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<blockquote data-quote="The Mayor" data-source="post: 578160" data-attributes="member: 21132"><p>Quadro,</p><p> </p><p>What you said is correct. I believe that a lot of current employees are still very confused about what they do and do not get in the form of retirement. Please let me try to clarify some differences here. </p><p> </p><p>1st- If you were enrolled in the traditional pension plan, and are still a current employee, once you retire (whenever that is) you will recieve pension payouts from BOTH the traditional plan, and the portable plan (if desired).<img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /></p><p> </p><p>2nd- The portable plan was designed to limit the amount of money paid out to employees over the long haul. Once an employee retires, they have the option of taking that specific lump sum of money and moving it into another retirement plan, IRA, CD, or any other investment with no penalty. If they choose a cash payout, then depending on their retirement age 59.5, 60, 62, etc... the amount of the penalty goes down the longer you wait.</p><p> </p><p>3rd-Under the old system, it took 5 years to be vested under the traditional plan, under the new portable plan, it is only 3 years to become vested. This is in the hopes that new individuals when hired, and then either quit after 3 years or retire, take the lump sum payment because it is only a one time payout. It isn't a continual long term financial obligation. This alone saves ole Freddy boy BILLIONS of dollars long term. <img src="/community/styles/default/xenforo/smilies/FeltTip/anxious.png" class="smilie" loading="lazy" alt=":anxious:" title="Anxious :anxious:" data-shortname=":anxious:" /></p><p> </p><p>4th- Since the company is relatively young, we are one of less than 300 companys nation wide who have a fully funded pension account under the old traditional plan. The main advantage for that here now is that it is only now coming to be that some individuals are beginning to retire. So, all of that money that has been sitting in that account has been gaining interest and virtually pays for itself.</p><p> </p><p>5th- Finally, once an employee retires or quits with the portable plan, the ties are severed with FedEx and there no longer is any conncetion financially. As far as medical goes though, I'm still a bit ignorant on that. If anyone could fill me in I would appreciate it. Hope that this helps all...</p></blockquote><p></p>
[QUOTE="The Mayor, post: 578160, member: 21132"] Quadro, What you said is correct. I believe that a lot of current employees are still very confused about what they do and do not get in the form of retirement. Please let me try to clarify some differences here. 1st- If you were enrolled in the traditional pension plan, and are still a current employee, once you retire (whenever that is) you will recieve pension payouts from BOTH the traditional plan, and the portable plan (if desired).:happy-very: 2nd- The portable plan was designed to limit the amount of money paid out to employees over the long haul. Once an employee retires, they have the option of taking that specific lump sum of money and moving it into another retirement plan, IRA, CD, or any other investment with no penalty. If they choose a cash payout, then depending on their retirement age 59.5, 60, 62, etc... the amount of the penalty goes down the longer you wait. 3rd-Under the old system, it took 5 years to be vested under the traditional plan, under the new portable plan, it is only 3 years to become vested. This is in the hopes that new individuals when hired, and then either quit after 3 years or retire, take the lump sum payment because it is only a one time payout. It isn't a continual long term financial obligation. This alone saves ole Freddy boy BILLIONS of dollars long term. :anxious: 4th- Since the company is relatively young, we are one of less than 300 companys nation wide who have a fully funded pension account under the old traditional plan. The main advantage for that here now is that it is only now coming to be that some individuals are beginning to retire. So, all of that money that has been sitting in that account has been gaining interest and virtually pays for itself. 5th- Finally, once an employee retires or quits with the portable plan, the ties are severed with FedEx and there no longer is any conncetion financially. As far as medical goes though, I'm still a bit ignorant on that. If anyone could fill me in I would appreciate it. Hope that this helps all... [/QUOTE]
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