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  1. #1
    Join Date
    Apr 2004
    Location
    Baltimore
    Posts
    29

    Question Retirement question?

    I am 50 years old and the finish line is closer than the starting line. Our 401K company match has been suspended for the last 2 years. The owner of the company, is blaming droping the company match all on the economy, He made the statement everyone is dropping the match. I am asking what others are experiencing. Oh and I am the senior Master HVAC tech for a commercial HVAC company.

    Thanks for your responce. For the work we do we deserve a retirement. The uncomfort for the few for the comfort of many!
    My job is to send a man thats wants big money for little effort to a customer that has a problem but doesnt want to pay for it!

    Panic caos and disorder my work here is done!

  2. #2
    Join Date
    Dec 2004
    Location
    Chicago area
    Posts
    1,439
    If you want more from the company, you need leverage.

    Acquire an offer from a different company. And when your boss asks you what it will take to keep you, you say a raise, and company match 401k.

    If there is plenty of work going on, then the economy of the company you work for is doing just fine.

    If you struggle to get 40 hours, then that may be a different story.

  3. #3
    Join Date
    Mar 2012
    Location
    Omaha NE
    Posts
    109
    This sounds like bs.

    I think I would ask him if the 401k match has been dropped company wide, (even for management).

    It is probably easier for a small company to get away with this than a larger one.

    Good luck to you !

  4. #4
    Join Date
    May 2008
    Location
    Missouri
    Posts
    3,425
    Ditto with heaterman. You need to start looking around.

  5. #5
    Join Date
    Mar 2004
    Location
    SE Michigan
    Posts
    17,839
    Retirement? what is this word you speak?
    "Politicians are the lowest form of life on Earth. Liberal Democrats are the lowest form of politician"

    - General George S. Patton

  6. #6
    Join Date
    Aug 2009
    Location
    Prattville, Alabama
    Posts
    1,995
    I left Trane (commercial) 2 years ago. Ingersoll Rand had cut 401k matching to about half what it had been. Not sure what it is now.

  7. #7
    Quote Originally Posted by Nuclrchiller View Post
    I left Trane (commercial) 2 years ago. Ingersoll Rand had cut 401k matching to about half what it had been. Not sure what it is now.
    IR here...we get 100% match up to 6% deduction. Trane must have had it better because ours did not get axed.

  8. #8
    Quote Originally Posted by Nuclrchiller View Post
    I left Trane (commercial) 2 years ago. Ingersoll Rand had cut 401k matching to about half what it had been. Not sure what it is now.
    To all you Trane Building Services guys, if your non-union Trane offices can't compare to the UA Local packages then you guys are better off voting the Local in. In Tucson, Trane's 6% can't hold a candle to the Union Local's contractual $6.85/Hr. spread over two pensions. This just some real food for thought.

  9. #9
    Join Date
    Aug 2009
    Location
    Prattville, Alabama
    Posts
    1,995
    Quote Originally Posted by smilies View Post
    IR here...we get 100% match up to 6% deduction. Trane must have had it better because ours did not get axed.
    They match your 6% (for total of 12%), or match your 3% (for total of 6%) ? Dang, now I'm confused. I'll have to ask a buddy what our's was. I'm thinking they matched our 6%, for a total of 12%, but I'm not positive.

  10. #10
    Join Date
    Jul 2007
    Location
    Mount Airy, MD
    Posts
    7,281
    Quote Originally Posted by damifudo View Post
    I am 50 years old and the finish line is closer than the starting line. Our 401K company match has been suspended for the last 2 years. The owner of the company, is blaming droping the company match all on the economy, He made the statement everyone is dropping the match. I am asking what others are experiencing. Oh and I am the senior Master HVAC tech for a commercial HVAC company.

    Thanks for your responce. For the work we do we deserve a retirement. The uncomfort for the few for the comfort of many!
    "If" your willing to work in the DC area, I will get you the match and the pay...

    Contact me offline "if" interested.

  11. #11
    Quote Originally Posted by Nuclrchiller View Post
    They match your 6% (for total of 12%), or match your 3% (for total of 6%) ? Dang, now I'm confused. I'll have to ask a buddy what our's was. I'm thinking they matched our 6%, for a total of 12%, but I'm not positive.
    In Tucson, I'll use $30/Hr. for the example. FYI this is higher than the average HVACR Tech makes at Tucson Trane. If one elects for 6% then $1.80/Hr. goes from on-the-check and is matched by Trane for a total of $3.60/Hr. At 2,000 Hrs. worked a year, one has $7,200 at year's end, but $3,600 came from on-the-check. At a same 2,000/Hrs., we get $13,700 paid to our retirements contractually.

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