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XPO | FedEx Pension

XCCX

XCCX

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Does anyone know here how their company paid pension works? Not the 401k. Is it set up like our pension was?
 
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Pension , now that is something near and dear to our hearts.- What little bit we get.
I am wondering why some of my former Co-workers who have met the 85 rule cannot draw their pension while they still work there. It seems to me that they are getting one pulled over on them. The Pension is a CON-WAY thing and it really does not have anything to do with the current company .I would like to hear everyone's thoughts on this.
 
I think that is the point where Con-way jumped the shark. If XPO wants to be a leader and truly attract the best they need to improve our retirement package.
 
sucker666 said:
I think that is the point where Con-way jumped the shark. If XPO wants to be a leader and truly attract the best they need to improve our retirement package.
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Don't rely on any company for your future. Company pensions are a thing of the past, not just in trucking, in most businesses. Invest yourself. Take care of yourself and your family.
 
Yes , I'm aware we have no retirement package but I heard Fedex put one in place some years back in addition to their 401k savings plan . Just thought someone here may no more details about.
 
icedriver said:
Maybe ask the FedEx guys?
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I did and this is what I found out:
They call it a portable pension plan and it is separate from their 401k. It's based on years of service and age as ours was. I was correct that it was put in place about 8 yrs ago.

Portable Pension Account Compensation Credits

Age + years of credited service for benefit accrual (as of May 31 of prior plan year)

Compensation credit (based on prior
calendar-year eligible earnings)

Less than 55=3%

55 – 64=4%

65 – 74=5%

75 or over=6%

The percentage is the amount you receive based on earnings.

It would be great if we had something like that on top of our savings.
Myself I am nearly maxed out in my 401k contribution limit by law . Plus I have done well investing in individual stock but I am fortunate enough to be in the position to do so . I will be ok in retirement but note everyone has the ability to save due to their situation and it would be nice to have a fund that the company is the sole provider to a for those folks. On top of what they can manage to put away in their 401k.
FedEx was wise to put this in place.
 
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crossbow said:
There is no retirement package, and conway had already screwed the old group buy pension cutting
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Yeah, the pension was frozen at the end of 2006. What anyone had accrued up to that point in time is all that you were going to get. Anybody hired on beginning in 2007 and beyond gets nothing in the way of a Con-way pension. My advise...max out your 401k as much as you can even if you really need to sacrifice take home pay now. And then work till you're at least 70 years old. Why? 1) pay less tax: You'll be in a lower tax bracket when you turn 70 years old and begin drawing on your 401k. 2) 401k buildup: You'll be surprised how huge your nest egg will build up w/ maximum contributions over the years. Just my 2cents! :greedy dollars:
 
sucker666 said:
I did and this is what I found out:
They call it a portable pension plan and it is separate from their 401k. It's based on years of service and age as ours was. I was correct that it was put in place about 8 yrs ago.

Portable Pension Account Compensation Credits

Age + years of credited service for benefit accrual (as of May 31 of prior plan year)

Compensation credit (based on prior
calendar-year eligible earnings)

Less than 55=3%

55 – 64=4%

65 – 74=5%

75 or over=6%

The percentage is the amount you receive based on earnings.

It would be great if we had something like that on top of our savings.
Myself I am nearly maxed out in my 401k contribution limit by law . Plus I have done well investing in individual stock but I am fortunate enough to be in the position to do so . I will be ok in retirement but note everyone has the ability to save due to their situation and it would be nice to have a fund that the company is the sole provider to a for those folks. On top of what they can manage to put away in their 401k.
FedEx was wise to put this in place.
Click to expand...
So FedEx has a separate pool of money that guys can draw prescribed percentages from, per the chart you provided, when they retire?
 
trucknfool said:
Pension , now that is something near and dear to our hearts.- What little bit we get.
I am wondering why some of my former Co-workers who have met the 85 rule cannot draw their pension while they still work there. It seems to me that they are getting one pulled over on them. The Pension is a CON-WAY thing and it really does not have anything to do with the current company .I would like to hear everyone's thoughts on this.
Click to expand...
an aside:D
trucknfool said:
Pension , now that is something near and dear to our hearts.- What little bit we get.
I am wondering why some of my former Co-workers who have met the 85 rule cannot draw their pension while they still work there. It seems to me that they are getting one pulled over on them. The Pension is a CON-WAY thing and it really does not have anything to do with the current company .I would like to hear everyone's thoughts on this.
Click to expand...
iknowthisisofftopic,butdoesanybody know if XPO picked up Conways policy on the pension plan? Remember, I said to last five years and how to uptown andanybody know if XPO picked up Conways policy on the pension plan? Remember, I said to last five years and how to uptown and how much you make and less I muses will determineHow
 
vetran peddleman said:
an aside:D

iknowthisisofftopic,butdoesanybody know if XPO picked up Conways policy on the pension plan? Remember, I said to last five years and how to uptown andanybody know if XPO picked up Conways policy on the pension plan? Remember, I said to last five years and how to uptown and how much you make and less I muses will determineHow
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What I meant to say is, will XPO or has XPO adopted families all policy of taking the last five years of your best pay and factoring that into what you get for retirement.
 
vetran peddleman said:
What I meant to say is, will XPO or has XPO adopted families all policy of taking the last five years of your best pay and factoring that into what you get for retirement.
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As far as the Pension goes, those who will draw it , It is already determined how much you will receive basically. When it was stopped in 2006 they made some promises that it would take in consideration you earnings for the next Ten years and then , the 2008 downturn happened and pouff!!! Everything changed. What ever time you have up until 2008 is what you're pension is based on.
 
vetran peddleman said:
Yeah, the pension was frozen at the end of 2006. What anyone had accrued up to that point in time is all that you were going to get. Anybody hired on beginning in 2007 and beyond gets nothing in the way of a Con-way pension. My advise...max out your 401k as much as you can even if you really need to sacrifice take home pay now. And then work till you're at least 70 years old. Why? 1) pay less tax: You'll be in a lower tax bracket when you turn 70 years old and begin drawing on your 401k. 2) 401k buildup: You'll be surprised how huge your nest egg will build up w/ maximum contributions over the years. Just my 2cents! :greedy dollars:
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That is sound advice Veteran Peddleman, I have to agree, The problem with many people is the cost of living is so high anymore that it is hard to maximize your contribution amount. Also there is a risk that you can loose big time if the market goes South. No investment is 100% safe other than gold.
 
trucknfool said:
As far as the Pension goes, those who will draw it , It is already determined how much you will receive basically. When it was stopped in 2006 they made some promises that it would take in consideration you earnings for the next Ten years and then , the 2008 downturn happened and pouff!!! Everything changed. What ever time you have up until 2008 is what you're pension is based on.
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Yeah,they didn't like to talk about that pouff!!! part. They were hoping we would all forget about that. We all would had fared a lot better had it continued out the amount of time it was supposed to. I really feel bad for the new guys they get nothing except a measly 3% match on there 401k. I think its commendable for Fedex to put a pension in place when we were losing ours.
 
trucknfool said:
That is sound advice Veteran Peddleman, I have to agree, The problem with many people is the cost of living is so high anymore that it is hard to maximize your contribution amount. Also there is a risk that you can loose big time if the market goes South. No investment is 100% safe other than gold.
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I agree with your statement except for the gold part. That's one of the drawbacks of relying on a 401k by itself if your not diversified and no nothing about investing you can lose a good bit of your nest egg. Mutual funds such as the ones our 401k money is invested in have fees that really dig into your gains. Your retirement needs to be a multi pronged approached, individual stocks, 401k and maybe some gold. That's what was nice about having a company paid pension it took some worries out of not having enough of your wages to fund your 401k to the max. This is all very hard for many with wages stagnating . Just save as much as you can and hope for the best.

My wife and I do some volunteer work with family's in financial crisis (hard working people) and it's very hard to tell someone they need forgo some things they like to save for the future but in the long run when they see a nest egg starting to build they feel better about their future.
 
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