Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
The Competition
FedEx Discussions
Pathetic Purple FPP Payout
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="quadro" data-source="post: 692766" data-attributes="member: 12850"><p>That's why I encourage you to review the Portable Pension Act. Funding continued until mid-2008 because the accounting change didn't go into effect for FedEx until June 1, 2008. IMHO, FedEx didn't take away the traditional plan to achieve profit goals, they switched because they would have been required to invest over $1billion for the 2008-2009 plan year. For 2008, Express operating income was about $1.9billion so over 50% of the years operating income would have had to go into the pension plan.</p><p></p><p>See above. It's not that the PPP was implemented to satisfy accounting rules, it's that the rules made a defined benefit plan prohibitively expensive. It doesn't pay as much because it's a different type of plan.</p><p></p><p>Wasn't aware that I was patronizing. I was just answering your questions.</p><p></p><p>What about the 22 year employee who has no break in service? Your logic would imply they are worth more than you and I would tend to agree. So how do you differentiate their pay from yours?</p><p></p><p>I never said you or anyone else was stupid. If you or anyone else is not happy in their position, whatever that position is, then I would say go find a different position, either at FedEx or somewhere else. FedEx is not the only company out there and I don't think anyone is saying it is. Also, when the PPP was first offered, who knew for sure that the PPA of 2006 would substantially change the rules to where it just wasn't economically the right decision to keep the defined benefit. And honestly, did FedEx "promise" you anything? I'd love to see anything that promises or guarantees a defined benefit plan. People may have a very negative view of FedEx but I'm pretty sure they know FedEx isn't that stupid.</p></blockquote><p></p>
[QUOTE="quadro, post: 692766, member: 12850"] That's why I encourage you to review the Portable Pension Act. Funding continued until mid-2008 because the accounting change didn't go into effect for FedEx until June 1, 2008. IMHO, FedEx didn't take away the traditional plan to achieve profit goals, they switched because they would have been required to invest over $1billion for the 2008-2009 plan year. For 2008, Express operating income was about $1.9billion so over 50% of the years operating income would have had to go into the pension plan. See above. It's not that the PPP was implemented to satisfy accounting rules, it's that the rules made a defined benefit plan prohibitively expensive. It doesn't pay as much because it's a different type of plan. Wasn't aware that I was patronizing. I was just answering your questions. What about the 22 year employee who has no break in service? Your logic would imply they are worth more than you and I would tend to agree. So how do you differentiate their pay from yours? I never said you or anyone else was stupid. If you or anyone else is not happy in their position, whatever that position is, then I would say go find a different position, either at FedEx or somewhere else. FedEx is not the only company out there and I don't think anyone is saying it is. Also, when the PPP was first offered, who knew for sure that the PPA of 2006 would substantially change the rules to where it just wasn't economically the right decision to keep the defined benefit. And honestly, did FedEx "promise" you anything? I'd love to see anything that promises or guarantees a defined benefit plan. People may have a very negative view of FedEx but I'm pretty sure they know FedEx isn't that stupid. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
The Competition
FedEx Discussions
Pathetic Purple FPP Payout
Top