UPS is the world’s topmost leading parcel delivery service having more than seven million customers throughout the world, delivering more than fourteen to fifteen million parcels on a daily basis. The company has come up with UPSers 401 K plan for its workers. Let us briefly discuss this plan in this article.
A Short Summary of UPSers 401k Plans:
The UPSers 401k plan is formulated by the employers to benefit their employees and as a savings and investment plan. It stimulates the habit of investing and saving among the employees a certain amount of money from their salaries before it’s taken as taxes. Till the money is withdrawn from the bank, taxes are not deducted. If the employees take early retirement, the 401k plan acts as insurance to the employer on behalf of the employee leaving the organization. The funds are not accessible till you reach the age of 59 and a half or till the age of 55 when you retire from the company. Taking the amount beforehand, you will be liable for a penalty of 10% along with the taxes. The employee is allowed to access the personal data and information related to them from anywhere using the online portal. To login to employee accounts, User ID and password of UPSers are needed. Login to employee’s account is possible using UPS Enterprise Portal.
UPS offers its employees a 401k plan by UPS transfer 401k Savings plan. Using this plan, the employees are allowed to save a certain amount of money for their future as security. They can invest in the long-term to safeguard and secure their future. Each month a certain amount will be set aside from their paycheck. Once you retire from your job, you will be entitled to receive the amount that you have invested as savings. The information related to the UPS 401k retirement plan can be accessed via an employee account. The ”Plan News and Updates” allows the user to check the news and updates pertaining to the 401 k plan. Additional two options are available, one is the ”Access to Investment Support” and another is the” contribution limits”.
UPSers 401k plan- Contribution limits:
Your contribution to the 401k plan and related information can be viewed in this option. As per this plan, Starting from 1 to 35% of your pre-tax income can be contributed here. The International Revenue Service (IRS) sets the yearly max limit every year.
To be eligible for this plan, the employee needs to be 50 years or above, only then he will be able to contribute 1-35% of his income as a Roth 401k basis or pre-tax. Your Roth 401k and pre-tax together should not exceed the yearly max dollar limit which has been formed by IRS.
UPSers 401k plan- Access to Investment Support :
The investment support which has been rendered by the Voya Retirement is accessible as per the 401k plan. The experts in this field can be contacted either through phone or online, they will provide professional advice on the matter. Just make a call or log into your account to contact any such professional advisors of Voya Retirement.
This article has briefed you about the UPSers 401k plans that are built by the employers to benefit their employees. The plan enables the employees to invest and save a specific amount from their paychecks. It acts like an insurance for the employer against those employees who take early retirement. Hope these essential details pertaining to UPSers’ 401 k plan can be a great source of help before applying for it.