People thinking about taking payment while working better look very closely at the info. This does not give you your benefits the same as you would if you retired. It’s converts to an annuity for a duration of 5 or 10 yrs . It is no longer a lifetime benefit if you take the monthly amount they offer.
XPO | Pension info
- Thread starter bigdaddymb116
- Start date
This is wrong . There is a reduction and your pension is converted to an annuity. MAJOR CAUTION MUST BE TAKEN WHEN CONSIDERING!
highspeeds
ENTERTAINMENT USE ONLY
- Credits
- 3
Most the people I have talked to want a lump as immediately as possible. This company is going under. This may be your last chance to take the money.
You can only take a lump if it under $10,000. They should get advice outside of the company
curious1fos
TB Lurker
- Credits
- 77
Anyone have any info regarding pension if you part ways with XPO? From what I have read I should be entitled to the pension since it shows 100% vested when they froze it way back in the early 2000's.
Not sure if anyone here has the same situation since we all do not still work for XPO, but started with CCX.
Not sure if anyone here has the same situation since we all do not still work for XPO, but started with CCX.
Unless you departed Xpo prior to reaching the rule of 85 you will have to wait till the defined retirement age of the plan . Then you can start collecting a monthly payment.
highspeeds
ENTERTAINMENT USE ONLY
- Credits
- 3
None of these people still work at XPO and all of their advice comes from outside the company. Frak that place.
Good for you! I hope you get a bigger pension then I will.
The government did not take over the midstates pension fund..
nightryder
TB Lurker
- Credits
- 36
I started in January 94 will hit my rule of 85 in January 23, 29 yrs and only 56 yrs old. If things don't change up for line haul options, I may retire out. Just curious what the monthly amount would be.. hope it will cover my therapy visits...
Razorblade
Omniscient
- Credits
- 640
or any other pension fund
While you may be technically right, the government may not have taken over day to day operations of Central States the government chose who to give control to.... well they did have Department of Labor regulators who were supposed to help.... Senator Grassley also had this to say....... “While Central States is not the only multiemployer pension fund that is facing severe funding issues,” Grassley wrote, “what is unique is the role the federal government has played in the operations of the fund since at least 1982.” The consent decree, he noted, “granted DOL considerable oversight authority as to the selection of independent fund managers as well as changes in investment strategies. DOL was further granted oversight of a court-appointed independent counsel.” https://www.marketwatch.com/story/h...kly-under-wall-street-than-the-mob-2016-04-04
Razorblade
Omniscient
- Credits
- 640
During which time, pension benefits went from $750.00 a month max to $3000.00+.
I dont know about that, but it was done at a time during government intervention....and therefore government approval.....they simply didnt do their jobs...its also very interesting that you didn't comment about government intervention since they did control the fund through their appointed managers and supposed oversight by the DOL...
I bet you're looking at $750.00 a month.
I've been collecting pension for about 2 years. It's fully insured, I started collecting at age 65. Early 2000? Conway started contributing to 401K and stopped contributing to the pension fund, but its been sitting there since then. When i turned 65, I called 3 different phone numbers I had, they were all disconnected. Fourth phone number worked, very easy to get signed up, only took about 3 weeks to get first check. Pension office is in Portland OR. Should get about $100 month for every service till it was discontinued in 2000. You then have the option to take a lump sum buyout or monthly payment.