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XPO | FedEx Pension

vetran peddleman said:
So FedEx has a separate pool of money that guys can draw prescribed percentages from, per the chart you provided, when they retire?
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Yes, I had heard years back that they had something started right around the time we lost ours but never looked into it. I posted here first thinking someone might know something about it,then I posted on their forum and thats where I Got the chart.
 
rose glass said:
Our retirement package is best in the business and can't be beat!
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I imagine you are being sarcastic.

I have tried to get someone , anyone to help XPO drivers understand that there are various pay and compensation packages all across the company for those that do the same job and/or have the same qualifications.

One of the differences that I believe is there is the company contributions to the 401k plan based on when you started working at XPO. At some point , there were ZERO contributions from XPO ( formally Con-way ) to 401k plans of those that started working after 2011. I remember being told in an employee "survey" ( called a one on one ) by my manager at the time ( about 5 years ago ) , " Those that started after 2011 haven't been receiving any contributions from the company but will begin receiving a 2% match."

Am I remembering this correctly? Does anyone else recall these meetings? I think it was an effort to get the temperature of the drivers and calm down unionization talk.
 
icuicp said:
I imagine you are being sarcastic.

I have tried to get someone , anyone to help XPO drivers understand that there are various pay and compensation packages all across the company for those that do the same job and/or have the same qualifications.

One of the differences that I believe is there is the company contributions to the 401k plan based on when you started working at XPO. At some point , there were ZERO contributions from XPO ( formally Con-way ) to 401k plans of those that started working after 2011. I remember being told in an employee "survey" ( called a one on one ) by my manager at the time ( about 5 years ago ) , " Those that started after 2011 haven't been receiving any contributions from the company but will begin receiving a 2% match."

Am I remembering this correctly? Does anyone else recall these meetings? I think it was an effort to get the temperature of the drivers and calm down unionization talk.
Click to expand...
Total contribution from the company/ Conway was and still is about $750 each quarter into 401k
 
peachykeen said:
I started working at Con-Way in 2008 and all i have ever got was 2 percent into my 401k which equals to about $550 a year
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So you only made $27,500 last year? Are you a CSR or DSR? If you're a driver I have trouble believing this unless you only work 20 hrs a week.
 
icuicp said:
I imagine you are being sarcastic.

I have tried to get someone , anyone to help XPO drivers understand that there are various pay and compensation packages all across the company for those that do the same job and/or have the same qualifications.

One of the differences that I believe is there is the company contributions to the 401k plan based on when you started working at XPO. At some point , there were ZERO contributions from XPO ( formally Con-way ) to 401k plans of those that started working after 2011. I remember being told in an employee "survey" ( called a one on one ) by my manager at the time ( about 5 years ago ) , " Those that started after 2011 haven't been receiving any contributions from the company but will begin receiving a 2% match."

Am I remembering this correctly? Does anyone else recall these meetings? I think it was an effort to get the temperature of the drivers and calm down unionization talk.
Click to expand...



I seem to remember the 401k was initially the Retirement Savings Plan (RSP) and at some point changed to the Personal Savings Plan (PSP). If you are in the RSP then your years of service would determine if you're getting 3%,4% or 5%. At some point, those hired after a certain date (maybe around 2011) were put into the PSP and had less generous terms. The lesser 2% contribution icuicp mentioned and i think it's capped at 2%. There may have been other changes but I don't remember beyond that.
 
sucker666 said:
Yes, I had heard years back that they had something started right around the time we lost ours but never looked into it. I posted here first thinking someone might know something about it,then I posted on their forum and thats where I Got the chart.
Click to expand...
Sosorry for the drivers for a percentage of your last paycheck from this put extra pool or what?
 
trucknfool said:
As far as the Pension goes, those who will draw it , It is already determined how much you will receive basically. When it was stopped in 2006 they made some promises that it would take in consideration you earnings for the next Ten years and then , the 2008 downturn happened and pouff!!! Everything changed. What ever time you have up until 2008 is what you're pension is based on.
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Wow!!Didn'trealizetheytookthatawayin2008'thx
 
trucknfool said:
That is sound advice Veteran Peddleman, I have to agree, The problem with many people is the cost of living is so high anymore that it is hard to maximize your contribution amount. Also there is a risk that you can loose big time if the market goes South. No investment is 100% safe other than gold.
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True,butIsupposethattheriskone'sgottotake.Why?causeour401istheonlyplaywehave(unlessuwanttotoplaythestockmarketonyourown).
 
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