Question:
During orientation when you're hired on, companies will convince you to sign on for their 401K retirement plan, which is tax deductible on any $$ you contribute, and will earn a high return on both interest and matching funds the company will contribute into your account. What they're hesitant to explain in detail, is they require you to stay with the company at least 5 years to be fully vested. Being fully vested is when you're entitled to all the interest and matching funds they've added into your account. After you've stayed at least 3 years, you're 50% vested with the company. This means you're entitled to half of all interest and matching funds they've added. After 4 years, you're now 75% vested; this means you get 3/4 of all interest and matching funds. In conclusion, the 401K plan is a program to earn interest on your $$ to benefit the company, not you. Most drivers will resign within 2 years or less, which means you get nothing of any interest and matching funds added into your account. Whats really deceiving is when you check up on the balance, you'll see the interest and matching funds really add up. But when you try to withdraw these funds to roll over into another retirement plan, is when you realize you're only getting the money you've originally deposited out of your pocket. To add salt to your wounds, theres an administrative surcharge to get your $$ out. So you're getting less $$ than you originally deposited. The 401K plan is to penalize drivers who stay less than 5 years with a company. Its very important to ask "How long before I'm fully vested, and I get all the interest and matching funds?"

Answer:
All 401K plans are the same way. It's not a scam it's simply part of the plan. It is called a retirement investment and not a short term investment.
I am glad you finally figured it out for yourself.

Answer:
Here is a novel idea Passingtrucker, try actually staying with a company for more than a year. Why would they reward a job hopper with no plans on staying with their portion of money contributed?

Answer:
Talk to the dispatchers, the clerical administration, and the truck mechanics. They only need to stay one year to be fully vested. Its only the OTR drivers who are required to stay 5 years to be fully vested.

Answer:
That vesting is for the company match part only I believe. You'll still get back what you contributed which isn't a bad deal since you gain interest on pre tax contributions .. unless the market tanks of course.
Answer:
Not all companies are the same...
Superior Bulk Logistics' (Superior Carriers and Carry Transit) and Transport Service Company's match is 100% vested to the employee, regardless if a driver, mechanic, office personnel, etc. "Pain is weakness leaving the body."
"Nobody ever drowned in their own sweat."
U.S.M.C. '89-'95 0351, '95-'99 6531 (I.Y.A.O.Y.A.S.)
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