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FedEx Freight | Let’s define 401k retirement funds

squarewheels said:
I know I'm 100 % vested in the 401k and the Fedex pension I have now. It may not be as much as I'd like but if I leave tomorrow it's all mine. I know the pension doesn't show much per month but the lump sum payout is money I got for nothing. Does anyone know how long it would take to be vested in a teamster pension ? I'm knocking on the door of 60 and hope to only work 5 more years would I get to collect anything paid in to the teamsters. A long time ago I think you had to have 10 years but maybe it's changed now or is that negotiable ? How does all that work ?
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Wrong on that. You got it for breaking your back and fed ex says your only worth peanuts. All defined pensions vest at 5 years now Teamsters or not.
 
Well you think our Pilots Pension Plan is any good. As I say it is well funded what you think???? As our will be too with the same people controling it .
 
squarewheels said:
I know I'm 100 % vested in the 401k and the Fedex pension I have now. It may not be as much as I'd like but if I leave tomorrow it's all mine. I know the pension doesn't show much per month but the lump sum payout is money I got for nothing. Does anyone know how long it would take to be vested in a teamster pension ? I'm knocking on the door of 60 and hope to only work 5 more years would I get to collect anything paid in to the teamsters. A long time ago I think you had to have 10 years but maybe it's changed now or is that negotiable ? How does all that work ?
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1 year for 60 and over to be full vested .
 
The Teamsters also have a 401K plan you can contribute to which is managed by Prudential and it is yours, the Teamsters have no control over it, they simply make it available. It's a good way to supplement the pension and decrease your taxable income during your working years.
 
Freightflow Man said:
Well you think our Pilots Pension Plan is any good. As I say it is well funded what you think???? As our will be too with the same people controling it .
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You bring up a great point... Maybe we should look into the WHOLE PILOT'S CONTRACT, including pension... Anyone read their contract? Have a link to it? Might be a good blueprint for our own, otherwise UPSF would be my choice for a starting point, subject to changes as we see fit.

Interesting read from 2011:FedEx and its pilot union have reached tentative agreement on a short-term labor contract in record time.
 
Guardrail said:
Anybody that has a 401K has control. That's the best you can come up with?

Guardrail
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Im glad you have a nicely funded 401k. Im pretty positive you worked at Fed ex National. So you worked in a great environment before. I believe you also are a linehaul driver. You don't understand that us city guys when ever possible are pushed back as close as they can get us to forty hours. If a lot of drivers make ot then they hire a bunch of new drivers to cut everyone back. Work on a 4 by and you you will starve at 37 hrs. What I don't understand is why you people feel that a large corporation such as this shouldn't reward us with a gainful retirement. The 401k is just a supplement. Why can UPS & UPS freight give there men a chance to retire with a nice pension and there company can still make billions in profits. Sounds like they have a good business model. They have a pension and a Teamster 401k they contribute too.
 
jake brake said:
Im glad you have a nicely funded 401k. Im pretty positive you worked at Fed ex National. So you worked in a great environment before. I believe you also are a linehaul driver. You don't understand that us city guys when ever possible are pushed back as close as they can get us to forty hours. If a lot of drivers make ot then they hire a bunch of new drivers to cut everyone back. Work on a 4 by and you you will starve at 37 hrs. What I don't understand is why you people feel that a large corporation such as this shouldn't reward us with a gainful retirement. The 401k is just a supplement. Why can UPS & UPS freight give there men a chance to retire with a nice pension and there company can still make billions in profits. Sounds like they have a good business model. They have a pension and a Teamster 401k they contribute too.
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The way ours is set up good luck retiring on 5 to 6 hundred a month. I don't why this is so hard for people to understand.
 
Where did you ever get the idea that a 401K is a supplement? That is the most ridiculous thing I've heard. There are hundreds of thousands of people that retire on SS and either an IRA or 401K. The problem with a 401K is the person wanting to retire has to take personal responsibility and save some of their own money. I've been putting a minimum of 10% away for 15 years. After another 15 years, I won't need SS but if it is still around when I retire, it will be a nice supplement.

I've changed jobs several tines in the 20 years I've been driving. It is usually because I need more money or I don't like the culture the job presents. It has always been to a better paying job. Take some responsibility and better yourself. Stop waiting for someone else to save you.

Guardrail
 
And why would that be? Laziness? Living outside your means? No self control?

I can't wait to hear the reasons behind not being able to plan for the future. I'm sure it's a good one.

Guardrail
 
Guardrail said:
And why would that be? Laziness? Living outside your means? No self control?

I can't wait to hear the reasons behind not being able to plan for the future. I'm sure it's a good one.

Guardrail
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I can give you a ton of personal reasons and none have to do with laziness, I always find a second job when I start getting consistant sub 40 hr pay checks here. I dont live outside my means but where not all as perfect as your mentor Dave Ramsey. I have self control I drive the biggest piece of **** because its paid for and the wife drives a 15yr old car too. I can give you a list of things that have happened I call them life but im not going too. Most would be applicable to alot of our co workers. The point is because you were able to fund your 401k and say you dont need SS. dosent mean you should be against having a better company pension. If you have enough allready then give the company pension to a deserving charity. We are not all linehaul drivers like you.
 
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Jake brake it has been 14yrs I've been out of the teamsters your pension example is not really very truethful when I was in CSPF the company paid 52 wks but I only got credit for 42 wks I think. The company only put the money there because you were a worker for that company. I was covered under the NMFA. And unlike FEDEX if I leave the money go with me. Unlike the teamsters pension fund the money stays there and it's not in my name. I'm with Guardrail you can't depend theres for retirement look at the CSPF there want to change there monthy amount the were promised amount and now they want to change the amount.
 
jake brake said:
I can give you a ton of personal reasons and none have to do with laziness, I always find a second job when I start getting consistant sub 40 hr pay checks here. I dont live outside my means but where not all as perfect as your mentor Dave Ramsey. I have self control I drive the biggest piece of **** because its paid for and the wife drives a 15yr old car too. I can give you a list of things that have happened I call them life but im not going too. Most would be applicable to alot of our co workers. The point is because you were able to fund your 401k and say you dont need SS. dosent mean you should be against having a better company pension. If you have enough allready then give the company pension to a deserving charity. We are not all linehaul drivers like you.
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Please go back and reread my original post. I am NOT against a better company pension. All I was saying was that a 401k is not supplemental. Joe would have you believe that no one can retire on a 401k.

Guardrail
 
Guardrail said:
Please go back and reread my original post. I am NOT against a better company pension. All I was saying was that a 401k is not supplemental. Joe would have you believe that no one can retire on a 401k.

Guardrail
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Self funded would be the proper term. Not supplemental.
 
slider said:
Jake brake it has been 14yrs I've been out of the teamsters your pension example is not really very truethful when I was in CSPF the company paid 52 wks but I only got credit for 42 wks I think. The company only put the money there because you were a worker for that company. I was covered under the NMFA. And unlike FEDEX if I leave the money go with me. Unlike the teamsters pension fund the money stays there and it's not in my name. I'm with Guardrail you can't depend theres for retirement look at the CSPF there want to change there monthy amount the were promised amount and now they want to change the amount.
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Central states is just one example. Im not in a central states area. Also was told at our meeting that they would want us in a fund just for fed ex. They said no central states for any fed ex. The monthly check that the union sends will be in your name. You could always choose the surviving spouse option. As far as the Central states that is a multi employer pension fund and that's not what we want brother.
 
Guardrail said:
Please go back and reread my original post. I am NOT against a better company pension. All I was saying was that a 401k is not supplemental. Joe would have you believe that no one can retire on a 401k.

Guardrail
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Some people can retire on a 401K alone, but there is a very low percentage of the working class people that can retire on a 401K. Not many plan for retirement at an early age....they should, but most don't. We all saw how many people lost their entire 401k retirement savings during the stock market crash because they were not well diversified. Its a gamble. Because I am conservative and not much of a gambler I will only have a half million dollars in my 401K after investing for 25 years and this will not be enough for me to retire with out my pension at the age of 60. I should be able to have the choice of not taking the early pay out of social security at 62 and wait for the full benefit at age 68. I must plan on being alive for another 25 years or more. A 401K (started early) and a good pension along with being debt free at the time of retirement is the way to go.
 
Guardrail said:
For every 6% you put in, FedEx puts in 3.5%. It's not fully self funded.

Guardrail
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I do know that but. Its the old , 3.5% is better than nothing but having a negotiated agreement we can do better. Didn't they reduce the match a few years back only to reinstate it a couple of yrs ago.
 
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