Retirement information meeting

[whenIgetthere]

Is your plan to roll them all over in to one IRA or other investment option?

In the process of rolling them into one fund. One was doing really well, so I left it where it was. Old employer contacted me to move it to my own fund. Working on that now, was going to use my bank, but I am having problems with them honoring a relative's POA and will not allow me to use their accounts to pay their bills. Lawyers working on that. I have another 401 with them, and will roll that into a new bank/investor with the other account, and be rid of dealing with them.

 

[vantexan]

90 days to get a check that amounts to enough to maybe buy a new Toyota Camry? Surely you are kidding. The book says 30 days from your day of retirement and or termination.

Nope, just consulted with the Retirement Service Center about it. If you are retiring you have to start the process 3 months before your chosen retirement date. If cashing out the portable pension it'll be a week or two after you leave before they cut you a check(if you started the process 3 months before you leave). The traditional pension can start as early as your 55th birthday if you retire early and your birthday falls on the first of the month. If the 2nd or later then it'll start the first of the next month. If you cash out your 401k Vanguard will cut you a check 45 days after your last day per FedEx rules. In other words try to have some savings/accrued vacation to get by on til the money comes in.

 

[vantexan]

Clearly going in the direction that was discussed earlier. Converting to part time drivers then give them the opportunity to
" upgrade" to contractor status. No full time employee especially one that is or nearly topped would in their right mind convert to contractor but a part timer? Now a part timer that would be much easier to convince to take the deal because many of the newbies would wrongly believe that going contractor would be the equivalent to full time wage employment.

Pretty sure this has been discussed. FAA rules prohibit non-employees from picking up freight and loading aircraft. Just not going to happen. And no one is doing this job for $9.50hr. Too many easier jobs available for that kind of money. But I can sure see them "encouraging" topped out employees to leave and replace them with newhires. Might be able to get away with pters in some locations. Pretty hard to do with extended rts.

 

[Serf]

Nope, just consulted with the Retirement Service Center about it. If you are retiring you have to start the process 3 months before your chosen retirement date. If cashing out the portable pension it'll be a week or two after you leave before they cut you a check(if you started the process 3 months before you leave). The traditional pension can start as early as your 55th birthday if you retire early and your birthday falls on the first of the month. If the 2nd or later then it'll start the first of the next month. If you cash out your 401k Vanguard will cut you a check 45 days after your last day per FedEx rules. In other words try to have some savings/accrued vacation to get by on til the money comes in.

Ok. That clears things up a little better. Meaning if you are not totally oblivious you read the info provided and start the process 90 days out. It's been discussed much already. But the scenario of looking over your PPA options as a annuity roll over that amounts to peanuts. Or a lump sum that amounts to 1 to 1.5 years of pay. And as said before, even if you use the estimate calculator, it is based on 45 hrs a week.

 

[bacha29]

Pretty sure this has been discussed. FAA rules prohibit non-employees from picking up freight and loading aircraft. Just not going to happen. And no one is doing this job for $9.50hr. Too many easier jobs available for that kind of money. But I can sure see them "encouraging" topped out employees to leave and replace them with newhires. Might be able to get away with pters in some locations. Pretty hard to do with extended rts.

As sits right now that is no doubt true. However with the Ground ISP format the multi route ISP has employees. Now some contractors still drive a route and are in fact employees of their own corporation. Say for example if an approved Fedex subcontractor that is also meets FAA rules and is approved by the FAA could they then handle air freight operating under Fedex DOT operating authority and under the direction of Fedex?

 

[MrFedEx]

If they make it worth my while, I'll take it.

I love it when people speculate about the world's cheapest company offering buyouts.

Uh...no.

 

[MrFedEx]

I'm going. Might learn something.

What you will learn is that we have a terrible retirement plan. Perhaps they'll provide tips on how to live out of a van down by the river or how cheap it is to retire in Syria.

 

[Operational needs]

I love it when people speculate about the world's cheapest company offering buyouts.

Uh...no.

I'm sure managers never thought they'd have a buyout either. Just as FedEx never thought so many would jump on it. Ya never know, stranger things have happened.

 

[bacha29]

What you will learn is that we have a terrible retirement plan. Perhaps they'll provide tips on how to live out of a van down by the river or how cheap it is to retire in Syria.

As a disposed of Ground contractor I am nothing short of stunned at just how badly X mauled you guys pension plan yet is was voted one of the 10 best companies to work for. Obviously they never polled anybody below middle management level. Then again when it comes to retirement for a Ground contractor if you wanted a pension all you could do was to throw as much money as you could come up with into the markets and hope that you made the right investment decisions and made them at the right time.

 

[STFXG]

Pretty sure this has been discussed. FAA rules prohibit non-employees from picking up freight and loading aircraft. Just not going to happen. And no one is doing this job for $9.50hr. Too many easier jobs available for that kind of money. But I can sure see them "encouraging" topped out employees to leave and replace them with newhires. Might be able to get away with pters in some locations. Pretty hard to do with extended rts.

What FAA rules are you talking about?

 

[vantexan]

What FAA rules are you talking about?

Ask MFE, we've talked about this in the past. It's what keeps FedEx from going completely contractor. Airfreight must be pupped and loaded by company employees who are required to be trained on haz, security, etc. Contractors can deliver freight.

 

[vantexan]

I love it when people speculate about the world's cheapest company offering buyouts.

Uh...no.

If they did, it would most likely be to topped out employees 55 or over, and only a small incentive to get them to go ahead and take their pension. On the lowest payscale topped out couriers make close to $19k more on 40 hrs than newhires. Worth their while to sweeten the pot a bit.

 

[STFXG]

Ask MFE, we've talked about this in the past. It's what keeps FedEx from going completely contractor. Airfreight must be pupped and loaded by company employees who are required to be trained on haz, security, etc. Contractors can deliver freight.

I must've missed it. Maybe it's RLA stuff. I know UPS hires out the loading/unloading of aircraft. Not familiar with any FARs that would require it to be a company employee.

 

[vantexan]

As sits right now that is no doubt true. However with the Ground ISP format the multi route ISP has employees. Now some contractors still drive a route and are in fact employees of their own corporation. Say for example if an approved Fedex subcontractor that is also meets FAA rules and is approved by the FAA could they then handle air freight operating under Fedex DOT operating authority and under the direction of Fedex?

No, it's Express company employees only picking up freight and loading planes under current rules. They'd have to change rules for everyone industry wide, not just for FedEx, and there's just too much risk involved these days. Frankly I'm surprised a terrorist hasn't dropped off a bomb in a box yet at a station, timed to detonate enroute.

 

[UpstateNYUPSer(Ret)]

I must've missed it. Maybe it's RLA stuff. I know UPS hires out the loading/unloading of aircraft. Not familiar with any FARs that would require it to be a company employee.

We load our own planes.

 

[outtatime]

No, it's Express company employees only picking up freight and loading planes under current rules. They'd have to change rules for everyone industry wide, not just for FedEx, and there's just too much risk involved these days. Frankly I'm surprised a terrorist hasn't dropped off a bomb in a box yet at a station, timed to detonate enroute.

Al Qaeda ink cartridge bomb found on Chicago-bound jet linked to mobile phone SIM card

 

[542thruNthru]

We load our own planes.

Not where I am. It's a different company.

 

[STFXG]

We load our own planes.

Ground Handler - Middletown, PA - Indeed Mobile

One example.

 

[retiredTxfeeder]

We load our own planes.

Wrong, Dave.
I pulled trailers to and from 2 different airports around Houston, and UPS subcontracts to another company to load/unload cargo on their planes. UPS airport management watches them closely, but they are not UPS employees.

 

[UpstateNYUPSer(Ret)]

Here we load our own plane.