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<blockquote data-quote="Ricochet1a" data-source="post: 578381" data-attributes="member: 22880"><p>Well "quadro" at least you've revealed your true colors. You go two years without posting and then come out of the woodwork...</p><p> </p><p>I'm pretty good at math, with all the finance and stuff... I've almost got the graduate work done, so I'm confident in my numbers. See, some of the people that drive for FedEx can indeed perform complicated financial calculations. FedEx got just a little bit more than it bargained for in the deal. </p><p> </p><p>About the calculation about the final pension... You're wrong. The DBPP under actuary standards had close to a 15% of an employee's gross going towards it to support it. The PPP is 5%. If any REAL employee has a different figure at the bottom of the front page of the statement they just received, speak up. Oh sorry, quadro is a "real" employee, just not a wage employee or fully conversant in TVM calculations. Must have gone through LEAP back in the day...</p><p> </p><p>I'm not referring to any change in ERISA either. As the liabilities go down, so do cash flows out of FedEx. FedEx pulled what will eventually happen to Social Security. Changes in the formulas to acheive a lower net payment will occur with the sole intent of reducing liabilities to beneficiaries. If you are so confident that the PPP is so good, why didn't FedEx employees flock to the PPP when it was offered as an option? Why did so many FedEx employees get ticked off when they were forced onto it a year ago? Your assertions don't match with reality, or good financial mathematics. </p><p> </p><p>You backstop your reply with "depends on the individual". Well, give an example of a hypothetical individual that will come out ahead with the PPP. I'll give you one group, employees that had over 25 years of service as of 5/31/08. They will actually come out slightly ahead. Every other employee will lose. The amount of that loss varies with the amount of time they had under the traditional plan, and how much longer they stay with FedEx. </p><p> </p><p>The "RLA thing" has EVERYTHING to do with this. If FedEx had their non-AGFS employees classified under NLRB rules, NONE of this would've happened. For those who don't have problems with their short term memories, this all happened BEFORE the latest economic difficulties, NOT after. FedEx could've switched to a non defined plan and funded it with 15% of an employee's gross and not 5%, it didn't. FedEx isn't paying a penny towards a pension plan for all the Ground drivers, since they are locked in the pseudo-IC model. FedEx is in the process of narrowing the differential between compensation levels in its operating companies. The gutting of the traditional pension plan is one part of that. </p><p> </p><p>Your last paragraph is a FedEx talking point almost verbatim. At least you put it in your own language (it doesn't match up exactly with FedEx statements or press releases in the Commercial Appeal, congratulations). The argument is a false argument. FedEx wants RLA rules to prevent a union from making any headway into FedEx. Passenger airlines can organize under RLA since their employees have a better communication network among themselves. FedEx employees are divided up into over 600 stations across the US with NO official communication occuring between wage employees as part of work. It is all back channel (like this...). </p><p> </p><p>If Fred were to lose his RLA status for Express, the Teamsters would be in within a year, and have all of Express organized within 3. </p><p> </p><p>Please, refrain from dispensing FedEx KoolAid. You state you are neither a UPS employee or a "misinformed" FedEx employee. This means you are a salaried FedEx shill attempting to spread confusion among those who want to end the games of Fred. Stick to the Commercial Appeal and put away the methodology you learned from the Joseph Goebbels School of Public Misinformation.</p></blockquote><p></p>
[QUOTE="Ricochet1a, post: 578381, member: 22880"] Well "quadro" at least you've revealed your true colors. You go two years without posting and then come out of the woodwork... I'm pretty good at math, with all the finance and stuff... I've almost got the graduate work done, so I'm confident in my numbers. See, some of the people that drive for FedEx can indeed perform complicated financial calculations. FedEx got just a little bit more than it bargained for in the deal. About the calculation about the final pension... You're wrong. The DBPP under actuary standards had close to a 15% of an employee's gross going towards it to support it. The PPP is 5%. If any REAL employee has a different figure at the bottom of the front page of the statement they just received, speak up. Oh sorry, quadro is a "real" employee, just not a wage employee or fully conversant in TVM calculations. Must have gone through LEAP back in the day... I'm not referring to any change in ERISA either. As the liabilities go down, so do cash flows out of FedEx. FedEx pulled what will eventually happen to Social Security. Changes in the formulas to acheive a lower net payment will occur with the sole intent of reducing liabilities to beneficiaries. If you are so confident that the PPP is so good, why didn't FedEx employees flock to the PPP when it was offered as an option? Why did so many FedEx employees get ticked off when they were forced onto it a year ago? Your assertions don't match with reality, or good financial mathematics. You backstop your reply with "depends on the individual". Well, give an example of a hypothetical individual that will come out ahead with the PPP. I'll give you one group, employees that had over 25 years of service as of 5/31/08. They will actually come out slightly ahead. Every other employee will lose. The amount of that loss varies with the amount of time they had under the traditional plan, and how much longer they stay with FedEx. The "RLA thing" has EVERYTHING to do with this. If FedEx had their non-AGFS employees classified under NLRB rules, NONE of this would've happened. For those who don't have problems with their short term memories, this all happened BEFORE the latest economic difficulties, NOT after. FedEx could've switched to a non defined plan and funded it with 15% of an employee's gross and not 5%, it didn't. FedEx isn't paying a penny towards a pension plan for all the Ground drivers, since they are locked in the pseudo-IC model. FedEx is in the process of narrowing the differential between compensation levels in its operating companies. The gutting of the traditional pension plan is one part of that. Your last paragraph is a FedEx talking point almost verbatim. At least you put it in your own language (it doesn't match up exactly with FedEx statements or press releases in the Commercial Appeal, congratulations). The argument is a false argument. FedEx wants RLA rules to prevent a union from making any headway into FedEx. Passenger airlines can organize under RLA since their employees have a better communication network among themselves. FedEx employees are divided up into over 600 stations across the US with NO official communication occuring between wage employees as part of work. It is all back channel (like this...). If Fred were to lose his RLA status for Express, the Teamsters would be in within a year, and have all of Express organized within 3. Please, refrain from dispensing FedEx KoolAid. You state you are neither a UPS employee or a "misinformed" FedEx employee. This means you are a salaried FedEx shill attempting to spread confusion among those who want to end the games of Fred. Stick to the Commercial Appeal and put away the methodology you learned from the Joseph Goebbels School of Public Misinformation. [/QUOTE]
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