No comments about the Pension news today

bacha29

Well-Known Member
What do Xpress employees and Ground contractors have in common? They're not retired. They're disposed of.
There has to be more to this than meets the eye. More to this than simply to divest itself of legacy costs. There's an end game in play here. Now could the restructuring plan UPS will roll out this week have inspired this move. But, UPS plan does call for rate increases not rate cuts.
I don't know about you guys but I get the feeling that something big is coming.
 

vantexan

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?
Just pointing out the obvious. And as a FedEx pensioner I certainly have a right to an opinion. And I didn't take the PPP, got the extra 4%. Just pointing out how it happened. I bet you hated studying history because the Nazis didn't win.
 

vantexan

Well-Known Member
What do Xpress employees and Ground contractors have in common? They're not retired. They're disposed of.
There has to be more to this than meets the eye. More to this than simply to divest itself of legacy costs. There's an end game in play here. Now could the restructuring plan UPS will roll out this week have inspired this move. But, UPS plan does call for rate increases not rate cuts.
I don't know about you guys but I get the feeling that something big is coming.
It came and went. They offered pension buyouts so that their overall costs would be less with the switchover to Met Life.
 

vantexan

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.
They bought an annuity from MetLife. How many insurance companies went belly up in 2008? I'd much rather have an insurance company overseeing it than a company who's business model is no longer viable in the future due to competition, automation, government intervention, etc.
 

floridays

Well-Known Member
They bought an annuity from MetLife. How many insurance companies went belly up in 2008? I'd much rather have an insurance company overseeing it than a company who's business model is no longer viable in the future due to competition, automation, government intervention, etc.
We think differently, I'll place my bet on FEDEX's future viability.
 

vantexan

Well-Known Member
I know nothing about the plan. I am not retired and haven't gotten the details. Have you?
What details do you not know? You're close to retirement and you don't know what the retirement plan entails? They didn't change the plan giving it to MetLife. Benefits stay the same.
 

Oldfart

Well-Known Member
What details do you not know? You're close to retirement and you don't know what the retirement plan entails? They didn't change the plan giving it to MetLife. Benefits stay the same.
Reading wasn't your strong point in school was it. I was asked about the repercussions on the deal. I have no idea because I haven't received anything in the mail or studied up on it. I am well versed in the overall retirement plan but will study up on this new plan in due time. I am sure you have plenty of time to read up on it being that you are alone in a country with no family. Bummer
 

Oldfart

Well-Known Member
company who's business model is no longer viable in the future due to competition, automation, government intervention, etc.
The company has experienced record growth, revenues and profits the last couple of years. Too bad your bitterness has blinded you from the truth.
 

vantexan

Well-Known Member
The company has experienced record growth, revenues and profits the last couple of years. Too bad your bitterness has blinded you from the truth.
I never said they haven't done all of that. But insurance companies rarely fail. Who knows what will happen with FedEx in the future. The government could very well rule against the Ground model and suddenly FedEx might struggle to meet it's pension obligation. It's a moot point, they've turned it over to MetLife. Get Met, it pays.
 

vantexan

Well-Known Member
Reading wasn't your strong point in school was it. I was asked about the repercussions on the deal. I have no idea because I haven't received anything in the mail or studied up on it. I am well versed in the overall retirement plan but will study up on this new plan in due time. I am sure you have plenty of time to read up on it being that you are alone in a country with no family. Bummer
Hey man there is no new plan. Only a new administrator. Get it?
 

Oldfart

Well-Known Member
Hey man there is no new plan. Only a new administrator. Get it?
Once again, I was responding to a question presented to me asking what I knew about the new owners of the pension plan. I was asked twice and I responded to the fellas question. In the future, please step away from the keyboard when you are holding the pipe. Crack and forums are not a good mix. Get it?
 

Oldfart

Well-Known Member
Do you not even remember what you wrote? There is no new plan. Just a new administrator. The amazing thing is you want to insult others over what YOU wrote.
Please refrain from posting while buzzed. I stated I had no idea what the repercussions are from the new administrators or what their plans are. I was asked twice to give an opinion. I have no opinion because I only know what I read. Just say no to drugs, it makes your mind to strange things. Unless it affects future retirees it won't mean anything to me anyways.
 

bacha29

Well-Known Member
If they do in fact have 100% confidence in the future solvency of the plan then why did they go to great lengths to bring the Pension Benefit Guaranty Corporation into the conversation?
 

Oldfart

Well-Known Member
If they do in fact have 100% confidence in the future solvency of the plan then why did they go to great lengths to bring the Pension Benefit Guaranty Corporation into the conversation?
Just to back the claims of the security of the plan, Just like bringing FDIC into a conversation about a bank deal.
 

vantexan

Well-Known Member
If they do in fact have 100% confidence in the future solvency of the plan then why did they go to great lengths to bring the Pension Benefit Guaranty Corporation into the conversation?
To ease people's minds? They've put billions into it recently.
 

vantexan

Well-Known Member
Please refrain from posting while buzzed. I stated I had no idea what the repercussions are from the new administrators or what their plans are. I was asked twice to give an opinion. I have no opinion because I only know what I read. Just say no to drugs, it makes your mind to strange things. Unless it affects future retirees it won't mean anything to me anyways.
Nope, you make a point of attacking me so I'm going to point out that you keep bringing up the "new" plan. There is no new plan and you can spin it any way you like but you're still wrong.
 

Oldfart

Well-Known Member
Nope, you make a point of attacking me so I'm going to point out that you keep bringing up the "new" plan. There is no new plan and you can spin it any way you like but you're still wrong.
Whatever you say bubba. How is the family life? Thats right. You are all alone. Bummer
 
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