XPO | Someone explain the pension formula?

TiredDvrsWife

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As many of you have rec'd already the pension formula in the mail this week....CAN ANYONE EXPLAIN IT?

Thank you.

Signed wife of a tired and po'd driver :ranting2:
 
I am not sure about this so i will guess,,,that is the amount u will get at age 62 and 65 i think,,,but how they came up with that figure i dont have a clue,,but what i do know is mineis a very low 3 digit figure,,,you know whats sad i actually laughed when i read it...right now its not enough for a carton of cigarettes and a tank of gas...oh did they bs me when i took this job
 
pension formula

i will give it a shot. first try to make it to that point and then see what you have, till then stay along for the ride, i feel it will pay off. good luck
 
When I read it I get that song in my head:
put your right foot in, put your right foot out... hokey pokey.. that's what it's all about!
 
20 years service= nothing, 30 years of dedication and service= nothing. Unless you were here prior to '91 or so you won't be getting much if anything at all and I would not be surprised if they don't go after the pension and insurance for those guys too.
 
20 years service= nothing, 30 years of dedication and service= nothing. Unless you were here prior to '91 or so you won't be getting much if anything at all and I would not be surprised if they don't go after the pension and insurance for those guys too.

i believe that the rule of 85 still applies doesn't it
 
Yes but when I reach my rule of 85 age with near 30 years time in I have been told I can accept $500.00/month as my reward. Correct me if I'm wrong(which I probably am) but isn't our pension paid out over 5 years unless youselect another option? Some people may see a large enough pay out to still be interested,but not me so don't really concern myself with it. 07 and later new hires don't even get it. Our pension has a terminal illness yet some people hold the notion that it will somehow survive. Now we have a very much reduced match on the 401k that will impact your retirement. In my opinion companies moved away from pensions towards 401k's because they are totally
dependant on employees putting money in to them before they have to make a contribution which is dependant on you actually making enough to contribute a meaningful amount. My thoughts are that you should have at the minimum 15% going into your account to have enough to live comfortably yet there are people I work with that are top drivers and don't contribute that much. I am guilty of it too. I guess the point I am trying to make is corporations have the upper hand on their employees retirements by utilizing a 401k. There are many avenues for funding your retirement and people should educate themselves on their options. I use a combination of my 401k,Roth IRA and cold hard cash and for now seems to be working good although losing a large chunk of my 401k match erks me.
 
I will try to explain it. The pension plan might have been under funded. So they gave us a 401k match everyone could be part of, ( then took it away,). The people who worked here for a long time were to still get a pension, with the company putting in until 2016. ( then they took that a way too!) Isn`t this great? I wonder if is even legal to do this? Well John boy get ready to give us the match back.....tis the season!
 
If you call corporate, they will mail you how much you will get at different ages. I will take mine at the reduced age of 55, beer money if I am still alive. Pension is supposed to be guaranteed by gov't.......Pension Guarantee something or other. I have my paperwork in the fireproof safe.

Ur personel supervisor can get you the number for the corp benefits dude or chick.
 
If you call corporate, they will mail you how much you will get at different ages. I will take mine at the reduced age of 55, beer money if I am still alive. Pension is supposed to be guaranteed by gov't.......Pension Guarantee something or other. I have my paperwork in the fireproof safe.

Ur personel supervisor can get you the number for the corp benefits dude or chick.

It just baffles the mind to hear ones pension is worth no more than "Beer money". It is difficult to call it a career rather than just another J-O-B.
 
It just baffles the mind to hear ones pension is worth no more than "Beer money". It is difficult to call it a career rather than just another J-O-B.
Yup.

But, don't you feel like you are a part of a team?

ISWM
 
As many of you have rec'd already the pension formula in the mail this week....CAN ANYONE EXPLAIN IT?

Thank you.

Signed wife of a tired and po'd driver :ranting2:

Take the amount you were originally promised, divide it in half to compensate for the lies then subtract 25% for when they quit funding the pension. After that subtract another 30% for market losses. That should leave you around $1000.00 per month, but then there will be the unannounced changes that will leave you owing Con-way around $300. per month until you die, and then your family will have to continue to pay for management bonuses for 10 more years.
 
Take the amount you were originally promised, divide it in half to compensate for the lies then subtract 25% for when they quit funding the pension. After that subtract another 30% for market losses. That should leave you around $1000.00 per month, but then there will be the unannounced changes that will leave you owing Con-way around $300. per month until you die, and then your family will have to continue to pay for management bonuses for 10 more years.


That is EXACTLY what my husband said: Looks like we owe THEM!! :nutkick:
 
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