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<blockquote data-quote="Ricochet1a" data-source="post: 577971" data-attributes="member: 22880"><p>I'm going to assume you're either a UPS employee or a misinformed FedEx employee...</p><p> </p><p>The DBPP stopped for every FedEx employee that was still an employee as of June 1 2008. If one retired on or before May 31 2008 they were covered under the DBPP. If one retired on or after June 1 2008, they were forced into the PPP. An employee doesn't get both. The DBPP is in effect for all those that retired prior to 5/31/08 since the law doesn't permit a company from changing the rules after an employee is a retiree. There is nothing that keeps FedEx from changing the pension plan for active employees. In fact, FedEx includes a little statement in our employee handbooks that states that the pension plan an employee will be covered under ISN"T the plan that was in force the day they hired, it will be the plan that is in force the day they retire. </p><p> </p><p>So if you are a retired FedEx employee that did so years ago and is receiving a pension as defined under the ........DBPP, that is yours to keep. If you are currently working for FedEx, you no longer have a true pension, you have a laughably small lump sum payment amount that you will get when you finally pull the plug on FedEx. </p><p> </p><p>As I stated in another post, those that retire now will get close to what they would've under the DBPP. The longer one works for FedEx, the less and less one will receive under the PPP. In fact, a 25 year old new hire that works 25 years and starts to draw a pension 10 years after that will only receive about one-third as they would've under the DBPP.</p></blockquote><p></p>
[QUOTE="Ricochet1a, post: 577971, member: 22880"] I'm going to assume you're either a UPS employee or a misinformed FedEx employee... The DBPP stopped for every FedEx employee that was still an employee as of June 1 2008. If one retired on or before May 31 2008 they were covered under the DBPP. If one retired on or after June 1 2008, they were forced into the PPP. An employee doesn't get both. The DBPP is in effect for all those that retired prior to 5/31/08 since the law doesn't permit a company from changing the rules after an employee is a retiree. There is nothing that keeps FedEx from changing the pension plan for active employees. In fact, FedEx includes a little statement in our employee handbooks that states that the pension plan an employee will be covered under ISN"T the plan that was in force the day they hired, it will be the plan that is in force the day they retire. So if you are a retired FedEx employee that did so years ago and is receiving a pension as defined under the ........DBPP, that is yours to keep. If you are currently working for FedEx, you no longer have a true pension, you have a laughably small lump sum payment amount that you will get when you finally pull the plug on FedEx. As I stated in another post, those that retire now will get close to what they would've under the DBPP. The longer one works for FedEx, the less and less one will receive under the PPP. In fact, a 25 year old new hire that works 25 years and starts to draw a pension 10 years after that will only receive about one-third as they would've under the DBPP. [/QUOTE]
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