No comments about the Pension news today
- Thread starter Oldfart
- Start date
Operational needs
Virescit Vulnere Virtus
Soooo, what was the pension news today?
Operational needs
Virescit Vulnere Virtus
And what was that?
MetLife is taking over 41,000 Fedex retirees Pensions, Fedex paid 6 billion to get them off the books.
Operational needs
Virescit Vulnere Virtus
Hoping they offer buy out for active employees at some point.
Operational needs
Virescit Vulnere Virtus
They’ve already offered retirees buyouts. I don’t trust Fedex on this or anything that’s supposedly good for us.
My manager who retired but wasn’t collecting Pension yet,Recieved a fair offer and took it. I’ll do the same,much rather manage the money myself.
Operational needs
Virescit Vulnere Virtus
Do you know what the formula was they used?
Oldfart
Well-Known Member
Took pennies on the $ if it was like offers I saw. Maybe 10 years worth of payments. Everyone has choices to make when it comes to lump sum versus monthly payments. Just like lottery winners options.
Oldfart
Well-Known Member
Predicted response.
floridays
Well-Known Member
What does it mean with X turning over it's pension liabilities to an insurance company? What could it mean? I'm asking a company kiss ass, sycophant. I await an answer.
These aren't spur of the moment decisions. You can bet the buyouts were done because this transfer to MetLife was already decided and the buyouts would save FedEx money. When they gave us that "choice" to voluntarily enter the PPP from the traditional they already had decided to end the traditional plan. Those who voluntarily left the traditional didn't get the extra 4% a year those who were forced to got. As you said, anytime FedEx is interested in "helping" us it's in their interest to do so, not ours.
They're free from administrative costs now.
Oldfart
Well-Known Member
You will be crying the same song in 15 years. Just like crying about a manager that did you wrong in 2001. Stay angry and bitter long?
floridays
Well-Known Member
No, they are free of liability. Would any FedEx employee rather have their pension tied to Fedex, the company they worked for, or an insurance company that has their hands in many other things. Fedex sold out their current pensioners and if the language of the deal is read, any current employee that is still working and has a defined benefit pension. Fedex made MetLife liable for our pensions, period.
floridays
Well-Known Member
Answer my question
. I just helped you out in my last response to Van. Good thing you only needed enough sense to deliver a box and kiss ass.
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Oldfart
Well-Known Member
I know nothing about the plan. I am not retired and haven't gotten the details. Have you?Answer my question
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