The Future of Defined Benefits

[Meat]

Will the merger affect the traditional pension?

As others have pointed out, a portion of plan’s assets were sold to MetLife some time back, but it’s my understanding that only accounted for approximately 20 percent of the total.

I believe the remaining amount is underfunded by approximately 10 percent at this time.

Does the merger further endanger the portion of the benefit still under FedEx’s control?

What would a potential buyout look like?

 

[Operational needs]

Will the merger affect the traditional pension?

As others have pointed out, a portion of plan’s assets were sold to MetLife some time back, but it’s my understanding that only accounted for approximately 20 percent of the total.

I believe the remaining amount is underfunded by approximately 10 percent at this time.

Does the merger further endanger the portion of the benefit still under FedEx’s control?

What would a potential buyout look like?

A potential buyout would look like FedEx screwing its employees, as usual.

 

[Meat]

A potential buyout would look like FedEx screwing its employees, as usual.

Do you think it will happen?

 

[Operational needs]

Do you think it will happen?

I put nothing past Fedex. Your guess is as good as mine though. Hopefully, my pension will be okay. If not, I guess I’ll have to work until I drop.

 

[Serf]

I’m in the opinion that a buyout offer would be on the table in the near future. In terms of current and or former employees, not sure. A buyout absolves them and does nothing but put you in a higher tax bracket.

 

[Meat]

I’m in the opinion that a buyout offer would be on the table in the near future. In terms of current and or former employees, not sure. A buyout absolves them and does nothing but put you in a higher tax bracket.

Do you think they would still impose a penalty?

If memory serves, the offer last time included a ten percent penalty. I wouldn’t swear to it, though.

 

[Serf]

Do you think they would still impose a penalty?

If memory serves, the offer last time included a ten percent penalty. I wouldn’t swear to it, though.

Every instance I’ve ever heard of pension payouts always had the 10% attached to it, unfortunately.

 

[bacha29]

Do you think they would still impose a penalty?

If memory serves, the offer last time included a ten percent penalty. I wouldn’t swear to it, though.

The general rule if there is a lump sum withdrawal from a qualified retirement plan you have 60 days to move it into another qualified plan generally an IRA. Failure to do so can result in a 10% penalty in addition to federal income tax owed.

 

[Serf]

The general rule if there is a lump sum withdrawal from a qualified retirement plan you have 60 days to move it into another qualified plan generally an IRA. Failure to do so can result in a 10% penalty in addition to federal income tax owed.

He’s right. But I’m talking strictly about taking the money and running. Cutting ties totally with the employer who knows your expendable.

 

[bacha29]

He’s right. But I’m talking strictly about taking the money and running. Cutting ties totally with the employer who knows your expendable.

Might just be among your better options. Take the severance if it's among the better ones, try to open a UC claim take a lump sum if you can get it roll it into a managed IRA, go onto the health insurance exchanges or other places if available and shop for coverage then tell Fat Freddy if he doesn't like it he can insert it into his number two bodily orifice.

 

[MassWineGuy]

I highly doubt that plain, lowly couriers would get buy out offers.

 

[whenIgetthere]

I highly doubt that plain, lowly couriers would get buy out offers.

Strongly agree with this statement.

 

[Godzilla55]

Might just be among your better options. Take the severance if it's among the better ones, try to open a UC claim take a lump sum if you can get it roll it into a managed IRA, go onto the health insurance exchanges or other places if available and shop for coverage then tell Fat Freddy if he doesn't like it he can insert it into his number two bodily orifice.

Spot on. Take the severance, claim unemployment, take the lump sum pension and roll it into a retirement account within 60 days to avoid any penalty. Good luck everyone.

 

[bacha29]

Spot on. Take the severance, claim unemployment, take the lump sum pension and roll it into a retirement account within 60 days to avoid any penalty. Good luck everyone.

In addition to what Godzilla said get that health insurance issue squared away ASAP. Don't stand there thinking it's all a bad dream and everything will be as it was. It's not. So don't try to speculate or second guess what Fat Freddy is going to do next. Do your home work get your resume updated knowledge in the form of what options you have and what new opportunities you've got a shot at will serve you well when you get the word that you're time with Fedex is over.

And for Christ's sake don't go to work for a Ground contractor. If you have to take a job for less why would anybody want go to work for the guy responsible for you having to take less?

 

[Empty Pockets]

Spot on. Take the severance, claim unemployment, take the lump sum pension and roll it into a retirement account within 60 days to avoid any penalty. Good luck everyone.

Folks are saying that if you take the Severance package, you cannot get unemployment and also sign a non disclosure agreement. Not taking a job results in resignation...no unemployment. It appears that not laying folks off is just a strategy to screw them out of unemployment since it is the only outcome any other way you go.

 

[bacha29]

Folks are saying that if you take the Severance package, you cannot get unemployment and also sign a non disclosure agreement. Not taking a job results in resignation...no unemployment. It appears that not laying folks off is just a strategy to screw them out of unemployment since it is the only outcome any other way you go.

Familiarize yourself with your state's UC eligibility rules before making a decision based on what you hear third hand. What matters is that severance or no severance your employment at your current site is ending,

Remember, the last thing Fat Freddy wants is a mad rush to the exit door. An orderly transition to contractor employed scabs...oops I mean "replacements"? That's a favor you don't owe him. And don't be surprised if some of you are going to be expected to trained the contractor grunt who's going to take your job.

 

[IVE GOTTA PACKAGE 4U]

The general rule if there is a lump sum withdrawal from a qualified retirement plan you have 60 days to move it into another qualified plan generally an IRA. Failure to do so can result in a 10% penalty in addition to federal income tax owed.

Don't have the check sent to you. Open up an empty IRA Aand have the company do a trust to trust transfer.

 

[MassWineGuy]

What’s this May 29th launch date all about?

 

[Operational needs]

Folks are saying that if you take the Severance package, you cannot get unemployment and also sign a non disclosure agreement. Not taking a job results in resignation...no unemployment. It appears that not laying folks off is just a strategy to screw them out of unemployment since it is the only outcome any other way you go.

Where is the Pittsburg (JLNA) they’re talking about? Do they mean Pittsburgh, PA?

 

[bacha29]

Don't have the check sent to you. Open up an empty IRA Aand have the company do a trust to trust transfer.

Indeed. And find a good financial services company with veteran CFP's who would welcome your business.