That's why you need to contribute at least 6% to your 401k, other wise it's like leaving 3% pay on the table.
FM
FedEx Freight | Pension for Fed Ex Frt.
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FM
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I'm at 15%.
Mike Varnco
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Me too Smokestack. I made a promise to myself that for every dollar I earn, 15 cents will got into some sort of savings/retirement vehicle be it 401k/IRA/pension, etc.
Social security will be like that $20 bill found in the pocket of a suit-coat hanging in the closet. If it's there, it's a nice surprise. If not, I'll live. Although (rant time!), if they're telling me that it won't be around when I retire then WHY THE HECK AM I STILL CONTRIBUTING TO THIS SYSTEM? OK, rant over....back to the original programming.
FNL driver
Slackdragon
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If I have been reading correctly we will need to work 3 years from 31may2006 to get vested in this plan at 1000 hrs per year (45miles=1hr road, I would assume dock time hrs count) or we get ZERO. So all old timers leaving in less than 3yrs are just going to lose 2.5%, not gain 6%.....more to say but time to shutup before I stick my foot in..... I need to read more about this...R.I.F........TRUCK SAFE
If you have already worked for AF or FXFE for 3 years or more, you are already fully vested. If an Old Timer just started with FXFE at 62 and will retire in 3 years.. The pension would've done him/her no good anyways.. The 2.5% was never ours to have as far as I see it. It is something that AF/FXFE was contributing to the 401-k's to try and increase those that participated.. So the way I try to look at it is: If they want it back, it's theirs to take..
There is alot to learn about this Pension, and it saddens me to see the Managers are not taking time to explain. We had a preshift at our HUB on Monday, and the Manager there was working the HUB. He explained it some and told the shuttle guys that if anyone needed information or wanted to learn more, just get with him. And, like he said, he took them in one by one and explained it.. Wish everyone could work at a center as good as ours..
If anyone wants some information on the Pension.. email me and I will get it to you.. I have some examples from the conf. call that was given in December. It really makes it easier to understand.
(you must have adobe to read it)
IgTrDn
Slackdragon
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Gtrdone I missed the part about being fully vested already, trying to read more each night on the break room computer, I disagree with you on the 2.5% It was a benifit that we earned, and still earn only called something different (pension) If I remember right you did not have to be in the 401k to get the 2.5%. Your right about us (I) need to get more informed!!!! trying to here....TRUCK SAFE
It's all good.. and you are right, you did not have to be in the 401-k to get the 2.5%. I am with most of the others on "not putting all your eggs in one basket."
In my own opinion, what I like about having the Pension is that it is compounded.. What you earn this year from last years wages is yours.. and it starts earning interest this year, and next year what you earn is yours, and you will earn interst on that.. so every year your pension is earning interst according to what the Treasury rate is up to 1/4 of 4% (I think that is how its worded)
I like having the 401-k also, and will miss the 2.5%, but am glad the .50 on the dollar up to 6% is still there.
The only gripe i have about the 401-k is this.. I am not a stock gooroo.. i put my money places that seem safe and leave them there. In 2001 i lost almost $55,000 dollars that i had earn from 401-k's in the previous 10 years. I was putting as much as i could into mine.. It's like gambling and for now on, I will put my money in different places.. ex cd's, ira's, pension, 401-k and glass jars in the back yard!
I just hope my kids end up being Doctors and Lawyers so they can take me in and I don't have to worry about this stuff when I am older!
You didn't actually lose that money as you would still hold the same numbers of shares, they would just be worth less till the market rebounded, the only way you lost it would be if you moved it or withdrew it, correct?
FM
quote=Familyman;98512]You didn't actually lose that money as you would still hold the same numbers of shares, they would just be worth less till the market rebounded, the only way you lost it would be if you moved it or withdrew it, correct?
FM[/quote]
Thats correct! But they have not rebounded like i would have hoped, I have gained about 30-40% of it back. It was Prudential at the time, advice I was given was to invest in something safe other than tech stocks...
But man they were growing then...
FM[/quote]
Thats correct! But they have not rebounded like i would have hoped, I have gained about 30-40% of it back. It was Prudential at the time, advice I was given was to invest in something safe other than tech stocks...
But man they were growing then...
Thats correct! But they have not rebounded like i would have hoped, I have gained about 30-40% of it back. It was Prudential at the time, advice I was given was to invest in something safe other than tech stocks...
But man they were growing then...
Slackdragon
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After reading as much as I could and being corrected for my mistake (thanks gtrdone) I have voted for the pension. Different egg different basket, all that stuff, looks good to me.
I feel like the Pension PaPa! haha
Slackdragon
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Hey I'm glad you care!! We need more of that.
It helped me.Squaretire
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Ok guys here is the info, add up your age plus years of service. Total less than
55 years-3%,
55-64 years-4%,
65-74 years-5%
75 years or over 6%
Interest credits, based on U.S. Treasury rates, also will be added at the end of each quarter (August 31, November 30, February 28, and May 31.
I got this info from the sheet FedEx mailed out.
55 years-3%,
55-64 years-4%,
65-74 years-5%
75 years or over 6%
Interest credits, based on U.S. Treasury rates, also will be added at the end of each quarter (August 31, November 30, February 28, and May 31.
I got this info from the sheet FedEx mailed out.
How the interest works
How the FedEx Freight Pension Plan Works:
Interest Credits
Interest Credits
Based on the quarterly interest credit rate which will be the greater of:
1% (1/4 of 4 percent), or
¼ of the one-year Treasury Constant Maturities rate*, plus ¼ percent
Quarterly interest credit rate, when compounded quarterly, will not exceed
an annual rate greater than the average 30-Year Treasury rate**
Credited at the end of each quarter
August 31, November 30, February 28 and May 31
preceding plan year.
* The one-year Treasury Constant Maturities rate is defined as the weekly rate as of the last
Friday in April of the preceding plan year.
** The average 30 year Treasury rate is the rate in effect the last full week of April of the
Friday in April of the preceding plan year.
** The average 30 year Treasury rate is the rate in effect the last full week of April of the
preceding plan year.
Make up my mind for me.. Tell me why you feel that way, and why the Pension is not a good thing.. What will upping the 401-k do to benefit us in the long run not having a Pension?
Who are "People" and why will they be happy?