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<blockquote data-quote="quadro" data-source="post: 578045" data-attributes="member: 12850"><p>I am neither a UPS employee or a misinformed FedEx employee.</p><p> </p><p>In a forum such as this where discussions get heated and misinformation is often out in force, please don't take this as anything other than a respectful request.</p><p> </p><p>Quite simply, you are the one whom is misinformed. Or at the very least you've got some mixed facts. Don't take my word for it but if you take a moment, do some research, ask some questions, you'll be able to verify what I'm telling you.</p><p> </p><p>To clarify: I can't remember the exact date, maybe it was June 1, 2008 but if you are/were hired after that date (whatever it was), you are covered under the PPP. If you were hired before then and had any participation in the DBPP, you absolutely do not lose that and you now have a second pension under the PPP. In other words, yes you definitely get both.</p><p> </p><p>There are so many variables based on age, length of employment, etc., but the simplest example is someone who had 25 years of service prior to the PPP. That person had their max 50% pension and the only way to affect the amount would be to earn more before retirement so that their highest 5 years earnings went up. Once the PPP went into effect, they could no longer influence their highest 5 years, those were now locked in based on the highest 5 during their 25 years. That's a done deal. They get that pension whenever it is they retire. <strong><u><em>In addition</em></u></strong> to this, they now start earning a second pension under the PPP. And, yes, they do get both.</p><p> </p><p>Now this is not to say that someone who works for 35 years under the old DBPP would have more or less money than someone who now works 35 years under the PPP. Again, many, many variables with that.</p><p> </p><p>I believe employees just received their pension statements. For anyone that was enrolled in the DBPP, their statement shows not only what their current PPP balance is, but also what their DBPP payment will be.</p><p> </p><p>Lastly, the DBPP was just no longer an option for FedEx. The ERISA act took care of that. Defined benefit plans are pretty much gone throughout the US. When you cannot average out your pension liability over say 30 years or whatever it was and have to fund your plan yearly based on current market conditions, most companies (FedEx included) don't have that type of cash. I realize this might be an oversimplification but it's the essence of why the change from DBPP to PPP.</p></blockquote><p></p>
[QUOTE="quadro, post: 578045, member: 12850"] I am neither a UPS employee or a misinformed FedEx employee. In a forum such as this where discussions get heated and misinformation is often out in force, please don't take this as anything other than a respectful request. Quite simply, you are the one whom is misinformed. Or at the very least you've got some mixed facts. Don't take my word for it but if you take a moment, do some research, ask some questions, you'll be able to verify what I'm telling you. To clarify: I can't remember the exact date, maybe it was June 1, 2008 but if you are/were hired after that date (whatever it was), you are covered under the PPP. If you were hired before then and had any participation in the DBPP, you absolutely do not lose that and you now have a second pension under the PPP. In other words, yes you definitely get both. There are so many variables based on age, length of employment, etc., but the simplest example is someone who had 25 years of service prior to the PPP. That person had their max 50% pension and the only way to affect the amount would be to earn more before retirement so that their highest 5 years earnings went up. Once the PPP went into effect, they could no longer influence their highest 5 years, those were now locked in based on the highest 5 during their 25 years. That's a done deal. They get that pension whenever it is they retire. [B][U][I]In addition[/I][/U][/B] to this, they now start earning a second pension under the PPP. And, yes, they do get both. Now this is not to say that someone who works for 35 years under the old DBPP would have more or less money than someone who now works 35 years under the PPP. Again, many, many variables with that. I believe employees just received their pension statements. For anyone that was enrolled in the DBPP, their statement shows not only what their current PPP balance is, but also what their DBPP payment will be. Lastly, the DBPP was just no longer an option for FedEx. The ERISA act took care of that. Defined benefit plans are pretty much gone throughout the US. When you cannot average out your pension liability over say 30 years or whatever it was and have to fund your plan yearly based on current market conditions, most companies (FedEx included) don't have that type of cash. I realize this might be an oversimplification but it's the essence of why the change from DBPP to PPP. [/QUOTE]
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