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FedEx Portable Pension Plan Sucks vs. UPS Plan
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<blockquote data-quote="MrFedEx" data-source="post: 286953" data-attributes="member: 12508"><p>The basic problem with the Portable Pension Plan (PPP) is that it is such a small amount that it really doesn't qualify as a "pension" at all. It makes no difference how long you've been in it....you won't ever get enough to use it as a basis to fund your retirement. The enhanced 401k program will help, but the vast majority of the funding comes out of the employee's pocket. FedEx matches the first 1% fully, and then will match 50% of an additional 5%....that's it. No matter how you look at it, the FedEx contribution is miniscule compared to what they had to put into the former traditional pension plan, which was nothing great either. In essence, the PPP has become an employee-funded program.</p><p> </p><p>Those of us fortunate enough to have a significant number of years under the old "traditional program" won't do too badly, but what about newer employees who don't have that back-up plan? If you're still young enough to move to a different company or another career, by all means DO IT NOW!!! If we do ever unionize, FedEx might become a worthwhile career, but as it stands now, any and all employees who are not either pilots or management are completely disposable. </p><p> </p><p>I know that when you are 20 or even 30 years old, retirement looks a long way down the road. The reality is that it's upon you before you even know it.....you need to plan now, and FedEx isn't doing you any favors.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 286953, member: 12508"] The basic problem with the Portable Pension Plan (PPP) is that it is such a small amount that it really doesn't qualify as a "pension" at all. It makes no difference how long you've been in it....you won't ever get enough to use it as a basis to fund your retirement. The enhanced 401k program will help, but the vast majority of the funding comes out of the employee's pocket. FedEx matches the first 1% fully, and then will match 50% of an additional 5%....that's it. No matter how you look at it, the FedEx contribution is miniscule compared to what they had to put into the former traditional pension plan, which was nothing great either. In essence, the PPP has become an employee-funded program. Those of us fortunate enough to have a significant number of years under the old "traditional program" won't do too badly, but what about newer employees who don't have that back-up plan? If you're still young enough to move to a different company or another career, by all means DO IT NOW!!! If we do ever unionize, FedEx might become a worthwhile career, but as it stands now, any and all employees who are not either pilots or management are completely disposable. I know that when you are 20 or even 30 years old, retirement looks a long way down the road. The reality is that it's upon you before you even know it.....you need to plan now, and FedEx isn't doing you any favors. [/QUOTE]
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