contribute 6%, both you and the company put in $6K. If you do a 20% contribution then you put in $20K and the company still puts in $6K. I have never seen anywhere where a 6% match only means 6% of what you put in. It is 6% of your income.

 

[AMC79]

Plus they couldn’t use part timers or they would have a difficult time doing so because of DOT regulations. Need 10 consecutive hours off and that might not be able to happen. And they can’t staff PT shifts as it is, not going to let them leave to PVD when they need the bodies inside the buildings.

Non-CDL drivers do not need 10 hours off between shifts. I drove a sprinter van and worked over 14 hours with well under 10 hours off many many times. Perfectly legal....and exhausting. There are expedited sprinter van drivers all over the country driving 1200+ miles in under 24 hours with no break. Happens every day.

 

[Foamer Pyle]

I know this pass check 11 hours OT only adds 160.00 to net pay and 300 in fed taxes

11 hours overtime is $660 dollars, at top pay. If I work 8 hours overtime, I see around $300 more in take home pay.

 

[Dumbo]

 

[DELACROIX]

Check your pension rules. My pension has a 60 month guarantee with a 20% term life death benefit. I'm a trustee of our fund and secure in the fact that your pension will reach it's intended purpose.

What is you opinion on the ERISA act...I read somewhere that it is basically worthless or poorly written?

Any dealings with the DOL?

 

[Up In Smoke]

What is you opinion on the ERISA act...I read somewhere that it is basically worthless or poorly written?

Any dealings with the DOL?

I know very little about ERISA and have never delt with the DOL. Lawyers and accountants advise the fund.