trucknfool
TB Regular
- Credits
- 14
Just so I can understand this , I am supposed to draw 661.93 per month at age 65. 82 -65 = 17. 661.93 x12= 7943.16 x 17= 135033.72 lup sum payment . does that sound right if they pay to age 82???
XPO | XPO Retirement Future
- Thread starter Minnasota Fatts
- Start date
trucknfool
TB Regular
- Credits
- 14
Also, I wonder if there is a additional 10% penalty like there is with a 401 K for early withdrawal .?????
trucknfool
TB Regular
- Credits
- 14
Up north, My post seem to have disappeared. Did you remove them or is something else going on with my account???
trucknfool
TB Regular
- Credits
- 14
Never mind, they finally posted (Sorry)
Dang Fool, I was going to tell you that they just eliminated you so you would not get a pension at all.
. Hang in there guys, Brad has already said he is not going to fool ( no pun intended ) with the drivers. I believe there may be an adjustment to pay and pension. I do not think he is going to do away with it. My humble opinion, however it sounds like you do not have long to wait. I do believe you will be OK with the outcome. If not I will be the first to say, " I did not expect this ". Good companies do not want to destroy the good drivers. 
trucknfool
TB Regular
- Credits
- 14
Another thing I thought of pertaining to this if it was to happen is since the plan is over funded does that mean that the employee's will benefit from it ? Like a additional check after the payout is made and they see what's left??? That would be the right thing for them to do with any access funds. Just saying.
trucknfool
TB Regular
- Credits
- 14
The thing is I am gone gone gone!!! I want my money and I want it now. I'm investing heavy in my new 401 K that my company matches at the 6% range. What ever XPO has to offer is of no benefit to me now.Dang Fool, I was going to tell you that they just eliminated you so you would not get a pension at all.
I did not think about the overfunding, my wife belonged to a fund like that, the company to avoid the payments to PBGC, Stopped the pension. She was too young to retire and took a massive hit on her pension. The company kept the overfunded amount as they were only obligated to pay the pension amount. Damn that sucked. She worked 43 years, was going to get $2100 per month, then she only got $495.00. special case for her she started when she was 18, they stopped the pension when she was 55. She worked till she was 62. Took a 10 year hit because the plan was stopped short by 10 years of her actually retirement. That is not what Brad is up to, as least I do not see him as doing that.
As you are doing, plan now for the unexpected. You will be happy you did.trucknfool
TB Regular
- Credits
- 14
XPO cannot do as they please with these funds. Supposedly they are protected by law. It's not Brad's money, it's ours . I cannot see him trying to intertwine the Con-way pension with a new one. Companies are getting away from pensions . They would benefit from paying it out and closing it and doing whatever they plan to do for current employee's now. I could be wrong but I don't think I am on this. Just saying.
You're right legally they cannot do anything with that money in the pension fund, they can eliminate it by doing a buyout
vetran peddleman
FOR ENTERTAINMENT USE ONLY
- Credits
- 138
Dang Fool, I was going to tell you that they just eliminated you so you would not get a pension at all.
Sure hope so!
vetran peddleman
FOR ENTERTAINMENT USE ONLY
- Credits
- 138
Soooooo if those of us who have a pension coming...what's the best way to prevent Obama from stealing 33% of it in taxes? Will we be allowed to roll over the one time lump payout into an IRA, 401K, or some other tax shelter?
Of course they are. It's the internets.
Blue-done-4-U
TB Lurker
- Credits
- 10
Well ,VP having done this once before it converts over to the current 401K as un-taxed investment with no match, and will be taxed at the time of distribution at what level of tax you would be at as if you received the pension. At time of distribution, it goes in as a lump sum and then you can decide how to balance your own fund, at 70 1/2 there is a min. amount required to withdraw once in your fund it would be fully vested as yours and could move it to a private IRA or another investment pre tax 401K if it takes lump sums.
Blue-done-4-U
TB Lurker
- Credits
- 10
I do not see much happening except maybe changing the clearing house bank with another with lower fees
trucknfool
TB Regular
- Credits
- 14
The Tax implementation consequences have done made me sick at my stomach!!! I don't think I want to ponder on this no more for a while.
trucknfool
TB Regular
- Credits
- 14
I was reading briefly about this , and there seems to be a lot of rules that the IRS has put out pertaining to lum sum buy outs of pensions. If I read it correctly, someone already receiving payments from the pension cannot be eligible for a lum sum distribution. Also there is rules to keep companies from under valuating your payment. This is not a simple matter for XPO or us. They may not do it once they dig into the rules and regulations governing the pension buy-outs
Here is the simple solution, DON'T WORRY ABOUT SOMETHING YOU HAVE NO CONTROL OVER. Easy for me to say, I have been thru this and it is not fun at all. Fool is right, there are laws for this sort of thing. Take a deep breath and realize that you are going to be OK either way. Just hope Brad is not the first to invest in driverless trucks. 
I don't know much about your pension, but if it is a 401 K or similar you may not be affected much. He could stop matching but there is a huge driver shortage these days. Good Luck to all. 
I don't know much about your pension, but if it is a 401 K or similar you may not be affected much. He could stop matching but there is a huge driver shortage these days. Good Luck to all. buster smith
TB Lurker
- Credits
- 385
IF the fund is overfunded, the employer can remove the excess funds. CF took excess funds a few years before the spinoff. Later (post bankruptcy ) there was a lawsuit by CFWY retirees against Conway and the accounting firm that advised on the split of the retirement plans....Conway and accounting firm paid!!
Department of Labor enforces and interprets the plans. They will be able to answer questions.