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<blockquote data-quote="Operational needs" data-source="post: 1450781" data-attributes="member: 43500"><p>You're confusing pensions and a 401k</p><p></p><p>Once upon a time Fred S created FedEx and decided that in order to get top-notch employees and compete with UPS, he would pay his employees a pension. They were vested after 5 years and promised it would be based on their earnings from their top few years. So for someone like me, it's over $1,700 a month (yes, free money, but earned and promised).</p><p></p><p>Then one day around 2008, (if I'm wrong, someone please correct me) Freddie and whomever helped him make the decision, decided, gosh darn it we love and care about our employees so much that we want to end this antiquated way of benefitting our employees. Why don't we give them something called a Portable Pension? That way, if they so choose, when/if they leave this fine company, they can take their money with them. Surely they will love the money we give them every month. It's free money, what's not to like? My last statement said that I will be getting the huge sum of $110 a month in Portable Pension. What's not to like?</p><p></p><p>The End. </p><p></p><p>I'm sure someone on here can fill in the dots with the REAL reason the traditional pension was ended and portable pension started. I don't remember, all I heard when it was being explained to me was...wah, wah, wah, yes we are screwing you once again, wah, wah. Thank goodness I'm under the traditional pension but sorry newbies, y'all are screwed. </p><p></p><p>P. S. Welcome to FedEx. Make sure to put the maximum in your 401k unless you want to be eating cat food when you retire.</p></blockquote><p></p>
[QUOTE="Operational needs, post: 1450781, member: 43500"] You're confusing pensions and a 401k Once upon a time Fred S created FedEx and decided that in order to get top-notch employees and compete with UPS, he would pay his employees a pension. They were vested after 5 years and promised it would be based on their earnings from their top few years. So for someone like me, it's over $1,700 a month (yes, free money, but earned and promised). Then one day around 2008, (if I'm wrong, someone please correct me) Freddie and whomever helped him make the decision, decided, gosh darn it we love and care about our employees so much that we want to end this antiquated way of benefitting our employees. Why don't we give them something called a Portable Pension? That way, if they so choose, when/if they leave this fine company, they can take their money with them. Surely they will love the money we give them every month. It's free money, what's not to like? My last statement said that I will be getting the huge sum of $110 a month in Portable Pension. What's not to like? The End. I'm sure someone on here can fill in the dots with the REAL reason the traditional pension was ended and portable pension started. I don't remember, all I heard when it was being explained to me was...wah, wah, wah, yes we are screwing you once again, wah, wah. Thank goodness I'm under the traditional pension but sorry newbies, y'all are screwed. P. S. Welcome to FedEx. Make sure to put the maximum in your 401k unless you want to be eating cat food when you retire. [/QUOTE]
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