Hi all, question about retirement. It appears that you can contribute up to 10% and company will match half, so up to a 5% company contribution to a 401K. Is there profit sharing or possibly some type of ESPP? Also, do you think retirement benefit increase will be a priority on the next round of negotiations?

You may contribute more than 10% to the 401(k), but there is no added company match above that point.

Profit Sharing is paid directly annually and is a percentage of salary as I understand it. To be eligible one must have been employed for ALL of the previous year, so those hired in January 2013 won't get PS until 2015.

Can't predict what may be a priority for improvement, at least not from my vantage point.

Not quit right, but almost. You are not eligible for the first year of employment. You do not have to be employed ALL of the previous calendar year. The above example is right but misleading.

A better example, hired Oct '12, you will get profit sharing for Nov '13 and Dec '13 pay in the 2014 distribution of 2013 profit sharing.

I did not mean to mislead, only sharing as I understood from the explanation we were given. I appreciate the clarification.

Unfortunately, if I now understand correctly it is even worse. If hired Feb. 2013, PS would be first paid in 2015, but NOT for all of 2014, just March to December, the months following one full year of service?

That's not worse, it's better. You do NOT need to be employed for the entire calendar year to receive profit sharing. After your 1st year of employment, you begin profit sharing immediately.

In your example, hired Feb 2013, you would begin profit sharing March 2014 and receive first distribution on or before April 2015 (for your March 2014 - Dec 2014 employment).

Yes, and that is worse. As I previously understood from the explanation in training was that we would not get profit sharing in 2014 for 2013, but in 2015 would get it for the FULL year of 2014. As explained here, we will get 10 months instead of 12 for next year, definitely worse.

When in doubt, do some research. The Plan (2008) is available on the union website.

"An eligible employee will participate in the plan starting on the first month following his or her one year anniversary as a full time employee."

How many posts do you have to make before you can PM and get full access to the forum??

I thought it was 10. :confused:

Lets hope its the latter.