The Union Debate Thread

Discussion in 'Fedex Freight' started by Jeff, Jan 27, 2015.

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  1. SAC75

    SAC75 Well-Known Member

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    Number one I do have a separate retirement, a 401(k) and secondly it's not relying on someone to provide it for me. The pension is part of our compensation package. Part of our pay! Abf contributes around $365 a week this year. By the way you never answered why fedex pension is underfunded if it's so much better than ours.
     
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  2. johndeere4020

    johndeere4020 Well-Known Member

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    Can you show me where the Fedex pension is underfunded by 5 billion besides an internet post?
     
  3. SAC75

    SAC75 Well-Known Member

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    No, can you? Red isn't denying it. If it wasn't underfunded he would be the first to say so. I don't work for fed ex which would make it a single payer pension. No public access as far as I can see anyway.
     
  4. johndeere4020

    johndeere4020 Well-Known Member

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    I never said you were relying completely on that as your retirement, I just pointed out that your friends on here compare it to a union pension which is was intended to be a sole retirement. What makes you think it won't be there? I'm sure the Viking pension is underfunded considering it's been closed for years yet Fedex makes the payments every month and according to the financial statement CT posted all of Fedex's pensions are funded in excess of 80% and payed out 860 million in 2016 which was 3.7% of the funds assets. So I can't see where it's as bad as you guys claim. It definitely could and done better but it's in way better shape than a lot of other pensions. I'm part of a MEPF and sometimes it scares me to think about what could happen before I retire and think I might be better with a 401K.
     
  5. johndeere4020

    johndeere4020 Well-Known Member

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    No I didn't make the claim, I did read their financials that CT posted and it looks funded to me.
     
  6. SAC75

    SAC75 Well-Known Member

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    How can you tell. It shows they paid in but it doesn't show how much it has in the fund or how much it paid out as far as i've seen anyway. That would be in their annual pension report as far as I know. I didn't see it in there anyways. It should look like the one we get every year.
     
  7. Crazy Trucker

    Crazy Trucker Clown Math Expert

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    It's not illegal to lie to employees. To the best of his knowledge lmao. Your so gullible you would believe anything.
     
  8. SAC75

    SAC75 Well-Known Member

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    Found this for ya.
    Let's take a look at FedEx's pension funding:


    FedEx claims their pension is "overfunded." According to official numbers filed by the company with the federal government, FedEx has about $3.8 billion in its pension fund for about 115,000 of us. If you do the division, that comes out to about $33,000 per employee.
    By contrast, Teamsters Local 710, which represents many UPS employees in Illinois and Indiana, has only 8,000 members in its plan, but has a pension assets of more than $1.3 billion. Do the math. This Teamster fund has more than$162,000 per employee. Who is overfunded? Who is underfunded?



    Where has our pension money gone?


    Recently, national economics columnist Robert Samuelson wrote about the $4 trillion "explosion of wealth" that has occurred in this country over the past few years, much of it in pension funds. Lots of pension plans, including the Teamsters', have made major upward adjustments in pensions to pass along this windfall to folks like us. But, the FedEx pension fund hasn't gone up one nickel!

    When the value of the underlying investments goes up, the company is free to say "Well, well, looks like we wont have to kick in as much money this year!" That way, the company gets the benefit of the increase in the value of our pension investments, …not us. That's what UPS was after when they wanted to take over the Teamsters pension funds during the strike. It would have saved them millions of dollars!
     
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  9. Crazy Trucker

    Crazy Trucker Clown Math Expert

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    If it even exists by the time i retire i will be surprised.
     
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  10. Crazy Trucker

    Crazy Trucker Clown Math Expert

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    Straight from our earnings report.


    [​IMG]
     
  11. SAC75

    SAC75 Well-Known Member

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    What? No way FedEx would do that to their employees rite?
     
    Last edited: Oct 2, 2016
  12. Muttley

    Muttley Banned

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    There. I straightened that up for you.
     
  13. Muttley

    Muttley Banned

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    The main cause of the underfunding at FedEx is not a failure to make contributions to the plan. Instead, it reflects the fact that investment markets have not performed well for a sustained period. FedEx can fund the pension anytime it's ready. They likely will wait for the market to catch up considering the fund isn't in crisis like CSPF.
     
  14. joes bar and grill

    joes bar and grill Well-Known Member

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    Another new name Dickie?
     
  15. Muttley

    Muttley Banned

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    I'm new here. I'm not sure whom you appear to be associating me with. :confused1:
     
  16. Crazy Trucker

    Crazy Trucker Clown Math Expert

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    Nice try but their is no explanation for it being underfunded. Our plan is no different than cspf.
     
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  17. SAC75

    SAC75 Well-Known Member

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    You know thats him!
     
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  18. johndeere4020

    johndeere4020 Well-Known Member

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    Yes it is, one relies on outside funding one doesn't. Fedex is responsible for their pension and can pull money from other sources to pay their obligations Central states can't. Why can't you understand that?
     
  19. SAC75

    SAC75 Well-Known Member

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    Ours is underfunded because of hundreds of companies going under and is 18 billion under funded. FedEx is five already with no one but themselves to blame and old dick dastardly is still defending them. Lol. The world will never stop amazing me.
     
  20. SAC75

    SAC75 Well-Known Member

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    No, it was fine the way it was. I'm not here for a spelling bee
     
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