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FedEx Freight | The Union Debate Thread

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Redracer3136 said:
Agreed...which is why those who are smarter have taken their retirement into their own hands and don't rely on others to provide it for them.
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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.
 
SAC75 said:
Your article fails to mention how they " Goldman Sachs" lost $8 billion dollars. And how the government oversight committee on Central states failed to take action when it was needed. Still doesn't change the fact that FedEx is 5 billion underfunded on their own pension plan. Single employer by the way so they have no excuse.
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Can you show me where the Fedex pension is underfunded by 5 billion besides an internet post?
 
johndeere4020 said:
Can you show me where the Fedex pension is underfunded by 5 billion besides an internet post?
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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.
 
pops11359 said:
Please show me where I said that I was relying solely on the pension for my retirement. I do believe that I have done ok on my own, I took the initiative to look after myself years ago. I'm not counting on getting any help from this "wonderful" pension that Mr smith has set up for us, why it's just the greatest thing since sliced bread. I was just pointing out what my last statement said, and no I don't believe I will receive anything from this plan because I don't think it will be in existence when I do retire. I'm basically debt free now, just a few more years to pay off my house and it will be payed off early.
As far as how long have I payed into this plan, well as you you know I haven't personally paid anything into this plan since it started, well I guess you could say that I lost the 2.5%that was added into 401 even if you didn't participate in the 401, but then again that wasn't my money either so it's a moot point.
So pension started in 2008, amount I have contributed, $0.00, amount I expect to receive when I retire, $0.00. No I can't tell the future, this is just my opinion.
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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.
 
SAC75 said:
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.
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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.
 
johndeere4020 said:
No I didn't make the claim, I did read their financials that CT posted and it looks funded to me.
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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.
 
Redracer3136 said:
Yet, when we listen to the audio of the shareholders meeting, around the 59 min mark the Chairman says "to the best of his knowledge, our pension plan is extremely well funded". As a driver, I know there are many variables involved when looking at the numbers so I'll take the word from a man that's built a multi-billion dollar company over the truck drivers that work for that man.
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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.
 
Crazy Trucker said:
It's not illegal to lie to employees. To the best of his knowledge lmao. Your so gullible you would believe anything.
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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!
 
Straight from our earnings report.


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SAC75 said:
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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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.
 
Muttley said:
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.
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Another new name Dickie?
 
Muttley said:
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.
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Nice try but their is no explanation for it being underfunded. Our plan is no different than cspf.
 
Crazy Trucker said:
Nice try but their is no explanation for it being underfunded. Our plan is no different than cspf.
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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?
 
Crazy Trucker said:
Nice try but their is no explanation for it being underfunded. Our plan is no different than cspf.
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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.
 
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