No comments about the Pension news today

[Oldfart]

Sure, the day I left FedEx was pure pleasure. I may not know class, but I do know you ain't it.

Your coworkers did the happy dance the day you left

 

[sandwich]

You wouldn't know class if it slapped you in the face. All you know is misery and despair. Have you ever had a day of fun and had a happy thought?

Have you???? Jesus dude. You sound more miserable than anybody on this site. Your the first one every time to start throwing insults around like a child..... holding a grudge on a forum. What's wrong with you? Let it go my friend you'll live longer.

And don't respond with I'm doing just fine blah blah blah. Your posts say otherwise.

 

[Oldfart]

Have you???? Jesus dude. You sound more miserable than anybody on this site. Your the first one every time to start throwing insults around like a child..... holding a grudge on a forum. What's wrong with you? Let it go my friend you'll live longer.

And don't respond with I'm doing just fine blah blah blah. Your posts say otherwise.

A regular forum psychologist. I wouldn't give up my day job

 

[59 Dano]

When the airlines went belly up a decade ago the pensioners of American Airlines saw their monthly benefit cut by 40% when the PBGC took over and there is growing concern in Washington regarding the PBGC's solvency should it get hit with another avalanche of insolvent pension plans. Therefore one should take no comfort in X's use of the PBGC as assurance that X pensioners will always have a continuous monthly benefit check and in the amounts they were promised.

Our resident genius sowing the seeds of doubt about a very healthy pension plan that recently had an additional $1.5 billion pumped into it.

 

[Oldfart]

Our resident genius sowing the seeds of doubt about a very healthy pension plan that recently had an additional $1.5 billion pumped into it.

He really is a genius. He figured out how to buy Amazon stock $100 below market value. Too bad he didn't include anyone here on how he did that. He bragged about it but never shared his technique.

 

[vantexan]

If people are planning on their pension to be the main source of retirement income you will be living like tex and eating bennie weenies. You better be loading up your 401k. Start young and watch it grow with a 55% match from the company.

When I was a young courier there wasn't a 401k. Something that came along eventually. The pension was emphasized back then. And we know how that turned out.

 

[vantexan]

Let's hope it never comes to that but by far the biggest challenge to the PBGC in the days ahead will be the solvency of multi employer pension plans whereby many of the employers who were contributing to the plan went out of business leaving the few who remain to maintain a fund balance large enough every pensioner regardless of who they worked for.
Remember though X was at one time ranked in the top 10 best companies to work for. Might be true but if you quit, retired or were disposed of that's where you see the true measure of that company.

The harsh reality is that most companies have switched to a cash balance plan that makes it easier to fund their obligations to past employees with a traditional plan. And every year that pool of traditional plan retirees shrinks due to natural causes. I know you want to preach doom and gloom but frankly I'm not worried about it. Employees with a cash balance plan, the portable pension plan at FedEx, should fund their 401k as much as possible for two reasons. One is the portable plan won't pay nearly what the traditional did. And two companies aren't under any obligation to keep it. It's a perk meant to attract employees, to be competitive with other companies. If times get seriously hard many companies will look to stay solvent by eliminating these costs. So fund your 401k as much as possible.

 

[Oldfart]

When I was a young courier there wasn't a 401k. Something that came along eventually. The pension was emphasized back then. And we know how that turned out.

You were a courier in 1985 or so? That was 33 years ago. Plenty of time to invest in the future. We had RSP, OSP and other types of retirement options. I can't remember them all but there was opportunity to save for the future. Too bad you didn't.

 

[MrFedEx]

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.

Exactly. FedEx is no longer responsible for those pensions...MetLife is. That means FedEx is completely off the hook in terms of responsibility. What a surprise. If the pension isn't funded and/or paid, your state pension guarantor (not the federal guarantor) pays you a limited portion of your pension, NOT the full amount.

Read the very last page. I will be entering my final post on this forum during the next week. If you're interested, I'll have a few more facts for you to digest.

Fred has poured sand on it, forgotten the lube, and is pounding away unfettered.

Enjoy.

 

[MrFedEx]

You were a courier in 1985 or so? That was 33 years ago. Plenty of time to invest in the future. We had RSP, OSP and other types of retirement options. I can't remember them all but there was opportunity to save for the future. Too bad you didn't.

You're as bad as our lying, truth-proof "president". Misrepresentation and fake news on your part. Mr. Flatulence.

 

[Oldfart]

Exactly. FedEx is no longer responsible for those pensions...MetLife is. That means FedEx is completely off the hook in terms of responsibility. What a surprise. If the pension isn't funded and/or paid, your state pension guarantor (not the federal guarantor) pays you a limited portion of your pension, NOT the full amount.

Read the very last page. I will be entering my final post on this forum during the next week. If you're interested, I'll have a few more facts for you to digest.

Fred has poured sand on it, forgotten the lube, and is pounding away unfettered.

Enjoy.

There goes the neighborhood.

 

[sandwich]

A regular forum psychologist. I wouldn't give up my day job

 

[MrFedEx]

You were a courier in 1985 or so? That was 33 years ago. Plenty of time to invest in the future. We had RSP, OSP and other types of retirement options. I can't remember them all but there was opportunity to save for the future. Too bad you didn't.

Also, Gas Bag. Please notice that most management and our beloved pilots are exempt from the MetLife scam. That should probably tell you everything you need to know.

 

[Oldfart]

Also, Gas Bag. Please notice that most management and our beloved pilots are exempt from the MetLife scam. That should probably tell you everything you need to know.

Thought we threw all the trash away.

 

[vantexan]

You were a courier in 1985 or so? That was 33 years ago. Plenty of time to invest in the future. We had RSP, OSP and other types of retirement options. I can't remember them all but there was opportunity to save for the future. Too bad you didn't.

I most certainly did save. And used the proceedings to get out of debt. I made a mistake quitting in '97. But then I was only making $13.50 when I quit as a topped out employee. Came back, but never got near to top out in the next 15 years. Nowhere close. Kind of difficult to fund your retirement yourself when you've got normal expenses to manage on low pay. Glad it worked out for you. Didn't work out for 10's of thousands of couriers who gave the company the most productive years of their lives. Slamming me is slamming them too.

 

[Oldfart]

You're as bad as our lying, truth-proof "president". Misrepresentation and fake news on your part. Mr. Flatulence.

You didn't participate in the OSP and RSP plans? Too bad.

 

[Oldfart]

I most certainly did save. And used the proceedings to get out of debt. I made a mistake quitting in '97. But then I was only making $13.50 when I quit as a topped out employee. Came back, but never got near to top out in the next 15 years. Nowhere close. Kind of difficult to fund your retirement yourself when you've got normal expenses to manage on low pay. Glad it worked out for you. Didn't work out for 10's of thousands of couriers who gave the company the most productive years of their lives. Slamming me is slamming them too.

You SAID there was no 401k early on. Did you not tell the truth? I have been in it for many years.

 

[floridays]

I don't understand what is so complicated about this, and why personal attacks are warranted. Two important things happened with this.

FedEx reduced their overall risk by dumping this off on metlife.
FedEx traditional pensioners are now at the mercy of metlife not going broke instead of FedEx. For the pensioners it will probably never matter unless you live to be like 100 or whatever, then if metlife goes belly up before fedex you get shafted from my cursory understanding of the situation and if the reverse is true then you dodged a bullet?

You're correct in everything you said, but in the end Fedex dumped on an obligation to defined benefit employees. If you had to bet, which company would you place your bet on for future viability? Simple question, you can defend your answer if you see fit.

 

[Oldfart]

Slamming me is slamming them too.

Because you didn't have the discipline to save money, dont blame others. Blame the fella in the mirror.

 

[floridays]

Either way we're covered by the PBGC up to their limit. The only ones who'd get hurt are the ones with bigger pensions who'd lose everything above that limit. Last time I looked the Pension Benefit Guaranty Corporation, a Federal agency, covered pensions up to about $47k if I remember right. Companies that offer defined benefit pensions are required to contribute funds to insure pensioners are covered. Which may be another reason FedEx did this, reduces overhead.

PBGC covers companies that default on pension obligations. Another government guarantee, who guarantees the government?