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An Appeal To UPSer's From FedEx Drivers
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<blockquote data-quote="MrFedEx" data-source="post: 270275" data-attributes="member: 12508"><p>Quadro, do you actually work for FedEx or are you an expert student of retirement plans? That isn't meant as an insult, but unless you actually work for the company, you wouldnt really understand the degree to which the company has de-contented jobs in search of ever bigger profits. Unless you're a pilot, you've seen so many take-aways that it would make your head spin. If FedEx had not already stripped-out so many benefits perhaps the new plan wouldn't be such a bitter pill to swallow.</p><p> </p><p>However you look at it, FedEx HAS managed to shift much of the responsibility for it's retirement plan onto employees. The original plan wasn't great, with approximately half the benefits that a UPS driver would receive. That's gone, and the amount that FedEx contributes to the new plan is a joke. Yes, anyone would be crazy not to max out their 401k (I have over $500,000 in my account), but that's not the point. FedEx did take full advantage here, as any corporation that has a stranglehold over it's employees would do. They have never been very generous, except to the higher officers of the corporation. The new retirement laws were a God-send to Fedex, and Fred S is probably toasting all of his friends in Congress today for their years of generosity to him. There are probably 3 or 4 of them over at his mansion for Thanksgiving(can you say James Baker?). Maybe you don't know about all of the excecutive jets that Fred makes available to politicians (the passenger FedEx airline), or the PAC that is second only to UPS in the amount spent on lobbying for favorable legislation.</p><p> </p><p>Only employees hired before 2004 will get any kind of second retirement, which isn't very good in the first place. Those employees convert over to the new plan on June 1st, the start of the new FedEx fiscal year. If you already have 25 years of service and were maxed-out under the old plan the new plan could be a good deal for you. For newer employees, however, it's a disaster. </p><p> </p><p>Like Big Brown, FedEx has plenty of cash reserves, and could have afforded to do better by it's employees. The company has always been very profitable with the exception of it's start-up years, and it's become even more profitable since aquiring the Ground, Freight, and LTL divisions.</p><p> </p><p>A lot of people think that all the good press FedEx receives makes it a good company to work for. Unfortunately, that's a myth, and workers really need representation in order to have some ability to fight back. As it stands now, management does pretty much whatever it wants and unless you're the member of a protected class, you don't have much of a defense mechanism to protect your interests. I'm no great fan of unions, but sometimes they're needed.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 270275, member: 12508"] Quadro, do you actually work for FedEx or are you an expert student of retirement plans? That isn't meant as an insult, but unless you actually work for the company, you wouldnt really understand the degree to which the company has de-contented jobs in search of ever bigger profits. Unless you're a pilot, you've seen so many take-aways that it would make your head spin. If FedEx had not already stripped-out so many benefits perhaps the new plan wouldn't be such a bitter pill to swallow. However you look at it, FedEx HAS managed to shift much of the responsibility for it's retirement plan onto employees. The original plan wasn't great, with approximately half the benefits that a UPS driver would receive. That's gone, and the amount that FedEx contributes to the new plan is a joke. Yes, anyone would be crazy not to max out their 401k (I have over $500,000 in my account), but that's not the point. FedEx did take full advantage here, as any corporation that has a stranglehold over it's employees would do. They have never been very generous, except to the higher officers of the corporation. The new retirement laws were a God-send to Fedex, and Fred S is probably toasting all of his friends in Congress today for their years of generosity to him. There are probably 3 or 4 of them over at his mansion for Thanksgiving(can you say James Baker?). Maybe you don't know about all of the excecutive jets that Fred makes available to politicians (the passenger FedEx airline), or the PAC that is second only to UPS in the amount spent on lobbying for favorable legislation. Only employees hired before 2004 will get any kind of second retirement, which isn't very good in the first place. Those employees convert over to the new plan on June 1st, the start of the new FedEx fiscal year. If you already have 25 years of service and were maxed-out under the old plan the new plan could be a good deal for you. For newer employees, however, it's a disaster. Like Big Brown, FedEx has plenty of cash reserves, and could have afforded to do better by it's employees. The company has always been very profitable with the exception of it's start-up years, and it's become even more profitable since aquiring the Ground, Freight, and LTL divisions. A lot of people think that all the good press FedEx receives makes it a good company to work for. Unfortunately, that's a myth, and workers really need representation in order to have some ability to fight back. As it stands now, management does pretty much whatever it wants and unless you're the member of a protected class, you don't have much of a defense mechanism to protect your interests. I'm no great fan of unions, but sometimes they're needed. [/QUOTE]
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