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<blockquote data-quote="Ricochet1a" data-source="post: 988385" data-attributes="member: 22880"><p>In regards to the old DBPP, look at your employee handbook....</p><p></p><p>It specifically states that the terms and conditions contained within the handbook DO NOT constitute a contract between the employee and FedEx (it specifically excludes those which are covered by a collective bargaining agreement - which just happens to be the pilots). The terms, conditions and benefits can be changed at any time by FedEx Corporation without consent of the employee. The employee is free to terminate the employer-employee relationship at ANY TIME. </p><p></p><p>Express' terminating the DBPP was the single most important thing they did to burn the relationship between itself and its employees. It is why I still get information from those who work with FedEx - they are still pissed that their pension was gutted.</p><p></p><p>Most companies would've instituted a "grandfather clause". They would've terminated the DBPP for those that hired in after a certain date, but retained it for everyone else hired before that hypothetical date. Express chose not to do that - since they wanted to start cashing in right away. So the DBPP was ended in 2008 for everyone, and those with less than 5 years in at that time were cashed out (a sum placed into the PPP), those with more than 5 years in had their benefit "capped" to 2008. </p><p></p><p>Those with over 25 years in as of 2008, actually came slightly ahead in the whole scheme, everyone else lost. Depending on time in, the less time one had in, the more they lost. I did an EXTENSIVE write up on this in late 2009, demonstrating just how much employees lost. </p><p></p><p>As a rule of thumb, a new hire lost about 8% of their total compensation, after the dropping of the DBPP - that is, an immediate cut in overall compensation of 8% the moment the DBPP went away. The amazing thing, is most didn't even blink an eye - they were too worried about bringing in a paycheck for the immediate future. For me, it is what started me on attempting to get Express organized - and learning a hell of a lot about the typical Express employee in the process.</p></blockquote><p></p>
[QUOTE="Ricochet1a, post: 988385, member: 22880"] In regards to the old DBPP, look at your employee handbook.... It specifically states that the terms and conditions contained within the handbook DO NOT constitute a contract between the employee and FedEx (it specifically excludes those which are covered by a collective bargaining agreement - which just happens to be the pilots). The terms, conditions and benefits can be changed at any time by FedEx Corporation without consent of the employee. The employee is free to terminate the employer-employee relationship at ANY TIME. Express' terminating the DBPP was the single most important thing they did to burn the relationship between itself and its employees. It is why I still get information from those who work with FedEx - they are still pissed that their pension was gutted. Most companies would've instituted a "grandfather clause". They would've terminated the DBPP for those that hired in after a certain date, but retained it for everyone else hired before that hypothetical date. Express chose not to do that - since they wanted to start cashing in right away. So the DBPP was ended in 2008 for everyone, and those with less than 5 years in at that time were cashed out (a sum placed into the PPP), those with more than 5 years in had their benefit "capped" to 2008. Those with over 25 years in as of 2008, actually came slightly ahead in the whole scheme, everyone else lost. Depending on time in, the less time one had in, the more they lost. I did an EXTENSIVE write up on this in late 2009, demonstrating just how much employees lost. As a rule of thumb, a new hire lost about 8% of their total compensation, after the dropping of the DBPP - that is, an immediate cut in overall compensation of 8% the moment the DBPP went away. The amazing thing, is most didn't even blink an eye - they were too worried about bringing in a paycheck for the immediate future. For me, it is what started me on attempting to get Express organized - and learning a hell of a lot about the typical Express employee in the process. [/QUOTE]
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