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FedEx PPA Going Away
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<blockquote data-quote="vantexan" data-source="post: 4271830" data-attributes="member: 24302"><p>Want to take another crack at this. Let's look at that $70k courier again. Under the new plan he'd contribute 6% and get 8% from the company. That's $4200+$5600=$10,000. Under the old plan the company would give him $5600 if he qualifies for 8%. If he has $100k in his account he'd get around $4k in interest. Plus in his 401k he'd put in $4200, 6%, to get the 3.5% match, or $2450. So $9600+$6650= $16,250. So yes, the company will save a significant amount. And $70k assumes an older, topped out courier in a higher payscale. I've worked in stations that pay less with little OT available. Those in low payscale, slow stations aren't going to see much of a retirement. Tough to contribute if you're supporting a family on $40k-$50k most of your career.</p></blockquote><p></p>
[QUOTE="vantexan, post: 4271830, member: 24302"] Want to take another crack at this. Let's look at that $70k courier again. Under the new plan he'd contribute 6% and get 8% from the company. That's $4200+$5600=$10,000. Under the old plan the company would give him $5600 if he qualifies for 8%. If he has $100k in his account he'd get around $4k in interest. Plus in his 401k he'd put in $4200, 6%, to get the 3.5% match, or $2450. So $9600+$6650= $16,250. So yes, the company will save a significant amount. And $70k assumes an older, topped out courier in a higher payscale. I've worked in stations that pay less with little OT available. Those in low payscale, slow stations aren't going to see much of a retirement. Tough to contribute if you're supporting a family on $40k-$50k most of your career. [/QUOTE]
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