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Pension Dumping
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<blockquote data-quote="MrFedEx" data-source="post: 362206" data-attributes="member: 12508"><p>The PPP is technically a "pension", but the amount is so small as to be laughable. The reality is that our original pension plan has been dumped as of June 1st of this year, and that everyone (except pilots and higher levels of mgmt, of course) falls under the new PPP. The old pension plan wasn't great, but at least it offered some measure of funding toward a decent retirement, even though it was about half what a UPS driver would get. The new enhanced 401k is not a substitute for a pension, nor would it ever be, even if the stock market was making money. Unless you're a market genius, your 401k is actually going backwards right now. The net effect is that you're not making any headway towards retirement. Ask your MD what the monthly payout would be for an employee who puts in 20 years with FedEx. You'll be shocked at how little it is, and he'll probably try and evade a direct answer.</p><p> </p><p>Why don't you ask your MD if <strong>HE</strong> falls under the PPP plan? Also ask if he enjoys stock options, a company car, and many other perks that us lowly hourlies either don't get or have had taken away. Also ask him about his salary. If you get an answer, it probably won't be an honest one. Remember Profit Sharing? How about insurance benefits where you don't have to wage a pitched battle with CIGNA just to have your legitimate health costs covered? Frankly, I'm surprised that an MD would have the balls to even show their face in the field these days. Good luck!</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 362206, member: 12508"] The PPP is technically a "pension", but the amount is so small as to be laughable. The reality is that our original pension plan has been dumped as of June 1st of this year, and that everyone (except pilots and higher levels of mgmt, of course) falls under the new PPP. The old pension plan wasn't great, but at least it offered some measure of funding toward a decent retirement, even though it was about half what a UPS driver would get. The new enhanced 401k is not a substitute for a pension, nor would it ever be, even if the stock market was making money. Unless you're a market genius, your 401k is actually going backwards right now. The net effect is that you're not making any headway towards retirement. Ask your MD what the monthly payout would be for an employee who puts in 20 years with FedEx. You'll be shocked at how little it is, and he'll probably try and evade a direct answer. Why don't you ask your MD if [B]HE[/B] falls under the PPP plan? Also ask if he enjoys stock options, a company car, and many other perks that us lowly hourlies either don't get or have had taken away. Also ask him about his salary. If you get an answer, it probably won't be an honest one. Remember Profit Sharing? How about insurance benefits where you don't have to wage a pitched battle with CIGNA just to have your legitimate health costs covered? Frankly, I'm surprised that an MD would have the balls to even show their face in the field these days. Good luck! [/QUOTE]
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