Pensions

[NC man]

Knew UPS did well but damn!

Comparison of Pension Benefits for UPS Teamsters | Teamsters for a Democratic Union

5k month in DC!

 

[rod]

Just got my yearly notice from Central States today. They are down to 19.5% funded. BUT with the new American Rescue Plan Act of 2021 it will be funded until "2051 and likely longer". Thank you taxpayers.

 

[Cactus]

Knew UPS did well but damn!

Comparison of Pension Benefits for UPS Teamsters | Teamsters for a Democratic Union

5k month in DC!

In comparison, here's Fred's idea of a pension.

 

[Serf]

Next year Fedex will give you the option of opting out of your pitiful excuse for a cash balance plan in return for a higher 401k match.

 

[bacha29]

Next year Fedex will give you the option of opting out of your pitiful excuse for a cash balance plan in return for a higher 401k match.

Fat Freddy said what he meant and meant what he said when he said that he was going to cut costs wherever and whenever he saw the chance. Probably few Express couriers knew what Fat Freddy was referring to when he mentioned the term "legacy costs". I bet they all know now what he meant.

 

[falcon back]

Next year Fedex will give you the option of opting out of your pitiful excuse for a cash balance plan in return for a higher 401k match.

The number of Fortune 500 companies still offering any pension is about 10%. The number offering any pension AND a 401k is less than that. You act like Fdx is doing something nobody else is doing. Get used to today's business climate. Or you can bitch and whine like most on here. The 14% match or whatever it will be is something very few companies offer. Embrace it and take advantage of it.

 

[Serf]

The number of Fortune 500 companies still offering any pension is about 10%. The number offering any pension AND a 401k is less than that. You act like Fdx is doing something nobody else is doing. Get used to today's business climate. Or you can bitch and whine like most on here. The 14% match or whatever it will be is something very few companies offer. Embrace it and take advantage of it.

You’re not wrong. And the 401k model they offer is generous. It’s the way it is now and in the future. No going back.

 

[Serf]

Fat Freddy said what he meant and meant what he said when he said that he was going to cut costs wherever and whenever he saw the chance. Probably few Express couriers knew what Fat Freddy was referring to when he mentioned the term "legacy costs". I bet they all know now what he meant.

Yup. And don’t get me wrong, the 401k match isn’t bad. You assume all the risk, the company none. And hopefully you’re in a position to afford an 8% contribution.

 

[falcon back]

You’re not wrong. And the 401k model they offer is generous. It’s the way it is now and in the future. No going back.

Yep. People can complain all they want but many large companies are cutting pensions, benefits, going to tiered salaries and the trend will continue. UPS and UAW have started and many more will follow.

 

[falcon back]

Fat Freddy said what he meant and meant what he said when he said that he was going to cut costs wherever and whenever he saw the chance. Probably few Express couriers knew what Fat Freddy was referring to when he mentioned the term "legacy costs". I bet they all know now what he meant.

This was announced several years ago. You act like this is a new development.

 

[Cactus]

Fat Freddy said what he meant and meant what he said when he said that he was going to cut costs wherever and whenever he saw the chance. Probably few Express couriers knew what Fat Freddy was referring to when he mentioned the term "legacy costs". I bet they all know now what he meant.

What a way to “take care” of the people that helped make Federal Express a Fortune 500 company.

 

[Serf]

What a way to “take care” of the people that helped make Federal Express a Fortune 500 company.

Expendable.

 

[yadig]

What a way to “take care” of the people that helped make Federal Express a Fortune 500 company.

They haven’t cared in years!

 

[vantexan]

Yup. And don’t get me wrong, the 401k match isn’t bad. You assume all the risk, the company none. And hopefully you’re in a position to afford an 8% contribution.

But wouldn't the portable pension compound over time and you'd still have a 401k to contribute to also?

 

[Serf]

But wouldn't the portable pension compound over time and you'd still have a 401k to contribute to also?

You can choose to keep it like all those folks 20 yrs ago chose to keep the trad pension. And get the regular 401k match. Or forgo it and get the new 401k match and no PPA. Of course a frozen asset will still compound over time, just won’t be as much. The PPA was better then nothing but still nothing more than a severance check.

 

[It will be fine]

You can choose to keep it like all those folks 20 yrs ago chose to keep the trad pension. And get the regular 401k match. Or forgo it and get the new 401k match and no PPA. Of course a frozen asset will still compound over time, just won’t be as much. The PPA was better then nothing but still nothing more than a severance check.

Does the PPA have a guaranteed interest rate? If it does, it might be a good idea to keep that and keep your 401k in riskier assets deeper into retirement.

 

[falcon back]

But wouldn't the portable pension compound over time and you'd still have a 401k to contribute to also?

Portable will still draw 4% annually and you will get a very large match on your 401k. One plan is best for some, the other plan is better for others.

 

[falcon back]

Does the PPA have a guaranteed interest rate? If it does, it might be a good idea to keep that and keep your 401k in riskier assets deeper into retirement

PPA is a set 4%

 

[Cactus]

They haven’t cared in years!

‘Ya think?

 

[Stat41]

You’re not wrong. And the 401k model they offer is generous. It’s the way it is now and in the future. No going back.

The 401k is generous. But what would stop them from dropping the match down year over year? Remember the step program?