Teamsters Reach Out to FedEx Freight Drivers Nationwide

Oldfart

Well-Known Member
I can see that reading is not your strong suit.

The word severance is derived from the root word sever which means to cut. Severance packages are offered to those employees who leave not of their own accord.
Our pension is NOT a severance. Where did your reading skills fail you? Negative miserables will call it what they want.
 

UpstateNYUPSer(Ret)

Well-Known Member

MAKAVELI

Well-Known Member
Our pension is NOT a severance. Where did your reading skills fail you? Negative miserables will call it what they want.
A pension is not part of a severance package.
Our pension is NOT a severance package. If you want to be a pessimist, ANY pension could be called a severance. You ONLY get it when you leave the company. I will take over 100k and call it whatever you want me to. I call it free money.
Severance implies that you are asked to leave.
It most definitely is a severance pkg and not a pension. FedEx does not want people to stay 20+ years. Oldfart you continue to fail to recognize anyone not under the old traditional plan will receive a very small % of what you got. It's not a pension.
 

Cactus

Just telling it like it is
George-Costanza-Eating-Popcorn.gif
 

MrFedEx

Engorged Member
You do realize you are dumb as can be? What do you call a fund that is 100% funded by the company and paid to you upon retirement? A pension. No matter what the miserables say.

The Traditional Plan is a defined pension plan. The PPA is NOT a defined pension plan...it is an annuity, paid to you in a lump sum upon termination/retirement. See the difference? The PPA is worth perhaps one fifth of what the Traditional was, so you can see why the deplorables at the top did it. If you really want to see what your PPA is worth, check out the monthly payout calculation. Maybe you could buy a tank of gas and some groceries with it. You could call it a severance package because it's a lump sum payout, but it really is just an annuity that builds over time, unlike a bona fide severance package.

Severance packages are typically given to management level employees, not hourlies. If we were union (I wish) and the company wanted to get rid of you permanently (not just a layoff), they would have to buy you out.
 

bacha29

Well-Known Member
A severance package can come in to play for a variety of reasons. Downsizing, plant closing and that can be for a number of reasons including bought out by another company forced retirement etc. Unless there is a contract in place or a stated company policy in force a severance package is by no means certain. Keep in mind also a defined benefit pension plan means a defined monthly benefit and the company has to contribute enough to keep the plan solvent enough to pay the benefits. The PPA is a defined contribution plan and how much it's worth at the time of liquidation could be zero to millions. In a zero interest environment keeping a defined benefit plan going takes some huge contributions and Fred loved his employees so much that he decided to put you them into a defined contribution plan because it would be the best thing for you. What a great, great, guy. But I bet management group employees still have their defined benefit plan. They still do over at Ground.
 

vantexan

Well-Known Member
ALMOST a decade? Did you expect a fortune for a pension plan you were in ALMOST a decade? Go work anywhere for ALMOST a decade and see how much FREE money you accumulate. Think you were expecting a little too much.
Let's say his 5 yr average was $45k. After 10 years he'd get $9k a year for the rest of his life starting at 60 under the old plan. Under the new plan as a new hire in his 20's he'd get 3% a year added to his account, maybe 5% near the end of the 10 years. So leaving after 10 years he might have around $15k in a lump sum. See the difference? The new plan is weighted towards the back end of an employees career, and to have anything that employee will have to work until his late 60's. And with inflation that money won't have the value it had when he started. The only real plus to the plan is if an employee is close to 50, having started in his 20's, and finds a better job opportunity, he can take his lump sum then and leave. Of course he could have done that sooner, but it takes time for that lump sum to amount to anything. Again, because you got the max contribution on higher top out pay, you think it's swell and don't know why people complain other than they're "miserable." But FedEx held their pay down for most of the last two decades, so they were getting smaller percentage contributions on much lower pay. So what you say, it's free money! You topped out in less than two years while they struggled to make ends meet for 10, 12, 15 or more years and are still a long way from top pay. That's why they're complaining. And don't tell them they should just leave after investing so much time in the prime of their lives in a company who kept saying they'll get rewarded if they just hang in there. Thank goodness these 20somethings don't stick around to be screwed or FedEx would have never come up with a better plan. Now let's see if it is better or if the liars in Memphis are just trying to screw people in a different way.
 

Oldfart

Well-Known Member
All of the miserables fail to mention the benefit of the new plan. The ability to leave the pension to ANYONE at the time of your death. I believe the traditional was only payable to a spouse. Being single when you pass means NOBODY gets your benefits. Correct me if I am wrong.
 

dezguy

Well-Known Member
Lol this is the exact bs a white shirt from HQ tried to feed us at my station a few months ago. "Our plan is soooo much better than a pension because you can leave it to whomever you choose."

Speak with ANY financial advisor about whether to take a pension or a group rrsp and the answer will ALWAYS be pension.
 

MAKAVELI

Well-Known Member
All of the miserables fail to mention the benefit of the new plan. The ability to leave the pension to ANYONE at the time of your death. I believe the traditional was only payable to a spouse. Being single when you pass means NOBODY gets your benefits. Correct me if I am wrong.
So I'm guessing you would like to cut your traditional 75% to be able to leave it to whoever you want?
 

bacha29

Well-Known Member
Let's say his 5 yr average was $45k. After 10 years he'd get $9k a year for the rest of his life starting at 60 under the old plan. Under the new plan as a new hire in his 20's he'd get 3% a year added to his account, maybe 5% near the end of the 10 years. So leaving after 10 years he might have around $15k in a lump sum. See the difference? The new plan is weighted towards the back end of an employees career, and to have anything that employee will have to work until his late 60's. And with inflation that money won't have the value it had when he started. The only real plus to the plan is if an employee is close to 50, having started in his 20's, and finds a better job opportunity, he can take his lump sum then and leave. Of course he could have done that sooner, but it takes time for that lump sum to amount to anything. Again, because you got the max contribution on higher top out pay, you think it's swell and don't know why people complain other than they're "miserable." But FedEx held their pay down for most of the last two decades, so they were getting smaller percentage contributions on much lower pay. So what you say, it's free money! You topped out in less than two years while they struggled to make ends meet for 10, 12, 15 or more years and are still a long way from top pay. That's why they're complaining. And don't tell them they should just leave after investing so much time in the prime of their lives in a company who kept saying they'll get rewarded if they just hang in there. Thank goodness these 20somethings don't stick around to be screwed or FedEx would have never come up with a better plan. Now let's see if it is better or if the liars in Memphis are just trying to screw people in a different way.
VanT: is there any rule in your new plan about taking entire value out before age 59.5 years?. It used to be that if you took everything as a lump sum before 59.5 you had 60 days to roll to a traditional IRA or pay the income tax due plus a penalty or 10% of the entire value. The only exception being complete and permanent disability.
 

vantexan

Well-Known Member
VanT: is there any rule in your new plan about taking entire value out before age 59.5 years?. It used to be that if you took everything as a lump sum before 59.5 you had 60 days to roll to a traditional IRA or pay the income tax due plus a penalty or 10% of the entire value. The only exception being complete and permanent disability.
You'd still be liable for the 10% penalty before 59.5 hrs old.
 

vantexan

Well-Known Member
All of the miserables fail to mention the benefit of the new plan. The ability to leave the pension to ANYONE at the time of your death. I believe the traditional was only payable to a spouse. Being single when you pass means NOBODY gets your benefits. Correct me if I am wrong.
Let me understand you. We are lucky that we have a pension now that pays a lot less because we can leave it to anyone we like? Um, we'll most likely go through every penny trying to get by. If you annuitize it you'll get a payment, part of which you can leave to your spouse just like a traditional pension. Only less. The inheritance feature to the best of my knowledge is only the cash value if you suddenly died and hadn't annualized it yet. Then you could leave it to others. I think most of us would prefer the traditional pension with a survivor benefit for our spouse.
 

Oldfart

Well-Known Member
And yet you can't understand why we're "miserable."
I DO understand. I have a couple of workers in my station like you. Everyone avoids any conversation with them and walks away when they enter the room. Sound familiar?

The conversation could be about the most beautiful woman that flirted with the miserable courier that day and he would complain that she had ugly fingernails. People like you are never happy. The company could give you a $2 an hour raise and drop insurance premiums by 50% and you would find a reason to whine.
 
Last edited by a moderator:

Cactus

Just telling it like it is
I DO understand. You are a miserable hate filled person who hates life and everything in it. I have a couple of workers in my station like you. Everyone avoids any conversation with them and walks away when they enter the room. Sound familiar?

The conversation could be about the most beautiful woman that flirted with the miserable courier that day and he would complain that she had ugly fingernails. People like you are never happy. The company could give you a $2 an hour raise and drop insurance premiums by 50% and you would find a reason to whine.
Then why on Earth do you hang out here?

And by the way $2 hr. raises and 50% reductions in insurance premiums ain't ever gonna happen so what you're doing is spreading FedEx manure propaganda in the futile hope that somebody will believe you. Fat chance.
 
Top