Given the way companies take such extreme liberties with GAAP guidelines it's not all that hard to convey the appearance of being insolvent so keep you eye on what X is up to in the "legacy" costs area. Enjoy your stay in Mexico but with Trump building a wall across the border (yea right) it might not be so easy getting back into the U.S. even if you wanted to.
Working at FedEx express or FedEx freight. Both job offers
- Thread starter VitasJ42
- Start date
Right, FedEx has to keep the books to satisfy government auditors but are going to somehow hoodwink them into believing the pension is insolvent in spite of the billions in profit. Enjoy your time in Fantasyland, the rides are fun.
Hope the Mexican peso holds some value for your because that pension is anything but secure. Yes it will most likely see you through to the end but is there a COL adjustment in it? Rampant inflation has always been a problem with third world currency and economies because they're central bank systems are not as strong as ours. If there is a COLA in your plan remember it will be based on the U.S rate inflation not Mexico or Zimbabwe or it is you're going.
If you must speak about things you aren't familiar with let me help you. In the last 3 years the Peso has eroded from 13 to the Dollar to over 19. That means the cost of living, which was already very reasonable, has dropped by a third for those with Dollars. Expats in Mexico are enjoying a very high standard of living right now. Can it change? Sure, but as economists felt the Peso was overvalued and are forecasting 23 to the Dollar by 2018, most likely I'll be good for awhile. That makes it possible to live on less Dollars and save for the future. Or I could stay here, live paycheck to paycheck, not have much to show for it.
MrFedEx
Engorged Member
Really? Last time I checked, Freight had the same benefits. Hopefully, I'm wrong and they still have a defined pension plan, but as far as I know, they are on the PPA too, which isn't a plan at all.
Oldfart
Well-Known Member
You continue to misinform people about benefits. There IS a pension plan but in your warped miserable world, you continue to cry, whine and complain. Only 14% of all Fortune 500 companies have a PENSION and a 401K. I happen to work for 1 of those companies. Unfortunately for me, a lot of the miserables on here do do.
Fred's Myth
Nonhyphenated American
Dano........is that YOU???
MrFedEx
Engorged Member
The PPA is not a pension plan...it's an annuity. Big difference, one that you obviously do not understand. I don't care about 14% of Fortune 500 companies...I care about the one I work for. You know, the one with industry leading wages and benefits? Please note your careful choice of words "PENSION and a 401k". What percentage have a pension? A 401k essentially means a self-funded retirement, especially since the FedEx match is a joke.
FedEx didn't need to kill the pension, but Fred did because he could (no way to oppose him), and had legions of Kool-Aid drinkers like you who were dumb enough to believe him.
Luckily, Kool-Aid consumption is way down.
Oldfart
Well-Known Member
More untruths from the senior miserable. The 3.5% match to your 6% contribution is as good or better than many FOR PROFIT companies give. NOT FOR PROFITS often do $ for $. That is over a 50% match given by Fedex. Even an idiot like you knows that getting over 50% free money is a good deal. The "portable" is indeed a pension. YOU contribute nothing and the company contributes a % of your annual salary. A bitter person like you wouldn't be happy if the match was their $2 for your $1 on the 401K. You most likely grew up unhappy and have remained that way the rest of your miserable life. You can't be married, no decent woman would even consider spending their life with someone as bitter and hate filled as you. You get on here and spew your hatred of a company you hate, yet you continue working at. WHY? Because you are happiest when you are miserable. It has to suck being you.
MrFedEx
Engorged Member
The PPA is an annuity. It is not a defined pension plan. You are pretty dumb, which is the way Fred likes his worker drones. Glad you love me so much. Love you back.
XOXOXO,
MrFedex
Cactus
Just telling it like it is
Apparently this forum is making you miserable. Why don't you just leave? Unless you enjoy getting p/o'd at others.
Cactus
Just telling it like it is
You must be thinking disability. The maximum pension cap for 2016 is just over $60k. That means if you were expecting a $100k pension but your company went under you'd still get $60k from the PBGC. If you were expecting $30k you'd get $30k.
UpstateNYUPSer(Ret)
Well-Known Member
Wrong answer, thanks for playing.
OK, I got that from the gov't website. What's your take on it?
UpstateNYUPSer(Ret)
Well-Known Member
If our pension fund were to implode I would get just under $1K/month.
From your union fund I believe? Not a company pension, right? If it's a UPS pension and UPS went under you'd be covered by the gov't.
UpstateNYUPSer(Ret)
Well-Known Member
The PBGC covers all pensions but you would not receive anywhere close to what you were expecting if your fund goes under and they take over.
Depends. If my pension is $20k a year, I'll get it. If my pension is $100k, I'll only get the max of just over $60k. By the way, this isn't my interpretation of the gov't website. Money Magazine and Kiplinger's have had articles explaining that. But there may be a difference between pension plans of companies that have gone under and viable companies who's employees are under a union plan that was mismanaged.
