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FedEx 'Modernizing' Pension Plan
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<blockquote data-quote="squeekywheel" data-source="post: 169913" data-attributes="member: 4999"><p><em>Package delivery company FedEx Corp. said Tuesday that it is making changes to its pension plan and increasing its matching contributions to 401(k) plans. </em></p><p></p><p> </p><p><em>The company said most eligible employees who participate in a pension plan will begin accruing future benefits under a cash balance formula called portable pension account starting on June 1, 2008. Benefits accrued under a traditional pension benefit formula will be capped on May 31, 2008 and paid monthly at retirement.</em> </p><p></p><p><em>FedEx said the changes are a result of shifting demographic trends, the federal Pension Protection Act and recently adopted and proposed changes in accounting rules. </em><em>The company is also raising its matching contributions for most workers and providing additional investment options under its 401(k) plans.</em></p><p> </p><p>How long before UPS follows?<img src="/community/styles/default/xenforo/smilies/group1/crying.gif" class="smilie" loading="lazy" alt=":crying:" title="Crying :crying:" data-shortname=":crying:" /></p></blockquote><p></p>
[QUOTE="squeekywheel, post: 169913, member: 4999"] [I]Package delivery company FedEx Corp. said Tuesday that it is making changes to its pension plan and increasing its matching contributions to 401(k) plans. [/I] [I]The company said most eligible employees who participate in a pension plan will begin accruing future benefits under a cash balance formula called portable pension account starting on June 1, 2008. Benefits accrued under a traditional pension benefit formula will be capped on May 31, 2008 and paid monthly at retirement.[/I] [I]FedEx said the changes are a result of shifting demographic trends, the federal Pension Protection Act and recently adopted and proposed changes in accounting rules. [/I][I]The company is also raising its matching contributions for most workers and providing additional investment options under its 401(k) plans.[/I] How long before UPS follows?:crying: [/QUOTE]
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