Disgusted with Frito Lay "retirement" plan

Discussion in 'Frito-Lay' started by RamBigHorn, Aug 26, 2015.

  1. RamBigHorn

    RamBigHorn Member

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    So they changed from whatever they used to call a pension plan to a 401K not long before I started here (8/13). So I've been here 2 years now. It's August and I contribute 7% from my pay to the 401K. Frito plays games with their "generous" match. They match up to 4% of your pay with a .50 on a $1. Why don't they just call it a 2% match, because that's all it is! The 4% is just pure propaganda considering it's still a .50 cent match. But anyway, back to August....I've grossed appx 53K thus far...and year to date, Frito has managed to contribute a whopping $990 to my retirement! I'm just blown away with their generosity! An entire $990!!!! Totally pathetic. Totally an insult. This has my blood just boiling. This from a "Fortune 50" company. I think it's time to (re)-organize.
     
  2. Banker

    Banker Active Member

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    First let me say a lot has changed from the Frito I worked for until November of 2002. One of my best friends may be leaving Frito 5 years before normal retirement age to come haul cars because they now will let him roll his pension money and he has had enough after 20+ years. Are you sure that the $990 they have contributed is not in addition to the amount they contribute whether you contribute or not? You may be right, but I am just trying to be a neutral party since I no longer have any skin in this game. Anyway I have always planned that my retirement check, where ever it comes from Central States, Frito Lay, UPS or whomever, will be the smallest check I receive every month if I have invested enough myself in my 401k, which thankfully I have done for the last 29 years. I still want what is coming to me but I am not counting on any one of my former employers pension plans or social security to make my retirement days good. I am not trying to minimalize your point and if I were you I would also be mad as hell, but I guess you are still on track to make almost $100,000 a year. This income should allow you to contribute the max towards a 401k, which is $17,500 a year unless you are 50 then you can do an extra $6,000 a year. Anyway my point is don't sweat it too bad, think about it for a while and if you think you can do better elsewhere, leave for greener pastures. Unfortunately in today's world very few companies have a traditional pension, but if you save enough on your own you can still retire with dignity. While you earn every dollar at Frito, you still have a much better job than most truck drivers do. Maybe the bean counters in Plano will wake up and realize there is a reason that Frito drivers need to make great money with great benefits, because it is a hard job and most truckers won't work that hard. Good luck!
     

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