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FedEx Freight | Let’s define 401k retirement funds

Joe Nuno

Joe Nuno

Teamster member 848
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First of all, you on your own, have to contribute money from your hard earned wages, meaning you have to put aside money from your paycheck, so that you could retire.
Sure FedEx will match 50 cent to the dollar that you put in and that’s only up to 6% of your earnings, but the matching is only going to cover the taxes for your benefit at the end of your time of employment at age 65, meaning no less of your exact age.
Meaning you paid for your retirement, because the matching from FedEx is tax deductible for FedEx Corporation and they don’t loose anything!
Let me give you my old example of my contribution at FedEx, per week, they deduct $ 78.80 per weeks X 4 weeks = $314.40 X 12 months = $3772.80 per year, plus FedEx matches $1886.40 which equals to a total of $5659.20 per year.
Now under a Teamsters contract, we could negotiate a $5.00 per hr, meaning for every hour you work you’ll get $5.00 per hour, here is an example: you work 40hrs =$200.00 per week now times it by 4 weeks =$800 per month and times it 12 months =$9600.00 going into the Western conference pension funds.
Not Vanguard or what ever firm they're using now, who is totally control by our one and only FedEx Corporation!
 
Joe Nuno said:
First of all, you on your own, have to contribute money from your hard earned wages, meaning you have to put aside money from your paycheck, so that you could retire.
Sure FedEx will match 50 cent to the dollar that you put in and that’s only up to 6% of your earnings, but the matching is only going to cover the taxes for your benefit at the end of your time of employment at age 65, meaning no less of your exact age.
Meaning you paid for your retirement, because the matching from FedEx is tax deductible for FedEx Corporation and they don’t loose anything!
Let me give you my old example of my contribution at FedEx, per week, they deduct $ 78.80 per weeks X 4 weeks = $314.40 X 12 months = $3772.80 per year, plus FedEx matches $1886.40 which equals to a total of $5659.20 per year.
Now under a Teamsters contract, we could negotiate a $5.00 per hr, meaning for every hour you work you’ll get $5.00 per hour, here is an example: you work 40hrs =$200.00 per week now times it by 4 weeks =$800 per month and times it 12 months =$9600.00 going into the Western conference pension funds.
Not Vanguard or what ever firm they're using now, who is totally control by our one and only FedEx Corporation!
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That's not a very good example because the majority of us want no part of the teamster pension funds!
 
Joe Nuno said:
No that's just you!
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Nice try! There are many of us who have heard nothing good about your multi employer pension funds. I have people I see every day who are part of the central states and say they will never be able to retire. I'll agree with Jake Brake that if we were to go union unless it is solely for FedEx employees we want no part of it
 
chitownpeddler said:
Nice try! There are many of us who have heard nothing good about your multi employer pension funds. I have people I see every day who are part of the central states and say they will never be able to retire. I'll agree with Jake Brake that if we were to go union unless it is solely for FedEx employees we want no part of it
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That's where you demand on your contract for FedEx
Welcome | The Western Conference of Teamsters Pension Trust
Nationwide!
No central pension here!
 
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The amount of money in my 401K is finite to the point of what I'm invested in. I control where my money sleeps, not Vanguard or some other evil empire. The only thing that will reduce the amount of money I get when I retire is a bad economy. My 401K money is invested the same place an employee pension fund would be, the market.

I don't know how you expect anyone to buy your horse crap that the match will only cover your taxes. The match is a guaranteed 3.5% increase to your fund, no matter what the market does.

As a union fighting man, you suck. You need to pick a stronger argument. There is nothing wrong with a 401K. That's not to say a pension isn't better. Your argument is like comparing a city bus with a Ford Taurus. Both will get you to where you are going and the both have their good and bad points.

Guardrail
 
Guardrail said:
The amount of money in my 401K is finite to the point of what I'm invested in. I control where my money sleeps, not Vanguard or some other evil empire. The only thing that will reduce the amount of money I get when I retire is a bad economy. My 401K money is invested the same place an employee pension fund would be, the market.

I don't know how you expect anyone to buy your horse crap that the match will only cover your taxes. The match is a guaranteed 3.5% increase to your fund, no matter what the market does.

As a union fighting man, you suck. You need to pick a stronger argument. There is nothing wrong with a 401K. That's not to say a pension isn't better. Your argument is like comparing a city bus with a Ford Taurus. Both will get you to where you are going and the both have their good and bad points.

Guardrail
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Good for you Sir, glad you have control of your portfolio
 
Guardrail said:
Anybody that has a 401K has control. That's the best you can come up with?

Guardrail
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Like I said good for you, I am not a fan of a 401k, which only going to last a while, and when the money is gone, hope your portable plan Carry's over along with SS...good luck sir!
 
Joe Nuno said:
No that's just you!
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Negative Ghostrider.

Again, im not against the union, but dont kid yourself, its not as popular as this forum would like to think.


As to my 401k, Vanguard dosent have a dime of mine. I do my own investing, always have, and its paid off very well.

So, I ask you. Why would I trust someone else (teamsters) to have MY best interests in mind as it pertains to my retirement?

Answer: I wont. Who better to plan my retirement than me?

Investing and the stock market isnt black magic.
 
When you die the pension dies unless you take the hit and the pension will keep paying your spouse. My investments will go to my heirs. Joe the operable term that you use is could negotiate for 5.00 an hour. doesn't mean that you are going to get it. I happen to save over that $9600.00 a year and yes I'm being responsible for myself and family but doing this since 81 I may have learned something.
 
A 401k isn't and never was supposed to be a only source of retirement. A 401k is something to supplement your main source of retirement.
And if you guys do eventually vote yes do not under and circumstance accept a multi employer pension.
Go the ups route and have FedEx set up their own.
 
chitownpeddler said:
Nice try! There are many of us who have heard nothing good about your multi employer pension funds. I have people I see every day who are part of the central states and say they will never be able to retire. I'll agree with Jake Brake that if we were to go union unless it is solely for FedEx employees we want no part of it
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But you really should just speak for yourself because if you start speaking for a group of people then it may look like your group has organized and you were nominated the spokesperson for that group.
 
joe bucker said:
When you die the pension dies unless you take the hit and the pension will keep paying your spouse. My investments will go to my heirs. Joe the operable term that you use is could negotiate for 5.00 an hour. doesn't mean that you are going to get it. I happen to save over that $9600.00 a year and yes I'm being responsible for myself and family but doing this since 81 I may have learned something.
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It was an example!
Nothing is impossible, but it can be negotiated, but you have to start with a figure!
But if $.31 cent for portable pension is ok with all ! good luck to all !
But I can say todays world, majority of all family today live on paycheck to paycheck !
 
HubbaRocks said:
But you really should just speak for yourself because if you start speaking for a group of people then it may look like your group has organized and you were nominated the spokesperson for that group.
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sorry! You're right. I in no way speak for everyone. I pass along what the few I speak to about this and my opinion.
 
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 ?
 
From what I see at my center most the people that live check to check bring this on them selves. They have the latest and greatest of everything, always keeping up with the next guy. These are life choices that we all make, and again I have tried to plan for myself and not to depend on pension fund that may or may not be there. The pension guarantee fund is darn near in solvent also, so much for any relief from there.
 
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