Exit Strategy - Need Advice

[FDX77]

12 year courier with Express. Informed a few weeks ago I am in step 4 of the "step progression". This is it for me, I can no longer tolerate this company and it's methods. I waited to see what would happen this October, unsurprisingly I was disappointed. It's not just about the money, it's equally about fairness. It's a shame because like most of you, I love the work I do. My issue is with a company so focused on the wrong things. The priority is shareholders and Wall Street numbers, not the employees and our customers.

I plan on leaving in the next few months. How does this work with the pension? I will carry over my 401k and I understand unused vacation is paid out.

Anything else I need to know? I want to be fully prepared going into this.

Thanks for the help. This site has been an amazing resource for many years. Greatly appreciated.

 

[Yomama11]

12 year courier with Express. Informed a few weeks ago I am in step 4 of the "step progression". This is it for me, I can no longer tolerate this company and it's methods. I waited to see what would happen this October, unsurprisingly I was disappointed. It's not just about the money, it's equally about fairness. It's a shame because like most of you, I love the work I do. My issue is with a company so focused on the wrong things. The priority is shareholders and Wall Street numbers, not the employees and our customers.

I plan on leaving in the next few months. How does this work with the pension? I will carry over my 401k and I understand unused vacation is paid out.

Anything else I need to know? I want to be fully prepared going into this.

Thanks for the help. This site has been an amazing resource for many years. Greatly appreciated.

Don't walk just yet...I feel with so many distraught employees about this step progression a class action suit should be brought foward...it's an insult,unfair,unethical,and is heavily favored to newer employees..fedex claims to have changed market levels but the lie detector determines that is a lie...the only thing that changed was the maximum amount you will be able to receive in the long run..I know first hand market level A had a 7% increase over market B...I worked in a market A 2 years ago and now I work in market B...you'd think I would get back the money that I lost but I didnt...so yeah fedex is full of crap about market level increase..like I said the top was raised but your salary still doesn't match what other markets are getting...

 

[STFXG]

Lol. A class action over a raise? Good luck with that.

 

[Yomama11]

Employee A works in market A makes $18.80 while same employee will make $17.54 working in market B....with the new step progression which states market level B and A are the same employee A would get a 3% raise which make his $18.80 plus .30 added to his rate (swing driver) puts his rate to $19.67..which is 1 cent above step 3 which is $19.66 so employee A goes to step 4 which is $20.78...
Now employee B rate would be $17.54 plus .30 cents and 3% raise on that which is $18.38 which puts him in between step 1 and 2 so employee B new rate of pay in step 2 is $18.60...but yet both market are the same...these are actual figures nothing made up...

 

[Yomama11]

Lol. A class action over a raise? Good luck with that.

Don't be so quick to judge..just because you get raises doesn't mean it's a fair raise...fedex was sued before for unethical raises and lost..that why we don't get performance raises anymore...managers were being to buddy buddy with couriers and would give them 7s and couriers the manager didn't like would get 4s...

 

[STFXG]

Don't be so quick to judge..just because you get raises doesn't mean it's a fair raise...fedex was sued before for unethical raises and lost..that why we don't get performance raises anymore...managers were being to buddy buddy with couriers and would give them 7s and couriers the manager didn't like would get 4s...

Step progression takes the ethics and favoritism out of the equation.

 

[vantexan]

Don't be so quick to judge..just because you get raises doesn't mean it's a fair raise...fedex was sued before for unethical raises and lost..that why we don't get performance raises anymore...managers were being to buddy buddy with couriers and would give them 7s and couriers the manager didn't like would get 4s...

Then what about those years we got 2% or even no raise? We may not like them but there's no way the courts will force companies to give decent raises. It literally takes them facing a shortfall in willing employees to get them to improve pay. Otherwise the company fails.

 

[bacha29]

Then what about those years we got 2% or even no raise? We may not like them but there's no way the courts will force companies to give decent raises. It literally takes them facing a shortfall in willing employees to get them to improve pay. Otherwise the company fails.

Once again it comes down to no formal labor contract. A class action suit? No self respecting attorney would even consider taking the case.

 

[outtatime]

Seriously? The OP asks an honest question and it's instantly derailed by the usual suspects complaining about the pay. Not one helpful post.

 

[Oldfart]

Seriously? The OP asks an honest question and it's instantly derailed but the usual suspects complaining about the pay. Not one helpful post.

This

 

[BootsOnTarmac]

Your vacation will be paid out upon termination based upon what you have accrued. You will need to contact HR for the determination of payout from your portable pension plan in a lump sum. If you were eligible for the traditional plan they will let you know what the monthly amount will be when you reach retirement age. There are many conditions. Get a certified accountant to review the FedEx HR determination.

 

[outtatime]

Make sure to use all your sick days before quitting as they are not payed out.

 

[vantexan]

Your vacation will be paid out upon termination based upon what you have accrued. You will need to contact HR for the determination of payout from your portable pension plan in a lump sum. If you were eligible for the traditional plan they will let you know what the monthly amount will be when you reach retirement age. There are many conditions. Get a certified accountant to review the FedEx HR determination.

Actually he needs to contact the Retirement Service Center 3 months in advance of his final day for his portable pension. He needs to contact Vanguard upon leaving the company for rolling over his 401k.

 

[BootsOnTarmac]

Your right. 3 months minimum. I have seen a few potential retirees work months longer just to get a better payout.

 

[vantexan]

Actually he needs to contact the Retirement Service Center 3 months in advance of his final day for his portable pension. He needs to contact Vanguard upon leaving the company for rolling over his 401k.

Actually I'm wrong. Oops. He needs to contact them 3 months before his planned commencement of his pension. For example, if he wants it to start March 1st he needs to contact them Dec. 1st.

 

[Code 82 Approved]

12 year courier with Express. Informed a few weeks ago I am in step 4 of the "step progression". This is it for me, I can no longer tolerate this company and it's methods. I waited to see what would happen this October, unsurprisingly I was disappointed. It's not just about the money, it's equally about fairness. It's a shame because like most of you, I love the work I do. My issue is with a company so focused on the wrong things. The priority is shareholders and Wall Street numbers, not the employees and our customers.

I plan on leaving in the next few months. How does this work with the pension? I will carry over my 401k and I understand unused vacation is paid out.

Anything else I need to know? I want to be fully prepared going into this.

Thanks for the help. This site has been an amazing resource for many years. Greatly appreciated.

Find a good Ground Owner like me, Do next to zero and clear $1k/week.

 

[MAKAVELI]

Find a good Ground Owner like me, Do next to zero and clear $1k/week.

 

[Cactus]

Find a good Ground Owner like me, Do next to zero and clear $1k/week.

 

[Code 82 Approved]

I don't drive again until the 21st.
In fact, unless someone calls in sick, I only drive the 21st, and not again until deer season.

 

[59 Dano]

Seriously? The OP asks an honest question and it's instantly derailed by the usual suspects complaining about the pay. Not one helpful post.

You should be thanking them, otherwise the thread would be filled with all sorts of terrible advice.

To the OP: there are eleventy billion websites out there with good, sound advice for handling pension assets once you leave a job. Don't waste your time here looking for that kind of information.