Pension info from the 90s

[Ujocka]

Hello everyone. I was a FedEx employee from 1998-2004. I called FedEx retirement services to see what, if any benefit I had waiting for me later in life. Back then vesting was at 5 years for the pension. They initially told me I had 4 good years at over 1000 hours and two that I was shy of 1000. They ran the numbers and said that the 5th year i had 922 hours (78 hours short), and the 6th year only had 52 hours. Based on this they said there was nothing for me. I was on military orders and on military leave from FedEx for part of the 5th year and almost all of 6th year and told them that under USERRA they had to give me credit for the full years as if I was there. They saw in their records that this was the case as well. They reopened the ticket and are reviewing everything.

How was the pension amount calculated back then? I know if there is something it won't be much, but if i earned it I want it. Even if its $60/mo.

Any knowledgeable responses are appreciated...Thank you in advance.

 

[It will be fine]

Any knowledgeable responses are appreciated...Thank you in advance.

You may be disappointed.

 

[Ujocka]

You may be disappointed.

That's all you have? Disappointed at?

 

[It will be fine]

That's all you have? Disappointed at?

You’re asking about benefits from 16 years ago. Why didn’t you ask Fedex retirement services when you talked to them?

 

[Ujocka]

You’re asking about benefits from 16 years ago. Why didn’t you ask Fedex retirement services when you talked to them?

I did ask. They didn't have the answer because they didn't know which if any i fell under. When they get back to me on the open ticket Im hoping to get more clarity. Didn't think it was that much of a stretch to ask here since there are a bunch of FedEx employees that have been around a long time, and sone are probably here.

 

[Cactus]

You may be disappointed.

Still better than any kind of "pension" you'd ever see from even working 50 years at Ground.

 

[It will be fine]

Still better than any kind of "pension" you'd ever see from even working 50 years at Ground.

I meant disappointed in getting a knowledgeable response here, but it does work on both levels.

 

[bacha29]

Still better than any kind of "pension" you'd ever see from even working 50 years at Ground.

If Mr. IWBF wants to bad mouth the Express pension plan he should first tell us about the benefit plan he provides his own employees with and how well they stack up against the one Express offers.

 

[59 Dano]

If Mr. IWBF wants to bad mouth the Express pension plan he should first tell us about the benefit plan he provides his own employees with and how well they stack up against the one Express offers.

Because you can't express an opinion on something unless you have a better version of that something, right? Bill Belichick could never tell Tom Brady that he threw a bad pass because Tom could always say, "Let me see YOU do it better!" That's how it works, I think.

 

[Cactus]

I think.

Liar!!!

 

[Fred's Myth]

It averages about $100/month per year of service. Plus the possibility of an insurance fund for premiums.

 

[vantexan]

Hello everyone. I was a FedEx employee from 1998-2004. I called FedEx retirement services to see what, if any benefit I had waiting for me later in life. Back then vesting was at 5 years for the pension. They initially told me I had 4 good years at over 1000 hours and two that I was shy of 1000. They ran the numbers and said that the 5th year i had 922 hours (78 hours short), and the 6th year only had 52 hours. Based on this they said there was nothing for me. I was on military orders and on military leave from FedEx for part of the 5th year and almost all of 6th year and told them that under USERRA they had to give me credit for the full years as if I was there. They saw in their records that this was the case as well. They reopened the ticket and are reviewing everything.

How was the pension amount calculated back then? I know if there is something it won't be much, but if i earned it I want it. Even if its $60/mo.

Any knowledgeable responses are appreciated...Thank you in advance.

Take your 5 highest paid qualifying years, average them together. Take 2% of that, multiply that by total years you worked at least 1000 hrs. Divide that by 12 to get your monthly benefit. Say your 5 year average was $40,000. 2% of that is $800. If you qualified all 6 years you worked multiply $800 by 6= $4800. Divide by 12 gives you $400 a month when you turn 60. $340 a month at 55 with an early pension which is 15% less at 55, 3% less each year before 60 with the earliest you can take it at 55. Hopefully you worked in an expensive area with lots of OT to get more.

 

[UpstateNYUPSer(Ret)]

I meant disappointed in getting a knowledgeable response here, but it does work on both levels.

"Garbage in, garbage out?"

 

[Ujocka]

Take your 5 highest paid qualifying years, average them together. Take 2% of that, multiply that by total years you worked at least 1000 hrs. Divide that by 12 to get your monthly benefit. Say your 5 year average was $40,000. 2% of that is $800. If you qualified all 6 years you worked multiply $800 by 6= $4800. Divide by 12 gives you $400 a month when you turn 60. $340 a month at 55 with an early pension which is 15% less at 55, 3% less each year before 60 with the earliest you can take it at 55. Hopefully you worked in an expensive area with lots of OT to get more.

Thank you for your reply. I appreciate the insight. This was the calculation I was looking for.

 

[bacha29]

Because you can't express an opinion on something unless you have a better version of that something, right? Bill Belichick could never tell Tom Brady that he threw a bad pass because Tom could always say, "Let me see YOU do it better!" That's how it works, I think.

So in other words if you're offering nothing to your own employees in the way of an employer funded benefit plan you shouldn't be ridiculing the plan of those who do provide it.

 

[yadig]

If Mr. IWBF wants to bad mouth the Express pension plan he should first tell us about the benefit plan he provides his own employees with and how well they stack up against the one Express offers.

I doubt Mr. IWBF will be responding!

 

[It will be fine]

I doubt Mr. IWBF will be responding!

My employees don’t care about retirement funds. The majority don’t even have IRAs. A bunch of clowns that have never operated a business acting like not offering a 401k is some type of moral failing doesn’t bother me.

 

[bacha29]

My employees don’t care about retirement funds. The majority don’t even have IRAs. A bunch of clowns that have never operated a business acting like not offering a 401k is some type of moral failing doesn’t bother me.

Don't even try to use their lack of interest in a benefit plan as justification for you not offering them. As for knowing how to run a a true business. When you are actually running a true and authentic business enterprise we'll be happy to let you show us how it's done. But in the meantime you'll still be what you presently are.......A nonsalaried supply chain administrator .

 

[It will be fine]

Don't even try to use their lack of interest in a benefit plan as justification for you not offering them. As for knowing how to run a a true business. When you are actually running a true and authentic business enterprise we'll be happy to let you show us how it's done. But in the meantime you'll still be what you presently are.......A nonsalaried supply chain administrator .

You think I should incur the cost and time to administer a benefit that would likely have minimal if any impact on my recruitment and retention?

 

[bacha29]

You think I should incur the cost and time to administer a benefit that would likely have minimal if any impact on my recruitment and retention?

Now if you had an actual business and in the interest of retaining key employees , the kind you need to dedicate themselves to the task of representing your business interests that's if you actually had one , the normal process would require a benefit plan that in the end would reward them for decades of dedicated service in your behalf.

Now as for your claim of having a "business" we've been through this before. Nobody who is as totally dominated by another party to the extent you are with X is nowhere near to being legitimately able to call what he has a "business".