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<blockquote data-quote="vantexan" data-source="post: 692282" data-attributes="member: 24302"><p>I did read that transcript, and I'm certain that Fred S said FedEx was going to increase profit margins to 10%, and I'm thinking the after tax profit margin was either 6.7 or 6.8% at the time. Remember also that he said this in early 2007. Funding for the traditional pension continued at the same level until it was terminated mid-2008. And the economy fell apart not long after. So I doubt a 10% profit margin was ever achieved. But that's not the point. The point I'm making is that they were willing to take the traditional pension away to achieve their profit goals. I've heard about the accounting rules changes a number of times, but let me ask you a question. If the Portable Pension Plan was implemented only to satsify the new accounting rules, why doesn't it pay as much as the traditional pension did? And with all due respect, I don't need your patronization. I've experienced things at the hands of bad mgrs that I'm 100% certain very few other couriers have experienced. You could say that my experiences plus the company's reneging on promises have radicalized me. Some posts of mine on another forum may have gotten a senior mgr demoted and an ops mgr fired. The company you represent is telling me that my work isn't worth as much as a topped out employee's, inspite of over 22 years total on the clock, over 11 since being rehired. You folks who say we are stupid to stay in an "entry level" position are obviously right. I was stupid to believe that FedEx would honor the choice we made a number of years ago to either keep the traditional pension or take the portable pension. I chose to remain in the traditional pension and they should honor that choice. So why doesn't the portable pension pay as much as the traditional pension? Accounting rules won't allow it? OK, I'm being snide here.<img src="/community/styles/default/xenforo/smilies/emoticons/rofl.gif" class="smilie" loading="lazy" alt=":rofl:" title="Rofl :rofl:" data-shortname=":rofl:" /></p></blockquote><p></p>
[QUOTE="vantexan, post: 692282, member: 24302"] I did read that transcript, and I'm certain that Fred S said FedEx was going to increase profit margins to 10%, and I'm thinking the after tax profit margin was either 6.7 or 6.8% at the time. Remember also that he said this in early 2007. Funding for the traditional pension continued at the same level until it was terminated mid-2008. And the economy fell apart not long after. So I doubt a 10% profit margin was ever achieved. But that's not the point. The point I'm making is that they were willing to take the traditional pension away to achieve their profit goals. I've heard about the accounting rules changes a number of times, but let me ask you a question. If the Portable Pension Plan was implemented only to satsify the new accounting rules, why doesn't it pay as much as the traditional pension did? And with all due respect, I don't need your patronization. I've experienced things at the hands of bad mgrs that I'm 100% certain very few other couriers have experienced. You could say that my experiences plus the company's reneging on promises have radicalized me. Some posts of mine on another forum may have gotten a senior mgr demoted and an ops mgr fired. The company you represent is telling me that my work isn't worth as much as a topped out employee's, inspite of over 22 years total on the clock, over 11 since being rehired. You folks who say we are stupid to stay in an "entry level" position are obviously right. I was stupid to believe that FedEx would honor the choice we made a number of years ago to either keep the traditional pension or take the portable pension. I chose to remain in the traditional pension and they should honor that choice. So why doesn't the portable pension pay as much as the traditional pension? Accounting rules won't allow it? OK, I'm being snide here.:rofl: [/QUOTE]
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