WOW!! A Fully-Funded Pension

Discussion in 'FedEx Discussions' started by MrFedEx, May 25, 2010.

  1. MrFedEx

    MrFedEx Engorged Member

    FedEx is instructing managers to portray the FedEx Pension Plan as rock-solid and the Teamster's Pension Plans as weak and under-funded. On one hand, this is true. FedEx Pension Plans are fully funded. BUT, even if you have 25 years in under the extinct Traditional Plan, your monthly payout will be less than half that of a 25-year UPS driver. AND, if you are under the new PPP, you will have a miniscule monthly payout which isn't a pension at all.

    It's easy to fully fund a pension plan that sucks, and that's the part FedEx is forgetting to tell you. They'd rather not compare the pittance you'll receive from them to a genuine livable retirement plan that won't force you to live in your car. If you hired-on in 2004 or after, you've always been under the PPA anyway, which means you have a WORTHLESS plan. Let's say you started in 2000, which means you have 8 years under the old plan (or 16% at 2% per year) and 2 years under the pathetic PPA. As you continue under the PPA you will eventually realize that you will never have a monthly payout that will allow for a comfortable retirement. Your small yearly annuity will grow, but it will also never be adequate for retirement purposes.

    In other words, you don't really have a retirement plan at all, and that's why it's easy for FedEx to fully fund the expired Traditional Plan and the new PPA. More lies and fact-twisting from the masters of the art.
  2. vantexan

    vantexan Well-Known Member

    Oh come on, if you start at 21, work until your 70, never buy a house or car, never take vacations, push your kids to go into the military instead of college, shop at Goodwill, get tv off-air, eat rice and beans at every meal, then the PPP will allow you to maintain your lifestyle in retirement! :beach:
  3. bbsam

    bbsam Moderator Staff Member

    Don't know about pension plans, but I do plan to retire with a crap-load of money.
  4. MrFedEx

    MrFedEx Engorged Member

    Sorry, you're right. I've had my eye on a really nice cardboard box down by the railroad tracks for awhile now.
  5. MrFedEx

    MrFedEx Engorged Member

    OK, great for you. How about the people who work for you? I'm sure you have an overwhelming concern for their welfare.
  6. bbsam

    bbsam Moderator Staff Member

    No, as a matter of fact I don't. I hope they have are exposed in the future to the same opportunities I've found profitable. What they do or do not do with them is beyond my frame of concern. I do know that by the second week in June one of the drivers in our center is purchasing a route from me at a rather healthy sum. I wish him the best with it. I wouldn't even sell if he hadn't approached me with a six figure amount.
  7. vantexan

    vantexan Well-Known Member

    Really? Did he earn that 6 figures working for you? The problem with the whole "opportunities" scenario is that those who have the wealth and power need a poorly paid workforce to allow them to have the kind of life THEY want. If one or two here and there find a way out that's fine as long as the rest accept their low pay and continue to work at that level. The one or two who make it out give the illusion that it's possible, but the truth is that in corporate America as it exists today there are only so many good jobs to go around. The rest of us are expected to be as productive as possible for as little pay as they can get away with paying us. And like it. And we really do like being told how wonderful it all is by those who have a vested interest in keeping it that way.:its_all_good:
  8. SmithBarney

    SmithBarney Well-Known Member

    So I hope he's buying more than one route... cause ground is doing away with sole proprietor routes... but you know that hoping to buy back the route for a song eh?
  9. FedExer267

    FedExer267 Member

    Thats the mind of a contractor always thinking of a way to screw the little guys. They want UPS quality service for 12 bucks a hour. Be real that will never happen. Now with same day pickup being implemented I wonder how they will pull that off knowing when most of us leave a town to go to the next we are not going back. They want more and more but I have yet to see another penny . Good luck with that once the economy is recovering and we all go back to the jobs we had before, ground/Home delivery is going to be in trouble because you will never get a qualified driver for what your willing to give. I personally cant wait to see the contractors trying to run multiple routes by themselves. FedEx will lose all its investment in ground and they will have to remember their greed did it, They will have only themselves to blame. Treat people right and they will work hard for you treat them like crap and the will give you crap work thats the way it has always been.
  10. bbsam

    bbsam Moderator Staff Member

    No, no, no, and no. He did it the old fashioned way. He went and found another contractor (the one he works for now) and they both went to their respective banks and took out loans. So once again the idea that I am truly an employee continues to go up in smoke. Any employees out there sell their route lately?:peaceful: News flash 267: those jobs aren't coming back with the economy.
  11. MrFedEx

    MrFedEx Engorged Member

    Another "success" story of free enterprise and entrepreneurship, right? I'm still confused as to how one supports themselves, a family, and somehow gets the funding to become a contractor from the bank. No bank I know of is going to make a large loan to someone making $12 per hour. The fact that the driver had to find a partner points to the unlikely scenario in which someone driving for a Ground contractor is able to "invest" by themselves based on their own paltry income.

    Admit it, the Ground model exploits labor. Once again, please explain to me how you are going to get UPS-level employees for $12 per hour? FedEx can promise the world, but if it cannot deliver on that promise, they are in deep poop. If you're Joe Shipper, which company is going to impress you day-in and day-out with quality dependable service? I'll put my money on UPS.
  12. klein

    klein Für Meno :)

    Wanna know the starting wage as a driver for UPS Canada ? Yup $12 an hr !!!
    And remember, our $12 is like $8.00 to yours, in purchasing power !

    (1 pack of cigs $12.00, 1 box of coors light or Molson -12 pack is $28.00, milk is $5.00 a gallon and to rent a 1 bedroom apartment is an average of $1000 per month).

    And yes, UPS doesn't need to provide healthinsurance, or pension plan, either.

    Yet, they still do the job !
  13. bbsam

    bbsam Moderator Staff Member

    Admit it, labor exploited business in the 70's and 80's and now business is having no more of it. Put your money where you want as long as you have it.
  14. FedEx2000

    FedEx2000 New Member

    Pension plans are not meant to be your sole source of income in retirement, so acting like you are banking your entire future on it would be stupid in the first place. It's not 1950 anymore, no company is going to pay you as much or more with a pension than you actually made in a year anymore....ala GM....with the exception of some government pensions. That's what 401k (with a company match), IRA's, and the $5/month we'll be lucky to get from Social Security (Assuming the gov. doesn't spent it on the proposed $165B Union pension bailout plan) is for. I'm sure I'll get some argument about how FedEx doesn't pay enough to allow you to participate in any of these things, that's complete BS. The fake scenario that MrFedEx proposed in the original post to this thread is identical to my situation. If you feel that you can't participate in these plans, then maybe one should look at their priorities and reallocate money to the necessary channels to provide for a comfortable retirement for themselves. If you choose to live above your means, that is not FedEx's fault. I worked FT hours as a PTer, by my choice, while i put myself through college with reimbursement from FedEx. I own a house, a car, and more than enough material crap to enjoy myself. Good for me right? My point is that one can easily make enough money at FedEx to have a more than comfortable life. Get over the pension already, yeah the new one sucks compared to the old one, but MrFedex----this is probably the 100th thread you have started on this exact same topic.

    There is no rule/law that FedEx has to pay the same as UPS. We may do the same job, but not as much work. Many UPS drivers do almost double the stops of an Express 1/2-2/3 of the pay is about right.
  15. MrFedEx

    MrFedEx Engorged Member

    BS. How does one "get over" having their pension taken away? Perhaps I (and others) would have liked that extra money in order to have a good retirement or make some additional investments. Instead, I've subsidized the gargantuan retirement plans of our pilots and execs. And as long as sorry apologists like you get on here and try to rationalize it all away, I'll have to post another 100 times in order to refute your garbage.

    Be content with your pittance. I would much prefer to have more AND a better retirement.
  16. klein

    klein Für Meno :)

    Who cares what Mr Fedex says ?
    No one on here is as negative as he is with his job.

    I'm really starting to wonder if he is an UPS Sup, trying to tell UPSer's how good they have it !

    If I was so unhappy with my job, payrate, and pensions. I would have left the door !
  17. MrFedEx

    MrFedEx Engorged Member

    OK, smart guy. What's the top wage for a UPS driver in Canada and how long does it take them to get there? Remember, there is no set pay for Ground. It's whatever the contractor can get away with paying you. $600 per week flat rate with no OT? Or how about $12 per hour and $14 per hour after 4 years...IF the contractor feels like paying you a raise.

    You are comparing apples and oranges. Try apples to apples.
  18. klein

    klein Für Meno :)

    Toprate in Canada is $24 an hr .(after 30 mths of driving).
    But remember $24 in Canada is only about $16 in american buying power !
    Pension as good as non existing ($50 per year service, after 20 years of service = 22 years gives you $1000 mth).
    Heathcare none (paid by government).

    They do have company insurance and it pays 80% of perscription drugs, and some dental .

    Not much better. Fedex pays roughly the same here, somewhat lower, but not by much.
    Plus fedex pays bennies after 3 months here, not after 1 year , like UPS does.
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    $24CDN is only $16US? Boy would I love to do business with you.

    Today's exchange rate is $1.06CDN equals $1US.

    I like your math better!
  20. klein

    klein Für Meno :)

    I did say in purschasing power !
    Go back to Montreal.. see what you can buy there for $100 cdn, compared to what you can buy for $100 in the states...
    Thats why they flock there - to shop !!! And cheap vacations.