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Twice Pipes

Twice Pipes

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The Fedex Pension Plan: As most of you know I qualified for the severance buyout and retired on 1-27-2011

I called the (PSC) Pension Service Center 1-877-7963339 to request my Pension Package. It will take 4 to 6 weeks to process. I received my paperwork the other day and it had several errors in it. I called the PSC to report the errors and they said it will take another 4-6 weeks to process the new paperwork. If the reworked paperwork is correct, then it will still be another month before I receive my first check. To avoid these pitfalls and delays stay current with your Pension information, and update it as necessary. The address is PCS P/O Box 980 Deerfield IL 60015-0980 On line information is available at MyPension.Fedex.Com. You will be asked for your SSN and your pen number to access the web site. If you don't have a pen number then write to the PSC at the address above to receive one. Happy Trails TP
 
Twice Pipes said:
The Fedex Pension Plan: As most of you know I qualified for the severance buyout and retired on 1-27-2011

I called the (PSC) Pension Service Center 1-877-7963339 to request my Pension Package. It will take 4 to 6 weeks to process. I received my paperwork the other day and it had several errors in it. I called the PSC to report the errors and they said it will take another 4-6 weeks to process the new paperwork. If the reworked paperwork is correct, then it will still be another month before I receive my first check. To avoid these pitfalls and delays stay current with your Pension information, and update it as necessary. The address is PCS P/O Box 980 Deerfield IL 60015-0980 On line information is available at MyPension.Fedex.Com. You will be asked for your SSN and your pen number to access the web site. If you don't have a pen number then write to the PSC at the address above to receive one. Happy Trails TP
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TY. This is the reason I subscribe to this blog. Real info occasionally leaks out
 
If they only vest 3% of your income every year, and add 1% interest per quarter, wouldn't that equal around 15 years worked just to earn a year's worth of pay accumulated into your pension plan? By 30 years maybe closer to 3 years' worth of pay in your pension? Somehow this doesn't seem like alot worth counting on.
 
babyface said:
If they only vest 3% of your income every year, and add 1% interest per quarter, wouldn't that equal around 15 years worked just to earn a year's worth of pay accumulated into your pension plan? By 30 years maybe closer to 3 years' worth of pay in your pension? Somehow this doesn't seem like alot worth counting on.
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I've been here 21 years and have almost $21,000 in my FedEx Pension fund at this rate it's going to take longer than that for me to have a years pay, I really don't think I'm going to live that long.
 
fedupdal said:
I've been here 21 years and have almost $21,000 in my FedEx Pension fund at this rate it's going to take longer than that for me to have a years pay, I really don't think I'm going to live that long.
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Are you a former Viking guy? Im an AF guy and my Fedex pension didnt exist until 2006 ( I think) and it has nowhere near what your saying.Im assuming you have a carry over pension or something.
 
I overestimated the amount Fedex pension will actually be. Long as I save all these $30 profit-sharing checks, I may be able to afford to retire around the year Hailey's comet comes back around.
 
The FedEx pension completely separate from the Viking plan. When they started the FedEx plan they froze the Viking plan. For me, I'll lose $1200 per month in exchange for the $40k I'll get from the FedEx plan for my last 12 yrs before I retire.
 
the amount of interest is bassed on your age and years of work. (page 33 of pension plan benefits book) website- mypension.fedex.com you will need your ssn # and a pin #. if you don't have a pin # call 1-877-963-3339 from 8 am to 5 pm central time.

Compensation Credits
For every plan year in which you are credited with at least 1,000 hours of service, you will receive compensation
credits equal to a percentage of your prior calendar-year eligible earnings. The percentage is based on your combined
age and years of credited service for benefit accrual with the Participating Employer at the end of the prior plan year.
The following chart outlines the compensation credit percentages. Keep in mind that you must be credited with at
least 1,000 hours of service in the plan year to accrue a compensation credit.
Age + years of credited service
for benefit accrual
(as of May 31 of prior plan year)
Compensation credit
(based on prior calendar-year
eligible earnings)
Less than 55 3%
55 - 64 4%
65 – 74 5%
75 or over 6%
Eligible participants will accrue compensation credits as of May 31 of each plan year, for the plan year then ending.
If you terminate or retire and have been credited with at least 1,000 hours of service during the plan year, your last
compensation credit will be made on the earlier of the last day of the month prior to your Annuity Starting Date or
the last day of the plan year.
 
Sorry about the error I made on this thread as far as the Pension Fund phone number goes. The correct number was posted by several people 1-877-963-3339. Two things are required to receive the full pension benefit. 65 years of age and 30 years with the company. There are a myriad of plans to choose from, so consult with your financial advisor for the plan that best suits you. Don't wait until your ready to retire to do that. Happy Retirement, TP
 
First of all it wasn't retroactive, so don't give me 21,000 in 21 yrs ( Maybe 3 to 4yrs ) since the start. Why **** people off!
 
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