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oneg8rh8r
LSU Fan
Port Ludlow, WA
Member since Dec 2003
1767 posts

401k questions
Do individuals that work in the trades, HVAC, Electrician, Plumber, etc....have employers that have 401k's for their employees and do they provide any matching funds and if so, how much?


oneg8rh8r
LSU Fan
Port Ludlow, WA
Member since Dec 2003
1767 posts

re: 401k questions
What about fast food workers or small retail employees?


DawgFan85
Georgia Fan
Member since Sep 2017
175 posts

re: 401k questions
I own an Electrical company in Atlanta. We are apart of the IBEW and we contribute 10% of the gross wages for all our Journeyman and we contribute 5% of the gross wages for our 4th & 5th year apprentices.


oneg8rh8r
LSU Fan
Port Ludlow, WA
Member since Dec 2003
1767 posts

re: 401k questions
That is awesome, is that the norm with your competition?


DawgFan85
Georgia Fan
Member since Sep 2017
175 posts

re: 401k questions
It is. It’s negotiated in our contract with the employees. That is the minimum we have to contribute. We can always contribute more if we feel like the employee deserves it.


eng08
LSU Fan
Member since Jan 2013
4129 posts

re: 401k questions
That’s quite nice


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LSUcam7
FL
Member since Sep 2016
3059 posts

re: 401k questions
I guess it all depends on how much you pay your crews but kudos to you sir. That helps a lot of families.


DawgFan85
Georgia Fan
Member since Sep 2017
175 posts

re: 401k questions
quote:

That helps a lot of families.


That’s what it’s all about. Yes, we’re the employer but if we don’t have good employees that receive good benefits then we ultimately are not successful.

I’d rather make a lower percentage on a job and have happy employees then make a higher percentage and have disgruntled employees.


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DawgFan85
Georgia Fan
Member since Sep 2017
175 posts

re: 401k questions
quote:

That helps a lot of families.


That’s what it’s all about. Yes, we’re the employer but if we don’t have good employees that receive good benefits then we ultimately are not successful.

I’d rather make a lower percentage on a job and have happy employees then make a higher percentage and have disgruntled employees.


oneg8rh8r
LSU Fan
Port Ludlow, WA
Member since Dec 2003
1767 posts

re: 401k questions
This was all IRT an article on AOC and how she said in todays economy it is only helping the middle upper class because they can afford to invest.

I was pretty sure most reputable companies offered some type of 401k for full time and maybe part time employees.

My point was that everyone at almost all levels can save something. If you want to save more, you could parlay your skills into a better job or get multiple jobs. Until you get a better situation.

I earned a full military pension, have a 401k with the Navy as well as my initial employer post military retirement and have moved to my current employer which also invests 3%, regardless if I put in a dollar or not, which I max out.

So, my situation under PDT and this booming economy isn't doing too badly.


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Powerman
LSU Fan
Corpus Christi TX
Member since Jan 2004
142160 posts

re: 401k questions
I've worked for several pretty decent sized electrical firms and that option is there

It wouldn't be worth having a managed retirement plan if only the staff people could contribute IMO


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Tigerstark
LSU Fan
Parts unknown
Member since Aug 2011
4813 posts

re: 401k questions
I know a lot of electrical, plumbing and hvac companies that have 401ks, though obviously there are some that don’t.

From what I’ve been told, some of the employees in these fields can dollar chase jobs etc so a benefit that has vesting that helps keep the employee is one of the differentiators.
This post was edited on 1/15 at 7:21 am


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Huey Lewis
LSU Fan
BR
Member since Oct 2013
3103 posts

re: 401k questions
quote:

What about fast food workers or small retail employees?


It's been almost 20 years so I might have some of the details wrong, but when I worked for Dominos Pizza they offered a 401k to employees 18 and over who had been with the company for at least a year. They matched 3% if I remember right.


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