Con-way retirement plan is now OFFICIALLY garbage!!!

[huey29]

welll i think of it like this,....conway has deep pockets we all know this,..this is a good deal if you know hwo to play the stock market. go to your local stock broker's office or persoal banker,financial consultant etc,. or something of that magnitude and ask questions ,get advice, BE INFORMED.dont whine about this and that .Be pro-active do something about waht you dont like,. i know i am. thats the beuty of this it lets YOU control YOUR money!! i will gladly come to work everyday and take their money !!

[Haywould]

T.Rowe Price will be happy to advise you. In a nut-shell this is how it plays out 'IT IS WHAT IT IS' If you don't like it the door swings both ways. Me, Personaly, I'll wait to make my opinion till I read the material there mailing out, and do my own research.

[Ray D. Oh]

Apparently, some of you gents went to different meeting than I did. Con-way has now put us in greater control of our own destiny! As far as the Pension getting nixed, were you not LISTENING????? It will be frozen in 2016. Your years of service end in 2006. Grab a calculator and walk with me...I have 12 years with Con-way. That won't increase towards my point total. But I am 46 years old and that my age will continue to accumulate until 2016 at which time I will be (dear God) 56. Add my age and my years of service, and you get 68. Now divide 68 by 85, you get .8. What this means is I will receive 80% of my pension when I do retire. ON TOP OF THAT...I get all the 401k that they are giving me!!! I ask you, who loses?? I'll tell you, those of you who are living the high life right now by getting by paycheck to paychek and have too many toys. Those who have not already been contributing and have been sitting back expecting to be taken care of, feel as though you are getting screwed. Last year I made 52,800. We will use that number for example, 80% of 52,800 is $42,240 a year. Break it down by month, it is $3,520. Bring into the mix my 401k (and my 401h even for a small fee) and I am doing BETTER than I was on Friday before the news. ************************************************** ************************What happens when something is underfunded and cannot be replaced? You HAVE to take it from somewher, who will it come from?? If Con-way does not make this move NOW, when I retire, they may have decrease money that they already promised me...and I solidly bet that it would be by MORE than 20%. For you younger wheel holders, you have soooo much control and opportunity! The people who are losing out on these new benefits being offered are the ones who refuse to take responsibility for their own outcome. Those are probably the same guys' trailers I break each night and cuss all the way home!! I agree with Motzart, this is far and away the most forward thinking option that could have been suggested and implemented. Don't like it? Please leave this company and bad mouth us somewhere else. As far as I am concerned (no Kool-aid) the company has studied the changes, the impacts and what COULD happen to us in the future and had the STONES to make a change NOW. Will it save the company money? Absolutely. Did you know that the government is looking at EVERY pension fund EVERY company? It's called the Pension Reform Act (thank the guys at Enron and GM). Because of the number of pensions out there, the government takes one snapshot a year at the end of the year (usually in December) and where your pension is at determines whether or not your pension fully funded or underfunded. Last year, when Con-way Stock was at record highs, the government took a snapshot in late December, at that time on that day, Con-way's stock was down (as it does every day up and down...) because of that, the pension was declared, underfunded. Even though, by the end of the day it was back to OVERfunded. The government still required Con-way to dump $125 MILLION into it's pension fund. This is on top of what it had been doing every quarter already...Starting to realize why #2 ICP check was lower last year?? With the new plan, Con-way can fully plan for every penny it has to contribute with no suprises, thereby increasing our chances at better ICP. That $125 million came right off the bottom line. Better ICP means better yearly salaries....I'm sorry if I am lecturing. However, I hate to see people uneducated (it's the teacher in me). Fellas, we have got a good thing going here. If you don't think so, (no offense) please LEAVE. I mean that nicely. I need to retire from this company. The negativity that seems to surround every single move that gets made drags EVERYONE down. Get some sleep, take some Zoloft with your coffee and see if SOMEONE can SOMEHOW put on a freaking happy FACE!!!

15) No Union talk allowed on non-union trucking forums. PERIOD, causes nothing but flame wars and you will get banned from this site for doing so. Also NO Union bashing whatsoever allowed by non-union members on union trucking company forums. The Union/Non-Union forums are ther place for that. Any company owned by a company that is union is the only time union talk can be discussed in non union company forums. This website is not pro union or pro anti union, we are pro LTL drivers.

[AlwayzRight]

Originally Posted by Ray D. Oh

Apparently, some of you gents went to different meeting than I did. Con-way has now put us in greater control of our own destiny! As far as the Pension getting nixed, were you not LISTENING????? It will be frozen in 2016. Your years of service end in 2006. Grab a calculator and walk with me...I have 12 years with Con-way. That won't increase towards my point total. But I am 46 years old and that my age will continue to accumulate until 2016 at which time I will be (dear God) 56. Add my age and my years of service, and you get 68. Now divide 68 by 85, you get .8. What this means is I will receive 80% of my pension when I do retire. ON TOP OF THAT...I get all the 401k that they are giving me!!! I ask you, who loses?? I'll tell you, those of you who are living the high life right now by getting by paycheck to paychek and have too many toys. Those who have not already been contributing and have been sitting back expecting to be taken care of, feel as though you are getting screwed. Last year I made 52,800. We will use that number for example, 80% of 52,800 is $42,240 a year. Break it down by month, it is $3,520. Bring into the mix my 401k (and my 401h even for a small fee) and I am doing BETTER than I was on Friday before the news. ************************************************** ************************What happens when something is underfunded and cannot be replaced? You HAVE to take it from somewher, who will it come from?? If Con-way does not make this move NOW, when I retire, they may have decrease money that they already promised me...and I solidly bet that it would be by MORE than 20%. For you younger wheel holders, you have soooo much control and opportunity! The people who are losing out on these new benefits being offered are the ones who refuse to take responsibility for their own outcome. Those are probably the same guys' trailers I break each night and cuss all the way home!! I agree with Motzart, this is far and away the most forward thinking option that could have been suggested and implemented. Don't like it? Please leave this company and bad mouth us somewhere else. As far as I am concerned (no Kool-aid) the company has studied the changes, the impacts and what COULD happen to us in the future and had the STONES to make a change NOW. Will it save the company money? Absolutely. Did you know that the government is looking at EVERY pension fund EVERY company? It's called the Pension Reform Act (thank the guys at Enron and GM). Because of the number of pensions out there, the government takes one snapshot a year at the end of the year (usually in December) and where your pension is at determines whether or not your pension fully funded or underfunded. Last year, when Con-way Stock was at record highs, the government took a snapshot in late December, at that time on that day, Con-way's stock was down (as it does every day up and down...) because of that, the pension was declared, underfunded. Even though, by the end of the day it was back to OVERfunded. The government still required Con-way to dump $125 MILLION into it's pension fund. This is on top of what it had been doing every quarter already...Starting to realize why #2 ICP check was lower last year?? With the new plan, Con-way can fully plan for every penny it has to contribute with no suprises, thereby increasing our chances at better ICP. That $125 million came right off the bottom line. Better ICP means better yearly salaries....I'm sorry if I am lecturing. However, I hate to see people uneducated (it's the teacher in me). Fellas, we have got a good thing going here. If you don't think so, (no offense) please LEAVE. I mean that nicely. I need to retire from this company. The negativity that seems to surround every single move that gets made drags EVERYONE down. Get some sleep, take some Zoloft with your coffee and see if SOMEONE can SOMEHOW put on a freaking happy FACE!!!

15) No Union talk allowed on non-union trucking forums. PERIOD, causes nothing but flame wars and you will get banned from this site for doing so. Also NO Union bashing whatsoever allowed by non-union members on union trucking company forums. The Union/Non-Union forums are ther place for that. Any company owned by a company that is union is the only time union talk can be discussed in non union company forums. This website is not pro union or pro anti union, we are pro LTL drivers.

Can you please explain your pension numbers in more detail because you are WRONG!!!!!!!...by using your calculations... I am 27 years old with 3 years of service. In 2016 I will be 37. So my age and years of service will be 40. So dividing 40 from 85=.47 I will NOT recieve 47% of my pension when I retire. I made $44,000 last year. 47% of $44,000=$20,680. I will NOT RECIEVE $20,680($1723 a month) A YEAR FROM MY PENSION WHEN I RETIRE. WRONG WRONG WRONG WRONG!!!!!!!!!!!!!!!!!!!!

[Mozartsghost]

Originally Posted by huey29

welll i think of it like this,....conway has deep pockets we all know this,..this is a good deal if you know hwo to play the stock market. go to your local stock broker's office or persoal banker,financial consultant etc,. or something of that magnitude and ask questions ,get advice, BE INFORMED.dont whine about this and that .Be pro-active do something about waht you dont like,. i know i am. thats the beuty of this it lets YOU control YOUR money!! i will gladly come to work everyday and take their money !!

Good Points... But you don't even have to be informed about the stock market or play it... You can put your money into a TRP Retirement date fund (I.E 2010,2020, Etc) and they will diversify for you... Just set it up and forget it...

This is making people responsible for their own retirement... And I'm all for it... Give me $$$ that I can see and control...

I just wish they would have bought out our pensions for those of us with more than 15 years until retirement. Give me 10-20K into my 401 and let me grow it myself... I don't want a hundred bucks a month 29 years from now... I would rather control that money myself...

[cruise control]

Originally Posted by 12pack

AlwayzRight heres my thought...The market hits the craper and it will (eventuly)don't kid yourself.
It goes in cycles up and down. Hope you don't want to retire when the market is down...you the wife and kids and the dog all get pennies on the dollar for all your blood sweet and tears. 401k is a gamble on the market at best maybe it is there maybe not.
Just say NO...to the Kool-ade

12pack, The market may indeed "go into the crapper" but it has always, I repeat always rebounded. If the market failed completely we would all be out of a job including all the Tommy Teamsters. Who would cover their pensions then? It is what it is. I've been onboard for nearly thirteen years and it's still better than the other "brand-X" companys out there.