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!
     
  3. RamBigHorn

    RamBigHorn Member

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    Wow, so it's 3 and a half yrs later and I saw this thread I started and I want to update it. So about a month after I went on that rant about the paltry retirement plan, I got a call in the evening from a guy in HR who was in visiting our plant from Topeka. He said they had some people at Topeka who were getting screwed on their retirement contribution from the company and He wanted to check here at our traffic center if there was any similar situations. Surprise! Myself and the few guys hired after me were not getting the ARC (Automatic Retirement Contribution). Somehow payroll was not aware we weren't enrolled in the ARC. So they did all the necessary research and back paid us all plus interest and stock market advances. So everything worked out good. I'm kicking in 13%, Frito matches 2% and my ARC is another 7% and will eventually go to a max of 9%. But all told, I'm currently getting 22% of my earnings kicked in annually.
     
  4. Banker

    Banker Active Member

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    Glad to hear they straightened it out. When I was there Frito was a top shelf company to work for. I had some really good times there, made lifelong friends and made lots of money at the time. 22%of your earnings invested wisely should provide a very good income in retirement.
     

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