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XPO | XPO Retirement Future

upnorth said:
I'm going to say something that may offend some, but I'll say it anyway. We know change is coming, other union and non Union carriers have been going through this for sometime. Instead of relying on the company to plan your retirement, plan it yourself. Talk to a financial advisor about a self directed plan. Divest yourself. Bitching about what XPO will do will do nothing to help your retirement.
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And never trust what a company tells you!
 
I believe the pension fund was converted to an annuity and wouldn't understand how Jacobs could convert it to a lump sum payment if he even wants to. Employees already retired or about to retire how could someone even do the math on all of it.
Maybe a different distribution company. It's all rumors anyway.
 
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tbone89 said:
A few weeks back we had a HR guy at our barn, I asked him about the pension, he said Xpo is looking into buying the pension fund out, That would be a one time payment, 27 years of service, just waiting to see what happens!
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I talked w/ my regional manager the other day and asked him if he heard of or knew any scuttlebutt about xpo buying out Conway's pension. He told me, "no that he hadn't" and doubted it's true. He gave me the following rational: 1) Negative cash follow.. In his opinion ,XPO wouldn't want to buy Conway's pension plan out and then buy out those w/ a vested interest. Way too expensive. Remember BJ is all about making money, not disbursing it... EBIDTA 2) DSR unrest... Many dsr's who are vested would not want the pay out in one lump sum and pay the fed's a big chuck of that pay out in income tax. Moreover, many guys are hoping that they'll live a little longer than 82 years.
 
Rastus said:
I believe the pension fund was converted to an annuity and wouldn't understand how Jacobs could convert it to a lump sum payment if he even wants to. Employees already retired or about to retire how could someone even do the math on all of it.
Maybe a different distribution company. It's all rumors anyway.
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He'd call JG Wentworth from the late nite tv, it's my money and I need it now!!!
 
vetran peddleman said:
I talked w/ my regional manager the other day and asked him if he heard of or knew any scuttlebutt about xpo buying out Conway's pension. He told me, "no that he hadn't" and doubted it's true. He gave me the following rational: 1) Negative cash follow.. In his opinion ,XPO wouldn't want to buy Conway's pension plan out and then buy out those w/ a vested interest. Way too expensive. Remember BJ is all about making money, not disbursing it... EBIDTA 2) DSR unrest... Many dsr's who are vested would not want the pay out in one lump sum and pay the fed's a big chuck of that pay out in income tax. Moreover, many guys are hoping that they'll live a little longer than 82 years.
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I don't believe that your Regional Manager thought his answer through. If they were to pay it out , the pension would pay it's self out. No skin from XPO . I don't think they will pay it out because of all of the regulations pertaining a buyout. I am assuming that XPO is the guardian of the Con-way pension now. The last statement I received had XPO instead of Con-way printed on them.
 
If it will help you guys, the ERISA Act allows you to get a detailed summary of your pension plan. You send a letter to the plan administrators asking for a Form 5500, and all notes and attachments. Send them a money order for $10 to pay for the mailing, because you'll get about a 3" thick envelope.

It should contain the summary annual report plus all their expenses and who they invest with and fees charged. It might behoove you to take it to an actuary or CPA and have them look it over. A little expensive, but it might buy you a little peace of mind as to the health and viability of your fund.

There are only two types of pensions, by the way. Defined Benefit, which is backed by government regulation and Pension Benefit Guarantee Insurance..........and Defined Contribution, which is NOT backed by any insurance, and is subject to the fluctuations of the stock market. 401-k's are traditional lump sum/annuity Defined Contribution style pensions.

Historically, about every 7 years since the ERISA Act of 1974, there has been a major market......"adjustment". ......where people have lost 30 -50% of the value of their 401-k. If you've invested for a while, and you've gone through several of these ... . "market adjustments"........as near as I can determine, the "average" investor in a 401-k style plan is probably making about a 3% return on his money.

Yeah, I know there are "savvy investors" out there who are making........10, 30, 50% off of their 401-k..........or so they say....so I'm sure someone will take offense to my saying that an average over a 30 year span is about 3 - 5%....…......but you've got to remember that when you do that lump-sum distribution and set it up into an annuity,.......the best annuity you can get.........for the last 10 years........has been ......5%

Thank you gentlemen for allowing me on your board..
 
canaryinthemine said:
If it will help you guys, the ERISA Act allows you to get a detailed summary of your pension plan. You send a letter to the plan administrators asking for a Form 5500, and all notes and attachments. Send them a money order for $10 to pay for the mailing, because you'll get about a 3" thick envelope.

It should contain the summary annual report plus all their expenses and who they invest with and fees charged. It might behoove you to take it to an actuary or CPA and have them look it over. A little expensive, but it might buy you a little peace of mind as to the health and viability of your fund.

There are only two types of pensions, by the way. Defined Benefit, which is backed by government regulation and Pension Benefit Guarantee Insurance..........and Defined Contribution, which is NOT backed by any insurance, and is subject to the fluctuations of the stock market. 401-k's are traditional lump sum/annuity Defined Contribution style pensions.

Historically, about every 7 years since the ERISA Act of 1974, there has been a major market......"adjustment". ......where people have lost 30 -50% of the value of their 401-k. If you've invested for a while, and you've gone through several of these ... . "market adjustments"........as near as I can determine, the "average" investor in a 401-k style plan is probably making about a 3% return on his money.

Yeah, I know there are "savvy investors" out there who are making........10, 30, 50% off of their 401-k..........or so they say....so I'm sure someone will take offense to my saying that an average over a 30 year span is about 3 - 5%....…......but you've got to remember that when you do that lump-sum distribution and set it up into an annuity,.......the best annuity you can get.........for the last 10 years........has been ......5%

Thank you gentlemen for allowing me on your board..
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Ain't nothing wrong with making sense.

Also, when investing you are trying to outpace inflation. Just because you increased your account by 5% doesn't mean that you are ahead of curve.
 
canaryinthemine said:
If it will help you guys, the ERISA Act allows you to get a detailed summary of your pension plan. You send a letter to the plan administrators asking for a Form 5500, and all notes and attachments. Send them a money order for $10 to pay for the mailing, because you'll get about a 3" thick envelope.

It should contain the summary annual report plus all their expenses and who they invest with and fees charged. It might behoove you to take it to an actuary or CPA and have them look it over. A little expensive, but it might buy you a little peace of mind as to the health and viability of your fund.

There are only two types of pensions, by the way. Defined Benefit, which is backed by government regulation and Pension Benefit Guarantee Insurance..........and Defined Contribution, which is NOT backed by any insurance, and is subject to the fluctuations of the stock market. 401-k's are traditional lump sum/annuity Defined Contribution style pensions.

Historically, about every 7 years since the ERISA Act of 1974, there has been a major market......"adjustment". ......where people have lost 30 -50% of the value of their 401-k. If you've invested for a while, and you've gone through several of these ... . "market adjustments"........as near as I can determine, the "average" investor in a 401-k style plan is probably making about a 3% return on his money.

Yeah, I know there are "savvy investors" out there who are making........10, 30, 50% off of their 401-k..........or so they say....so I'm sure someone will take offense to my saying that an average over a 30 year span is about 3 - 5%....…......but you've got to remember that when you do that lump-sum distribution and set it up into an annuity,.......the best annuity you can get.........for the last 10 years........has been ......5%

Thank you gentlemen for allowing me on your board..
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We are overdue for an "adjustment" - so this one next one will probably be a doozy.
 
canaryinthemine said:
If it will help you guys, the ERISA Act allows you to get a detailed summary of your pension plan. You send a letter to the plan administrators asking for a Form 5500, and all notes and attachments. Send them a money order for $10 to pay for the mailing, because you'll get about a 3" thick envelope.

It should contain the summary annual report plus all their expenses and who they invest with and fees charged. It might behoove you to take it to an actuary or CPA and have them look it over. A little expensive, but it might buy you a little peace of mind as to the health and viability of your fund.

There are only two types of pensions, by the way. Defined Benefit, which is backed by government regulation and Pension Benefit Guarantee Insurance..........and Defined Contribution, which is NOT backed by any insurance, and is subject to the fluctuations of the stock market. 401-k's are traditional lump sum/annuity Defined Contribution style pensions.

Historically, about every 7 years since the ERISA Act of 1974, there has been a major market......"adjustment". ......where people have lost 30 -50% of the value of their 401-k. If you've invested for a while, and you've gone through several of these ... . "market adjustments"........as near as I can determine, the "average" investor in a 401-k style plan is probably making about a 3% return on his money.

Yeah, I know there are "savvy investors" out there who are making........10, 30, 50% off of their 401-k..........or so they say....so I'm sure someone will take offense to my saying that an average over a 30 year span is about 3 - 5%....…......but you've got to remember that when you do that lump-sum distribution and set it up into an annuity,.......the best annuity you can get.........for the last 10 years........has been ......5%

Thank you gentlemen for allowing me on your board..
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Well, aren't you just a ray of sunshine!
 
The pension plan is overfunded under the new accounting rules. Under the old accounting rules it is slightly underfunded (96% funded).
 
canaryinthemine said:
If it will help you guys, the ERISA Act allows you to get a detailed summary of your pension plan. You send a letter to the plan administrators asking for a Form 5500, and all notes and attachments. Send them a money order for $10 to pay for the mailing, because you'll get about a 3" thick envelope.

It should contain the summary annual report plus all their expenses and who they invest with and fees charged. It might behoove you to take it to an actuary or CPA and have them look it over. A little expensive, but it might buy you a little peace of mind as to the health and viability of your fund.

There are only two types of pensions, by the way. Defined Benefit, which is backed by government regulation and Pension Benefit Guarantee Insurance..........and Defined Contribution, which is NOT backed by any insurance, and is subject to the fluctuations of the stock market. 401-k's are traditional lump sum/annuity Defined Contribution style pensions.

Historically, about every 7 years since the ERISA Act of 1974, there has been a major market......"adjustment". ......where people have lost 30 -50% of the value of their 401-k. If you've invested for a while, and you've gone through several of these ... . "market adjustments"........as near as I can determine, the "average" investor in a 401-k style plan is probably making about a 3% return on his money.

Yeah, I know there are "savvy investors" out there who are making........10, 30, 50% off of their 401-k..........or so they say....so I'm sure someone will take offense to my saying that an average over a 30 year span is about 3 - 5%....…......but you've got to remember that when you do that lump-sum distribution and set it up into an annuity,.......the best annuity you can get.........for the last 10 years........has been ......5%

Thank you gentlemen for allowing me on your board..
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Thanks Canary.
 
The pension was converted to an annuity with an insurance company years ago. It's probably way past Jacobs doing what he decides. It's not like a pile of money is sitting in a room somewhere.
 
My pension is direct deposited, but the statement I receive in the mail is from "Con-Way Retirement Plan Administration Office". The legally required annual report of the pension fund came from XPO.
 
Minnasota Fatts said:
As a 29 yr. Employee, I have seen and been thru a lot of changes with this Company. I have great Concerns due to many rumors with my fellow employees of tremendous changes going to take place very soon, i'm told......Which is my question to anyone who may be able to help, Does anyone know exactly what it means when i'm hearing there's going to be a "Major reconstruction of our Pension Plan"?? Due to take place in Oct......so i'm told.....Problem is, many unanswered questions, and a lot of very nervous long time Employees...... Anyone able to give any insight would be greatly appreciated, tried within my Company to get answers to no avail.......
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As a 29 year employee, you should know half the crap that comes out of truck drivers mouth is BS. Sit back and wait till you hear from a reliable source
 
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