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<blockquote data-quote="MrFedEx" data-source="post: 710959" data-attributes="member: 12508"><p><strong>Plan Today and Play Tomorrow</strong></p><p></p><p>This recent mailing was a joke. Why? Take a look at page 5, where FedEx crows how they are one of the few companies that still provide a pension plan. Since when does a pitiful annuity like the PPA qualify as a bona fide pension plan? It doesn't, and FedEx is making false and misleading statements as usual. To call the PPA a "pension" is not just a non-truth, but an insulting slap in the face to all of us.</p><p> </p><p>The traditional plan, which disappeared in 2008, was a true pension plan, although not a very good one. Here's an illustration. I have a friend who is a 20-year employee and has been a manager for about 17 of those years. His "high 5" years are well above $100,000, yet his annual retirement payout will be just a little over $3,000 per month at normal retirement age. Compare this figure to that of a UPS package car driver. The discrepancy is worse if you compare a FedEx courier or RTD to their UPS counterpart.</p><p> </p><p>OK, so even if you call the PPA a "pension", how is anyone going to reach the savings needed to fund an adequate retirement using FedEx's own figures in the mailing? Unless you can save most of every check, you won't even be close thanks to our stagnant low wages. More lies.</p><p> </p><p>Funny how all of this propaganda telling us "how good we've got it" appears just as the RLA controversy is heating-up again. If we do go union, we need something better than either the PPA <em>or </em>the old traditional plan. Both suck. We deserve better.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 710959, member: 12508"] [b]Plan Today and Play Tomorrow[/b] This recent mailing was a joke. Why? Take a look at page 5, where FedEx crows how they are one of the few companies that still provide a pension plan. Since when does a pitiful annuity like the PPA qualify as a bona fide pension plan? It doesn't, and FedEx is making false and misleading statements as usual. To call the PPA a "pension" is not just a non-truth, but an insulting slap in the face to all of us. The traditional plan, which disappeared in 2008, was a true pension plan, although not a very good one. Here's an illustration. I have a friend who is a 20-year employee and has been a manager for about 17 of those years. His "high 5" years are well above $100,000, yet his annual retirement payout will be just a little over $3,000 per month at normal retirement age. Compare this figure to that of a UPS package car driver. The discrepancy is worse if you compare a FedEx courier or RTD to their UPS counterpart. OK, so even if you call the PPA a "pension", how is anyone going to reach the savings needed to fund an adequate retirement using FedEx's own figures in the mailing? Unless you can save most of every check, you won't even be close thanks to our stagnant low wages. More lies. Funny how all of this propaganda telling us "how good we've got it" appears just as the RLA controversy is heating-up again. If we do go union, we need something better than either the PPA [I]or [/I]the old traditional plan. Both suck. We deserve better. [/QUOTE]
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