Author Topic: Overheard at Work  (Read 8911767 times)

Megma

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Re: Overheard at Work
« Reply #7350 on: March 13, 2015, 03:32:03 PM »
One of my old bosses was from the UK and frequently labeled calendar appointments as "fortnightly" made me smile 😄

Le Barbu

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Re: Overheard at Work
« Reply #7351 on: March 13, 2015, 04:27:22 PM »
Fortnithly means every 14 or 15 days? Anyway, it´s the same...rounded-up
Here (Québec) people call a quarter "a 30 penny"

dorothyc

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Re: Overheard at Work
« Reply #7352 on: March 13, 2015, 04:40:00 PM »
Because Americans seldom use the word 'pint'. It is more common in school to learn a quart as 4 cups rather than 2 pints. We may have covered 'pint', but it more common to use cups/quarts/gallons rather than pints and liters.

Unless you are in a proper pub >:D

There are 10 types of people. Those who understand binary and those who dont.

Ah this cracks me up!

Why do programmers confuse Halloween with Christmas?

Because OCT31 = DEC25

southern granny

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Re: Overheard at Work
« Reply #7353 on: March 13, 2015, 07:34:45 PM »
a co-worker who recently refinanced their house to pay off their credit cards was talking about having to get $1000 from  HELOC to fix up their car before they drive to Florida for a spring break vacation.

mrcheese

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Re: Overheard at Work
« Reply #7354 on: March 14, 2015, 05:30:23 AM »
Fortnithly means every 14 or 15 days? Anyway, it´s the same...rounded-up
Here (Québec) people call a quarter "a 30 penny"
Fortnight is a contraction of 'fourteen nights', so two weeks.  There used to be another word for week which was 'sennight' (a contraction of 'seven nights'). The most recent place I have seen that used is in Pride and Prejudice.
30 penny huh? I like it.

Malaysia41

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Re: Overheard at Work
« Reply #7355 on: March 14, 2015, 08:07:21 AM »
a co-worker who recently refinanced their house to pay off their credit cards was talking about having to get $1000 from  HELOC to fix up their car before they drive to Florida for a spring break vacation.

What does this have to do with the 20 degree Celsius pint of salt water stew we've been brewing for a fortnight?   Get outta here with  stuff overheard at work. Ya Wanker!


dividendman

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Re: Overheard at Work
« Reply #7356 on: March 14, 2015, 09:33:41 AM »
(Not sure this was sarcasm or not)

Don't get me started on Fahrenheit! What is room temperature in the US? Don't give me any wild numbers above 50!

Why do we need Fahrenheit?!?

Because the calibration is finer, so you can understand the actual temperature better. I mean WTF 30 should not be that much hotter than 20, that's just wrong. There need to be more gradations in between. Also because "below zero" should mean "seriously effing cold," not just "cold enough for water to freeze."

I agree with this... except that your examples are all just arbitrary. Why should't 30 be that much hotter than 20? You can turn it around and use it in the other direction just as easily. And we have decimal points for the fine calibration.

Now, the big thing that annoys me about Fahrenheit is that they basically made it up by sticking a thermometer in a bucket of ice and saying "This is really cold, this is 0" and then stuck a thermometer in a bucket of water on a fire and said "this is really hot, this is 100" and then filled everything in from there on that scale. Why not just do double centigrade? Have freezing water be 0 and boiling water be 200? That would have given the same effect as your pro-Fahrenheit arguments. Except even moreso.

Dude! That is the most brilliant shit i've heard ever! (not sarcastic)

Nudelkopf

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Re: Overheard at Work
« Reply #7357 on: March 14, 2015, 04:31:02 PM »
One of my old bosses was from the UK and frequently labeled calendar appointments as "fortnightly" made me smile 😄
:) I think it's a cute word. You guys should totes start using it.

RetiredAt63

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Re: Overheard at Work
« Reply #7358 on: March 15, 2015, 08:26:50 PM »
Isaac Asimov had a whole short story based on that.  ;-)

Ha!! That is awesome. Also, I feel a crazy sense of glee when I bike @ -40...because you don't need to specify F or C.

shelivesthedream

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Re: Overheard at Work
« Reply #7359 on: March 16, 2015, 07:09:04 AM »
I arrived at work this morning to find several of my co-workers comparing what their children had bought them for Mothers' Day and congratulating/commiserating as appropriate. The one that got my back up the most was actually a woman whose son had been doing all the washing up after a party (hers) the night before and accidentally broke a dish that was one of her favourites. Apparently she can't believe he would do that to her on Mothers' Day.

eyePod

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Re: Overheard at Work
« Reply #7360 on: March 16, 2015, 08:23:23 AM »
I arrived at work this morning to find several of my co-workers comparing what their children had bought them for Mothers' Day and congratulating/commiserating as appropriate. The one that got my back up the most was actually a woman whose son had been doing all the washing up after a party (hers) the night before and accidentally broke a dish that was one of her favourites. Apparently she can't believe he would do that to her on Mothers' Day.

Anyone else get really nervous that you forgot Mother's day? It's in May here in the US. Yikes. Gave me a heart attack! And I don't do big gifts or anything, just like to be a little more thoughtful on those days.

seanc0x0

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Re: Overheard at Work
« Reply #7361 on: March 16, 2015, 09:06:56 AM »
I arrived at work this morning to find several of my co-workers comparing what their children had bought them for Mothers' Day and congratulating/commiserating as appropriate. The one that got my back up the most was actually a woman whose son had been doing all the washing up after a party (hers) the night before and accidentally broke a dish that was one of her favourites. Apparently she can't believe he would do that to her on Mothers' Day.

Anyone else get really nervous that you forgot Mother's day? It's in May here in the US. Yikes. Gave me a heart attack! And I don't do big gifts or anything, just like to be a little more thoughtful on those days.

Yup! Little scare there, all good now.

Mother's day is in May in Canada too, and my mom makes a huge deal about it for some reason. Fortunately she's decided she doesn't want stuff anymore, so we just have her over for dinner. 

My dad couldn't care less about Father's Day,  but I do usually bring him a six-pack and sit on the deck with him because that's always a good idea. :)

eyePod

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Re: Overheard at Work
« Reply #7362 on: March 16, 2015, 09:24:11 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....

dividendman

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Re: Overheard at Work
« Reply #7363 on: March 16, 2015, 09:34:46 AM »
I arrived at work this morning to find several of my co-workers comparing what their children had bought them for Mothers' Day and congratulating/commiserating as appropriate. The one that got my back up the most was actually a woman whose son had been doing all the washing up after a party (hers) the night before and accidentally broke a dish that was one of her favourites. Apparently she can't believe he would do that to her on Mothers' Day.

Anyone else get really nervous that you forgot Mother's day? It's in May here in the US. Yikes. Gave me a heart attack! And I don't do big gifts or anything, just like to be a little more thoughtful on those days.

Hahaha... i got nervous!! Then i quickly googled mothers day and it said may... phew... shelivesthedream don't scare us like that!!

boarder42

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Re: Overheard at Work
« Reply #7364 on: March 16, 2015, 10:05:46 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....

just wait til you get there and then you will feel the thrill of having to lower it so you can maintain contributions all year to get the match.

shelivesthedream

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Re: Overheard at Work
« Reply #7365 on: March 16, 2015, 10:56:17 AM »
Ha ha! Sorry for scaring everyone! I didn't realise it was on a different day across the pond.

I do have another funny thing to share from work, though, to make up for it.

We all know what FU means here, but at work it means 'follow up'. So we have FU letters, FU meetings, FU dates... all the time! And it makes me giggle every single time. I can't be the only one who haas this!

Cookie78

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Re: Overheard at Work
« Reply #7366 on: March 16, 2015, 11:12:59 AM »
Ha ha! Sorry for scaring everyone! I didn't realise it was on a different day across the pond.

I do have another funny thing to share from work, though, to make up for it.

We all know what FU means here, but at work it means 'follow up'. So we have FU letters, FU meetings, FU dates... all the time! And it makes me giggle every single time. I can't be the only one who haas this!

LOL. That's awesome!

Davids

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Re: Overheard at Work
« Reply #7367 on: March 16, 2015, 11:30:16 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Pooperman

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Re: Overheard at Work
« Reply #7368 on: March 16, 2015, 11:38:22 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.

I'm a red panda

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Re: Overheard at Work
« Reply #7369 on: March 16, 2015, 11:42:06 AM »

I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

You can't? Everywhere I've worked has given this option.  Have you asked specifically?

MishMash

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Re: Overheard at Work
« Reply #7370 on: March 16, 2015, 11:42:51 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Talk to the person who runs your 401k in your office, I JUST found out that it is 100% possible for them to designate an exact number within most payroll software.  I was at a fractional percentage to max for the year and they told me they can enter in a number to the penny in our payroll software.

eyePod

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Re: Overheard at Work
« Reply #7371 on: March 16, 2015, 11:48:52 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Talk to the person who runs your 401k in your office, I JUST found out that it is 100% possible for them to designate an exact number within most payroll software.  I was at a fractional percentage to max for the year and they told me they can enter in a number to the penny in our payroll software.

I'm sure our company could do it but it's not an option in Fidelity. It's only a percentage. So damn stupid. It doesn't affect me yet but it will within a few years at the longest (maybe sooner).

Although my wife has a 457 option that we'll be moving to. I mean, jeez, it's the same fees/fund choices as her regular 401k but it doesn't have the early withdrawal penalties.

vivophoenix

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Re: Overheard at Work
« Reply #7372 on: March 16, 2015, 11:51:10 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Talk to the person who runs your 401k in your office, I JUST found out that it is 100% possible for them to designate an exact number within most payroll software.  I was at a fractional percentage to max for the year and they told me they can enter in a number to the penny in our payroll software.

I'm sure our company could do it but it's not an option in Fidelity. It's only a percentage. So damn stupid. It doesn't affect me yet but it will within a few years at the longest (maybe sooner).

Although my wife has a 457 option that we'll be moving to. I mean, jeez, it's the same fees/fund choices as her regular 401k but it doesn't have the early withdrawal penalties.

have you called fidelity? I once had a 401k with a company who used them, on the website it was percentages, yet on the paperwork i was allowed to enter dollar amounts

ShoulderThingThatGoesUp

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Re: Overheard at Work
« Reply #7373 on: March 16, 2015, 12:38:39 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Talk to the person who runs your 401k in your office, I JUST found out that it is 100% possible for them to designate an exact number within most payroll software.  I was at a fractional percentage to max for the year and they told me they can enter in a number to the penny in our payroll software.

I'm sure our company could do it but it's not an option in Fidelity. It's only a percentage. So damn stupid. It doesn't affect me yet but it will within a few years at the longest (maybe sooner).

Although my wife has a 457 option that we'll be moving to. I mean, jeez, it's the same fees/fund choices as her regular 401k but it doesn't have the early withdrawal penalties.

Yep, I have my 401k through Fidelity as well and I'm going to have to lower the percentages when the raise I'm getting goes into effect. I wish there were just a "max legal limit" radio button on the form.

vivophoenix

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Re: Overheard at Work
« Reply #7374 on: March 16, 2015, 01:03:51 PM »
does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

MishMash

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Re: Overheard at Work
« Reply #7375 on: March 16, 2015, 01:15:55 PM »
does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.

johnny847

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Re: Overheard at Work
« Reply #7376 on: March 16, 2015, 01:17:01 PM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.


MishMash

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Re: Overheard at Work
« Reply #7377 on: March 16, 2015, 01:29:55 PM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

Did they recently issue new guidance on this?  When I looked last year it was still murky territory on the conversions.

Cinder

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Re: Overheard at Work
« Reply #7378 on: March 16, 2015, 01:40:29 PM »

Why do programmers confuse Halloween with Christmas?

Because OCT31 == DEC25

Fixed that for ya..... a = b (assignment) is always true!

dandarc

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Re: Overheard at Work
« Reply #7379 on: March 16, 2015, 01:41:14 PM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

Did they recently issue new guidance on this?  When I looked last year it was still murky territory on the conversions.
Last year the IRS issued guidance that say Megabackdoor Roth = OK.  http://www.madfientist.com/after-tax-contributions/

vivophoenix

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Re: Overheard at Work
« Reply #7380 on: March 16, 2015, 01:45:21 PM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

sorry about that i didnt mean to be so misleading. i think i tried to combine questions.

dorothyc

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Re: Overheard at Work
« Reply #7381 on: March 16, 2015, 02:42:39 PM »

Why do programmers confuse Halloween with Christmas?

Because OCT31 == DEC25

Fixed that for ya..... a = b (assignment) is always true!

Thanks ;) I am actually a programmer, but the language I write in doesn't have an operator for "is equivalent to", it's just the equals sign for assignment or equivalency. I write RPG on IBM Power system i, in case you're curious.

Indexer

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Re: Overheard at Work
« Reply #7382 on: March 16, 2015, 04:33:59 PM »
Don't get me started on Fahrenheit! What is room temperature in the US? Don't give me any wild numbers above 50!

Why do we need Fahrenheit?!?



+1   This made me laugh!

I can use 0-100 to describe something.  -13 to 38... not really as fun. 

thd7t

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Re: Overheard at Work
« Reply #7383 on: March 17, 2015, 06:57:44 AM »
(Not sure this was sarcasm or not)

Don't get me started on Fahrenheit! What is room temperature in the US? Don't give me any wild numbers above 50!

Why do we need Fahrenheit?!?

Because the calibration is finer, so you can understand the actual temperature better. I mean WTF 30 should not be that much hotter than 20, that's just wrong. There need to be more gradations in between. Also because "below zero" should mean "seriously effing cold," not just "cold enough for water to freeze."

I agree with this... except that your examples are all just arbitrary. Why should't 30 be that much hotter than 20? You can turn it around and use it in the other direction just as easily. And we have decimal points for the fine calibration.

Now, the big thing that annoys me about Fahrenheit is that they basically made it up by sticking a thermometer in a bucket of ice and saying "This is really cold, this is 0" and then stuck a thermometer in a bucket of water on a fire and said "this is really hot, this is 100" and then filled everything in from there on that scale. Why not just do double centigrade? Have freezing water be 0 and boiling water be 200? That would have given the same effect as your pro-Fahrenheit arguments. Except even moreso.

Dude! That is the most brilliant shit i've heard ever! (not sarcastic)
Fahrenheit was a vet.  He didn't stick the thermometer in a bucket of hot water and say it was hot and 100 degrees.  He stuck it in a healthy horse and said it was 100 degrees.  Not joking.

skunkfunk

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Re: Overheard at Work
« Reply #7384 on: March 17, 2015, 07:59:54 AM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

I tried to do that. Our administrator said they do not allow it because it takes extra paperwork and also because I'm the first one who has ever mentioned it. I had to show them the IRS notice, the Merril Lynch people had never heard of such a thing.

Pooperman

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Re: Overheard at Work
« Reply #7385 on: March 17, 2015, 08:08:34 AM »
So, my company just got bought out. There are 35 people in it, the new company has 1500.  Should have more stuff to report!

dandarc

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Re: Overheard at Work
« Reply #7386 on: March 17, 2015, 08:08:55 AM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

I tried to do that. Our administrator said they do not allow it because it takes extra paperwork and also because I'm the first one who has ever mentioned it. I had to show them the IRS notice, the Merril Lynch people had never heard of such a thing.
IRS sets the most liberal guidelines that are allowed for 401Ks.  Individual plans are free to be more restrictive than the IRS allows (anti-discrimination testing notwithstanding).  Fight the good fight and maybe you can get the after-tax contributions added to your plan.  Good luck!

johnny847

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Re: Overheard at Work
« Reply #7387 on: March 17, 2015, 10:55:32 AM »
You can't contribute more then 18k into a 401k regardless of if it's Roth or not, we ran into this one last year.  Thought we could do 18k in a roth in a combat zone and nope, it's 18k total split among accounts.  The spillover option is probably just a taxable fund they run.
Incorrect, see below. This is what's required for the megabackdoor Roth.

does your company not allow your contributions to auto spill over into a post tax account once you are done? many companies have a Roth 401k now. and i know my fidelity has a post tax contribution which it says will kick in once i reach the max.

The fact that you mention a Roth 401k is confusing here. The maximum contribution limit to a 401k is inclusive of your contributions to both Roth and traditional 401k's.

The government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum, inclusive of employer matching. Any contributions past the $18k mark from the employee will be after tax contributions. These ARE NOT Roth contributions. They are after tax contributions that count towards the $53k limit, not the $18k limit.

I tried to do that. Our administrator said they do not allow it because it takes extra paperwork and also because I'm the first one who has ever mentioned it. I had to show them the IRS notice, the Merril Lynch people had never heard of such a thing.
IRS sets the most liberal guidelines that are allowed for 401Ks.  Individual plans are free to be more restrictive than the IRS allows (anti-discrimination testing notwithstanding).  Fight the good fight and maybe you can get the after-tax contributions added to your plan.  Good luck!

Exactly. This is why I said "the government says that a 401k administrator is allowed to let employees contribute up to a $53k maximum," not "the government says that employees are allowed to contribute up to a $53k maximum."

zephyr911

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Re: Overheard at Work
« Reply #7388 on: March 17, 2015, 11:24:16 AM »
Because the calibration is finer, so you can understand the actual temperature better. I mean WTF 30 should not be that much hotter than 20, that's just wrong. There need to be more gradations in between. Also because "below zero" should mean "seriously effing cold," not just "cold enough for water to freeze."
If a difference of 1 degree Fahrenheit is relevant to your life, may I suggest the following articles:

http://www.mrmoneymustache.com/2012/06/14/the-worlds-most-efficient-air-conditioner/

http://www.mrmoneymustache.com/2011/11/18/first-understand-then-destroy-your-home-heating-bill/

;)

Pooperman

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Re: Overheard at Work
« Reply #7389 on: March 17, 2015, 12:52:16 PM »
Because the calibration is finer, so you can understand the actual temperature better. I mean WTF 30 should not be that much hotter than 20, that's just wrong. There need to be more gradations in between. Also because "below zero" should mean "seriously effing cold," not just "cold enough for water to freeze."
If a difference of 1 degree Fahrenheit is relevant to your life, may I suggest the following articles:

http://www.mrmoneymustache.com/2012/06/14/the-worlds-most-efficient-air-conditioner/

http://www.mrmoneymustache.com/2011/11/18/first-understand-then-destroy-your-home-heating-bill/

;)

I suggest we use the Kelvin scale then. 295K is roughly a nice temperature (that should be ~75F).

Chuck

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Re: Overheard at Work
« Reply #7390 on: March 17, 2015, 01:37:57 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%

Frankies Girl

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Re: Overheard at Work
« Reply #7391 on: March 17, 2015, 01:52:09 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

Talk to the person who runs your 401k in your office, I JUST found out that it is 100% possible for them to designate an exact number within most payroll software.  I was at a fractional percentage to max for the year and they told me they can enter in a number to the penny in our payroll software.

I'm sure our company could do it but it's not an option in Fidelity. It's only a percentage. So damn stupid. It doesn't affect me yet but it will within a few years at the longest (maybe sooner).

Although my wife has a 457 option that we'll be moving to. I mean, jeez, it's the same fees/fund choices as her regular 401k but it doesn't have the early withdrawal penalties.

I had Fidelity as my 401k, and I had a dollar amount set as my contribution... we had the choice to do either percentage or dollar amount - it was a single page form that we filled out and turned in to HR if we wanted to update. It isn't Fidelity setting that rule, its your plan admin. I did talk to a Fidelity rep one time about an unrelated issue with my 401k and they confirmed that our company had set up certain things that they did not control, so you might want to check in with Fido about it, and get the name of your actual plan administrator so you could ask directly (it's not always HR; my work had a VP of finance in charge of the plan).


mm1970

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Re: Overheard at Work
« Reply #7392 on: March 17, 2015, 01:57:50 PM »
So, my company just got bought out. There are 35 people in it, the new company has 1500.  Should have more stuff to report!
sweet.

I wish mine would.  This slow painful death is, just, painful

Paul der Krake

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Re: Overheard at Work
« Reply #7393 on: March 17, 2015, 02:47:10 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%
Having had to help my SO navigate their shitty plans, my heart goes out to you. The incompetence hurts. Thankfully she's quitting very soon, and we'll be rolling it over immediately. Screw those guys.

Unique User

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Re: Overheard at Work
« Reply #7394 on: March 17, 2015, 03:40:09 PM »
Ha ha! Sorry for scaring everyone! I didn't realise it was on a different day across the pond.

I do have another funny thing to share from work, though, to make up for it.

We all know what FU means here, but at work it means 'follow up'. So we have FU letters, FU meetings, FU dates... all the time! And it makes me giggle every single time. I can't be the only one who has this!

Same here, I wish they would use a different acronym since I know I am not the only one giggling!

DeepEllumStache

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Re: Overheard at Work
« Reply #7395 on: March 17, 2015, 03:40:39 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%

My eye started twitching reading that.  1.12%??!? Yikes.

Chuck

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Re: Overheard at Work
« Reply #7396 on: March 17, 2015, 03:43:10 PM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%
Having had to help my SO navigate their shitty plans, my heart goes out to you. The incompetence hurts. Thankfully she's quitting very soon, and we'll be rolling it over immediately. Screw those guys.
I even tried reaching out the President to switch us over, but he was sold hook/line/sinker on their "big, established firm" bullshit.

My contract concludes late this year. I will be rolling over the day that I get my final check.

Zaga

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Re: Overheard at Work
« Reply #7397 on: March 18, 2015, 07:54:53 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%

My eye started twitching reading that.  1.12%??!? Yikes.
The lowest cost option in my husband's current plan has a 1.41% ER.  I mean, ouch!

Fortunately he is changing jobs in a few weeks, and I can roll that over to his IRA that has index funds!

MishMash

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Re: Overheard at Work
« Reply #7398 on: March 18, 2015, 07:55:04 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%

My eye started twitching reading that.  1.12%??!? Yikes.

We had Mass Mutual for years, most of the plans were around 1.5%, cheapest being 1.12 as well, most expensive plan in the fund....2.5%.  I FINALLY got them to switch over to Vanguard this year after years of non stop pestering.  We got a new CEO who appreciated the side by side fee comparison doc I showed him over beers in October.

rockstache

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Re: Overheard at Work
« Reply #7399 on: March 18, 2015, 11:43:13 AM »
I asked some co-workers if the same % of 401k contributions is taken from your bonus. They sighed heavily and said "Yes. I've tried to change it but it's hard to time correctly" I was thrilled. I had just upped mine to coincide with my raise! Inching up towards that maximum....
I wish I could just designate an amount each pay period instead of percentages. I get paid twice a month so would rather designate $750 each pay period instead of having to adjust percentages after pay raise and bonus.

That's the one nice thing about my company's 401k. The not so good? High fees (~0.50% on a Vanguard Target Date), and only 3% match with 4 year vesting :(.
We have John Hancock. The lowest rate in the whole plan is an S&P 500 index fund.

1.12%

We do too, except our lowest expense is .66%, same fund type. I'm struggling to determine whether it is worth it to contribute over the match (currently at 20%, but not the max), but I'm not very good at math and it's so confusing. I also feel like there are hidden fees above and beyond the .66%, but don't know how to prove it. Our company will never ever ever switch plans because a friend of the president/CEO is our adviser. He's making a killing, I'm sure of it, I'm just not sure where.