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Minnasota Fatts

Minnasota Fatts

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As a 29 yr. Employee, I have seen and been thru a lot of changes with this Company. I have great Concerns due to many rumors with my fellow employees of tremendous changes going to take place very soon, i'm told......Which is my question to anyone who may be able to help, Does anyone know exactly what it means when i'm hearing there's going to be a "Major reconstruction of our Pension Plan"?? Due to take place in Oct......so i'm told.....Problem is, many unanswered questions, and a lot of very nervous long time Employees...... Anyone able to give any insight would be greatly appreciated, tried within my Company to get answers to no avail.......
 
Minnasota Fatts said:
As a 29 yr. Employee, I have seen and been thru a lot of changes with this Company. I have great Concerns due to many rumors with my fellow employees of tremendous changes going to take place very soon, i'm told......Which is my question to anyone who may be able to help, Does anyone know exactly what it means when i'm hearing there's going to be a "Major reconstruction of our Pension Plan"?? Due to take place in Oct......so i'm told.....Problem is, many unanswered questions, and a lot of very nervous long time Employees...... Anyone able to give any insight would be greatly appreciated, tried within my Company to get answers to no avail.......
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Where did you hear this? Break-room, CB, or official XPO communication?

It makes a difference.
 
Minnasota Fatts said:
As a 29 yr. Employee, I have seen and been thru a lot of changes with this Company. I have great Concerns due to many rumors with my fellow employees of tremendous changes going to take place very soon, i'm told......Which is my question to anyone who may be able to help, Does anyone know exactly what it means when i'm hearing there's going to be a "Major reconstruction of our Pension Plan"?? Due to take place in Oct......so i'm told.....Problem is, many unanswered questions, and a lot of very nervous long time Employees...... Anyone able to give any insight would be greatly appreciated, tried within my Company to get answers to no avail.......
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As in most major changes like this, you will have to wait for the company to send you a letter. I doubt that you will get a real hard factual answer on here but good luck with your pension. Welcome to the boards and maybe, just maybe you will get some inside scoop. With 29 years in you may not have to worry much as you are certainly vested in almost every way possible, short of a total collapse of the pension plan, I do believe you all have 401 or something like that so stay calm and be productive.
 
A few weeks back we had a HR guy at our barn, I asked him about the pension, he said Xpo is looking into buying the pension fund out, That would be a one time payment, 27 years of service, just waiting to see what happens!
 
tbone89 said:
A few weeks back we had a HR guy at our barn, I asked him about the pension, he said Xpo is looking into buying the pension fund out, That would be a one time payment, 27 years of service, just waiting to see what happens!
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That would awsome if they bought us out in my opinion. I don't have anything close to as many years service as Minnesota Fats. If I remember correctly I will only recieve $150 a month when I hit the rule of 85. That little bit of money will do me very little good but a lump sum payout now would come in very handy.
 
tbone89 said:
A few weeks back we had a HR guy at our barn, I asked him about the pension, he said Xpo is looking into buying the pension fund out, That would be a one time payment, 27 years of service, just waiting to see what happens!
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So what does that mean ???
 
If they do a buyout,
crossbow said:
So what does that mean ???
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If you have the 85 rule, years of service and age, you should know how much pension your going to get if your vested in the pension fund, if they do a buyout most companies pay out to age 82, just going to have to wait to see what happens, if you're vested, Xpo legally can't take your pension
 
vppforme said:
Any ideas as to what sort of formula is used in a pension buyout for a ballpark amount of how much to expect?
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Take what you can draw per month from your pension, figure that for a year, then up to age 82! Just guessing about age 82, that's what most companies do when they do a pension buyout, we'll see what they do
 
radman said:
That would awsome if they bought us out in my opinion. I don't have anything close to as many years service as Minnesota Fats. If I remember correctly I will only recieve $150 a month when I hit the rule of 85. That little bit of money will do me very little good but a lump sum payout now would come in very handy.
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If they do a buyout we will have 60 days to do something with that money or pay 20% in federal taxes
 
tbone89 said:
Take what you can draw per month from your pension, figure that for a year, then up to age 82! Just guessing about age 82, that's what most companies do when they do a pension buyout, we'll see what they do
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Is that starting from your rule of 85 retirement age or age at time of buyout?
 
anosyone said:
If you take the pension buyout can you stay or does that mean adios? I don't know how it works.
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You should be able to stay,They was telling me that Conway was paying over a million a year for a insurance company in New York to send out checks, we all know Xpo is all about cutting costs
 
Minnasota Fatts said:
Does anyone know exactly what it means when i'm hearing there's going to be a "Major reconstruction of our Pension Plan"??...Anyone able to give any insight would be greatly appreciated, tried within my Company to get answers to no avail.......
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The people that can answer that question aren't going to do it here.

Just relax. I mean, what else are you going to do? No one here knows if they're going to change anything about the pension, and some people are already spending their buyout.
 
I'm going to say something that may offend some, but I'll say it anyway. We know change is coming, other union and non Union carriers have been going through this for sometime. Instead of relying on the company to plan your retirement, plan it yourself. Talk to a financial advisor about a self directed plan. Divest yourself. Bitching about what XPO will do will do nothing to help your retirement.
 
upnorth said:
I'm going to say something that may offend some, but I'll say it anyway. We know change is coming, other union and non Union carriers have been going through this for sometime. Instead of relying on the company to plan your retirement, plan it yourself. Talk to a financial advisor about a self directed plan. Divest yourself. Bitching about what XPO will do will do nothing to help your retirement.
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You my friend are 100% correct. Everyone should have two retirements. One paid for my themselves and if lucky enough to have one paid for by the company they work for. I did that and was more relaxed about the entire process when they ( Central States ) was trying to cut our pension. It does not matter when you start your own pension as a safety net, anything you do for yourself will be like money from heaven. :1036316054:
 
ESP said:
You my friend are 100% correct. Everyone should have two retirements. One paid for my themselves and if lucky enough to have one paid for by the company they work for. I did that and was more relaxed about the entire process when they ( Central States ) was trying to cut our pension. It does not matter when you start your own pension as a safety net, anything you do for yourself will be like money from heaven. :1036316054:
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Take whatever the company will give you, And then take care of yourself. Most likely we will all be working until we die. A few bucks goes along way down the road.
 
upnorth said:
I'm going to say something that may offend some, but I'll say it anyway. We know change is coming, other union and non Union carriers have been going through this for sometime. Instead of relying on the company to plan your retirement, plan it yourself. Talk to a financial advisor about a self directed plan. Divest yourself. Bitching about what XPO will do will do nothing to help your retirement.
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Yep, Conway has already done the screwing part when it comes to the pension. I hope they pay it out with a fair settlement to everyone and that chapter of the book in my life can close.
 
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