FedEx Freight | Info on FedEx awesome pension

Sorry I guess it would be it would be 6% before and 3.5% now sorry.
No, here is how the math works:

FXF gives you a 3.5% match on your 401k (if you put in at least 6%) ... Your money right away

Additionally FXF gives you between 3-6% of your total annual income and puts it into a portable pension account. The contribution is calculated by adding length of service (including pre-FXF companies) to your age. The higher that combined number, the higher the percentage ... That money is also yours once you have 3 years of service.

So, all together FXF gives you between 6.5 and 9.5% of your annual income as a company contribution to your retirement

Enough? Probably not, but its a pretty good start and together with your own 401k contribution, other savings and social security you can tie together a nice package.
 
One question for Driver 12. If the "damn union" is'nt going to change anything why is Fedex fighting it so much?

Its very simple, why would they want anything to come in between us and us serving the customer.? Do you no think that our customers are blind, they know what is going on. If anyone believes FedEx is out to hurt their workers.....well, I feel for them. Both sides have given us information, I went to a meeting for Local 641 and they flat out told everyone there that they are losing money and they are paying more out then they are taking in and the pension is in critical status and is going dry and one will probably not be provided. This came from the Union rep not FedEx,, who would want this and for what...?
 
Its very simple, why would they want anything to come in between us and us serving the customer.? Do you no think that our customers are blind, they know what is going on. If anyone believes FedEx is out to hurt their workers.....well, I feel for them. Both sides have given us information, I went to a meeting for Local 641 and they flat out told everyone there that they are losing money and they are paying more out then they are taking in and the pension is in critical status and is going dry and one will probably not be provided. This came from the Union rep not FedEx,, who would want this and for what...?

Right here you are lying. Fedex going union would have no bearing on the union pensions because fedex wouldn't get into the MEPF.
 
Here is a screen shot from the 2002 annual report. You will notice that we had a pension plan in 2001. So let's go with that for an average of just over $1000 per year into my pension. If FedEx could just wipe away the underfunding with the stroke of a pen then why continue to operate it as a loss? It is a type of investment for the company that has projected and actual returns. If it were fully funded then would it not return more to the fund from the investment?
 
Not going to spend much time, as I doubt you'll see the truth. But... 1st off: Handout? Seriously? We contribute greatly to the success. 2: UPSF has and is improving their fleet. & our fleet has declined. We don't ALL drive new equip. 3: Fact, at last report UPSF was growing FASTER that FXFE (awaiting next update) 4: For MOST on here, it's NOT about the local leadership. It comes from significantly higher in the chain. You have NO VOICE at that level. Local leadership has their hands tied, in that respect. 5: There is something called "fair market value" for your services. That would include the total compensation package. Have you compared market value with you current package? You should do so, and see who, exactly, should "wake the F up". Your words, not mine.

Hope I didn't miss anything significant. If you dig around, you'll find facts that will amaze and disappoint you.

If you'd like specific answers, along with proof, post specific questions. I'll do my best to help you find accurate answers.

1 - Yes, we do contribute to the success but we also went to them looking for a job, we knew what we signed on for in terms of pay and benefits, if people are that upset about pay head to UPSF and start out making $17.50. 2 - Has and is improving their fleet, maybe, its not what ours is currently. I have seen over 50 new tractors roll through my centers gate over the last 2 months, our fleet has not declined in new equipment, maybe not the brand you want but it has not declined. 3 - UPSF growing faster then FXFR, please provide details, yes, their revenues are up but not profit. 4 - For me and my fellow drivers it is about local leadership, we have a great working relationship and they are their when we need them. Voice, you really believe you can say that. We made an uproar over the score card and what happened.? And don't say it was cause of the union, and to go further into that drive safe follow the roles and then you don't have to worry about it. 5 - Fair Market Value - I am paid fairly, I make .22 less an hour than UPSF, take the dues out of that and I just lost almost $50.00 a month to start. The monthly contribution to health care is more at USPF, is their co-pay and deductables less, maybe, I don't know I have not seen theirs. Regardless if they are or not, I bleed purple and that was not management pushed, its how I feel and many others feel in my barn. We work, we drive safe and we stay as a team and we stay employed and providing for our families. I do appreciate your professional approach as many others do not take this route, stay FedEx Strong brothers..!
 
1 - Yes, we do contribute to the success but we also went to them looking for a job, we knew what we signed on for in terms of pay and benefits, if people are that upset about pay head to UPSF and start out making $17.50. 2 - Has and is improving their fleet, maybe, its not what ours is currently. I have seen over 50 new tractors roll through my centers gate over the last 2 months, our fleet has not declined in new equipment, maybe not the brand you want but it has not declined. 3 - UPSF growing faster then FXFR, please provide details, yes, their revenues are up but not profit. 4 - For me and my fellow drivers it is about local leadership, we have a great working relationship and they are their when we need them. Voice, you really believe you can say that. We made an uproar over the score card and what happened.? And don't say it was cause of the union, and to go further into that drive safe follow the roles and then you don't have to worry about it. 5 - Fair Market Value - I am paid fairly, I make .22 less an hour than UPSF, take the dues out of that and I just lost almost $50.00 a month to start. The monthly contribution to health care is more at USPF, is their co-pay and deductables less, maybe, I don't know I have not seen theirs. Regardless if they are or not, I bleed purple and that was not management pushed, its how I feel and many others feel in my barn. We work, we drive safe and we stay as a team and we stay employed and providing for our families. I do appreciate your professional approach as many others do not take this route, stay FedEx Strong brothers..!

Ok I respect your position, but in your #4 you talk about local management. Note I know that they have their jobs to-do so I'm not trying to bash them. There are quite a few local management type that I actually like and enjoy working with them. The problem is they aren't making all the decisions, they are being micro managed also. The really good ones try to deflect the crap that rolls down hill. Have seen it happen. So it's not that way everywhere just to let you know, the world is a lot bigger than your little corner.
 
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Again, why was there no money in my pension until June 2010?

Maybe they didn't bring National in until June 2010 because that's when I started receiving benefits.

Guardrail
Maybe you should look into it . I was with Watkins, then national. Sounds like they ripped you off.
 
Maybe you should look into it . I was with Watkins, then national. Sounds like they ripped you off.
Nahh... They didn't rip me off. I was in the pension from June 1, 2010 until September 10, 2011 and received a check for just shy of $6000. We didn't have any meetings about the new pension, at the Kansas City FXN yard, until 2010. It wasn't until August 2011 that anyone could even find out how much was in it for the previous year. There was much confusion on the formula and where we could find out more info. We had a number to call, but got conflicting info on has much was in our account.

There is nothing to look into. It was only 4 years ago and my info is correct. I fought for the money I received because, initially, they said my first year of service didn't count toward being vested because I happened to start on June 3, 2008. The plan was started on June 1, 2010, so they thought the June 3, 2008 to May 31, 2009 time didn't count. When I took the buyout, they said I didn't have 3 years in, on the books, because of the 2 days. It wasn't until 2013 that I was able to file for my benefits and receive them.

If, as you say, the pension was in place when I was hired on, I would not have had to fight to receive what was due me, would I?

Guardrail
 
My pension check comes from State Street retiree services. If also says any problems contact Fedex Retirement Service Center
 
I think it is managed by FedEx. I do see that Vanguard is the number 2 holder of stock with 15,898,109 shares. They own more then Fred.
 
They also own UPS and they come up in this link and in searches relating ti FEDEX/ VANGAURD/ RETIREMENT which may or may not mean much. High finance is beyond me but the relationships of company/vangaurd/retirement / antiunion sentiment at fedex sparks curiosity.



Your 401(k) Plan | Plan Today
 
Nahh... They didn't rip me off. I was in the pension from June 1, 2010 until September 10, 2011 and received a check for just shy of $6000. We didn't have any meetings about the new pension, at the Kansas City FXN yard, until 2010. It wasn't until August 2011 that anyone could even find out how much was in it for the previous year. There was much confusion on the formula and where we could find out more info. We had a number to call, but got conflicting info on has much was in our account.

Guardrail

Wow . You mean that there wasn't any clear info on what you can get or how much was set aside for you. Sounds like a great pension. Conflicting info as well. Boy, glad I have that to look forward to. I mean I wouldn't want a Teamster pension that would pay me X amount per year that I worked. I might be able to figure out what Id get in the pension at any time.
 
Correct me if I'm wrong. But the FXF pension is a benefit that cost us nothing. They don't have to give us a penny. Buy They have done this for us. I plan on retiring on my 401K not this pension.

You are right. However, under the plan rules, fedex can exercise it's rite, claim underfunded, and take it from you. You get nothing. It's all there in black and white. Look it up at work.
First off My retirement is all set up and I have no worries. I'm putting 24% a week in to my 401K. 2nd It's FXF's money. It's only numbers on paper to me. I don't and have never figured it in to part of my retirement. If they take it way tomorrow I really haven't lost anything but numbers on a sheet of paper
 
1 - Yes, we do contribute to the success but we also went to them looking for a job, we knew what we signed on for in terms of pay and benefits, if people are that upset about pay head to UPSF and start out making $17.50. 2 - Has and is improving their fleet, maybe, its not what ours is currently. I have seen over 50 new tractors roll through my centers gate over the last 2 months, our fleet has not declined in new equipment, maybe not the brand you want but it has not declined. 3 - UPSF growing faster then FXFR, please provide details, yes, their revenues are up but not profit. 4 - For me and my fellow drivers it is about local leadership, we have a great working relationship and they are their when we need them. Voice, you really believe you can say that. We made an uproar over the score card and what happened.? And don't say it was cause of the union, and to go further into that drive safe follow the roles and then you don't have to worry about it. 5 - Fair Market Value - I am paid fairly, I make .22 less an hour than UPSF, take the dues out of that and I just lost almost $50.00 a month to start. The monthly contribution to health care is more at USPF, is their co-pay and deductables less, maybe, I don't know I have not seen theirs. Regardless if they are or not, I bleed purple and that was not management pushed, its how I feel and many others feel in my barn. We work, we drive safe and we stay as a team and we stay employed and providing for our families. I do appreciate your professional approach as many others do not take this route, stay FedEx Strong brothers..!

Thanks for the opportunity to correct, just a couple things.

1) The current "terms" are significantly different, for many, than the terms, when hired. Also The complete package at UPSF is a consideration, even at 17.10/hr.

2) We may have to defer on the "trucks" discussion since the inconsistencies throughout the system are so severe.

3)Top 25 LTL Carriers We are waiting for 2014 annual numbers from UPSF, to compare. but this shows the most recent quarter: Financial News Release: UPS

4) Tough to "prove" organizing activity did not contribute greatly to the "change" of heart on the rules mentioned, Most agree it had an effect.

5) As with Trucks (#2 above) pay inconsistencies are quite severe. Just know, in my area, FEXFE (as of Jan,4th), will be between $1.27, $1.73, and $3.42, behind Old Dominion, Conway, and UPSF, respectively . Factor in a mere 34 cents/hr (or benefit gain) and your dues are covered.

6) Healthcare is the big and clearly documentable error in your position (a lot to read but VERY important) . Monthly contribution for UPSF "SUPER PREMIUM CADILAC PLAN" their contract click here to read it page 10

Single..............................................................................$45.00
E/ee Plus ........................................................................$90.00
E/ee & Family .............................................................$135.00


NOTE: FXFE charges us around $300.00/mo. for coverage that is not even half as good. Fact. Also, they have Zero cost option that is better as well, than our premium plan.

Now lets look at what that coverage is: https://myteamcare.org/ups/newMembers/docs/TeamCareRetireePlanforUPSMembers.pdf


Annual Deductible $100 per person / $200 per family
Annual Plan Maximum $200,000 per person per calendar year
Out of Pocket Cap $1,000 per person / $2,000 per family
Medical Office Visit $20 co‐payment
Routine OB/GYN Office Visit $20 co‐payment
Routine Mammogram/Pap 80% benefit; then 100% after Out of Pocket is met.
Emergency Room 80% benefit; then 100% after Out of Pocket is met.
Inpatient / Outpatient Services 80% benefit; then 100% after Out of Pocket is met.
Outpatient Surgery 80% benefit; then 100% after Out of Pocket is met.
Chiropractic Maximum 80%, to $1,000 maximum per person per year.
Behavioral Health Service Inpatient 80%, to a max of 21 days per calendar year; 42 days max per lifetime.
Behavioral Health Service Outpatient 80%, to a maximum of 30 visits per person per calendar year.
Outpatient Diagnostic
Imaging and Lab Benefit
100% benefit through Quest Labs or US Imaging; or 80%; at a non‐Quest or US
Imaging provider; then 100% after Out of Pocket is met.

WOW!


Almost Done here... Lets lets talk RETIREE healthcare. We have nothing. UPSF has the same coverage as above.

In closing, please as your local leadership, if their open door policy provides access to someone who can address the healthcare (current & retiree) needs of our people, or could representation provide a better means? This is by far the Biggest issue as far as compensation.

Sorry so long, but it’s kind of important. Let me know if I left off something. Thanks for listening.
 
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Wow . You mean that there wasn't any clear info on what you can get or how much was set aside for you. Sounds like a great pension. Conflicting info as well. Boy, glad I have that to look forward to. I mean I wouldn't want a Teamster pension that would pay me X amount per year that I worked. I might be able to figure out what Id get in the pension at any time.
The first year was confusing for sure. You can now log on and access all the info online.

Guardrail
 
Its very simple, why would they want anything to come in between us and us serving the customer.? Do you no think that our customers are blind, they know what is going on. If anyone believes FedEx is out to hurt their workers.....well, I feel for them. Both sides have given us information, I went to a meeting for Local 641 and they flat out told everyone there that they are losing money and they are paying more out then they are taking in and the pension is in critical status and is going dry and one will probably not be provided. This came from the Union rep not FedEx,, who would want this and for what...?

I would'nt say they want to hurt thier emploees but i do firmly they try to get us to work for as littlle compensation as possible, it is good business. They just plain got greedy. Now the employees are making a business decision to put our selves in a better position to bargin. I look at it as no more than business decision. Collective bargaining is what Fedex is scared of.
 
I would'nt say they want to hurt thier emploees but i do firmly they try to get us to work for as littlle compensation as possible, it is good business. They just plain got greedy. Now the employees are making a business decision to put our selves in a better position to bargin. I look at it as no more than business decision. Collective bargaining is what Fedex is scared of.

They want there cake and eat it too..
 
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