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XPO | Dispelling The Rumors About The Pension

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trucknfool

TB Regular
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There has been many rumors going around about The Con-way Pension that many on here have qualified to receive.
First of all , the Pension ended in 2006 as far as any further vesting credited service. What time you had with the company up untill 2006 is the credited time in the Pension.
Second XPO has not contributed to the Pension and cannot change the terms of the plan. They're just the care taker to facilitate the pension since they bought
The Con-way Enterprises. Your Pension benefits are from what Con-way did for you , not XPO.
Lastly, There is no reductions in monthly benefits because of quiting after 2006.
What you earned up until that time is what
You will receive.
It would have been great if the pension plan would have continued beyond 2006,
We all would have done well with it . I hope that this helps those entitled to receive Pension know what the facts are.
There is not any more offers for a buy out
at this time.
 
trucknfool said:
There has been many rumors going around about The Con-way Pension that many on here have qualified to receive.
First of all , the Pension ended in 2006 as far as any further vesting credited service. What time you had with the company up untill 2006 is the credited time in the Pension.
Second XPO has not contributed to the Pension and cannot change the terms of the plan. They're just the care taker to facilitate the pension since they bought
The Con-way Enterprises. Your Pension benefits are from what Con-way did for you , not XPO.
Lastly, There is no reductions in monthly benefits because of quiting after 2006.
What you earned up until that time is what
You will receive.
It would have been great if the pension plan would have continued beyond 2006,
We all would have done well with it . I hope that this helps those entitled to receive Pension know what the facts are.
There is not any more offers for a buy out
at this time.
Click to expand...
Spot on . It was a good pension and in great financial shape . You are 100% right that Xpo has never contributed a dime to it.
The commitment of a lot of employees was lost with the move to drop it. Between that and the healthcare downgrade is where Con-way jumped the shark. A bunch of 10-12 yr employees here would argue that but they have no idea what was.
The pension with an 401k with match was the chit. It’s why so many people hung around and put up with all the bullchit over the years. Now we just have the bullchit
 
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sucker666 said:
Spot on . It was a good pension and in great financial shape . You are 100% right that Xpo has never contributed a dime to it.
The commitment of a lot of employees was lost with the move to drop it. Between that and the healthcare downgrade is where Con-way jumped the shark. A bunch of 10-12 yr employees here would argue that but they have no idea what was.
The pension with an 401k with match was the chit. It’s why so many people hung around and put up with all the bullchit over the years. Now we just have the bullchit
Click to expand...
Yes. The pension and match was the sh!t. Talked to T. Rowe Price representative recently to ask about the conditions for the "company match". After a half hour of research the T. Rowe said the "company match" has been suspended for years. What you have now is a "company contribution" that happens ( regardless of what you put in )

P.S. I wanted to know if the "company match" would continue if I switched totally over to after-tax contributions from me. According to T. Rowe , XPO will continue to contribute as usual if I go to totally after-tax...We will see.
 
I might add that one can start receiving payments at age 55 at a reduced amount, or if you had 20 years service, you can start receiving your full amount of your pension at age 62.. I don't know how this plays out if you still work there. Seems to me that you are entitled to receive it if you have met the requirements regardless of if you are employed by XPO or not.
 
trucknfool said:
I might add that one can start receiving payments at age 55 at a reduced amount, or if you had 20 years service, you can start receiving your full amount of your pension at age 62.. I don't know how this plays out if you still work there. Seems to me that you are entitled to receive it if you have met the requirements regardless of if you are employed by XPO or not.
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I was wondering if the rule of 86 (or whatever the number was) still applies or has that changed?
 
sucker666 said:
I was wondering if the rule of 86 (or whatever the number was) still applies or has that changed?
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Rule of 85 means your years of service and your age adds up to 85 used to entitle you to receive your vested pension whatever that amount is. It would be hard to retire using this method because of insurance coverage Gap that would occur until your eligible to receive Medicare at age 65. The original pension plan before it was discontinued may have allowed you to retire at a early age .
Not so much nowadays.
 
Just like the steel union's, you will be lucky to get an R. Kelly shower.
 
icuicp said:
Yes. The pension and match was the sh!t. Talked to T. Rowe Price representative recently to ask about the conditions for the "company match". After a half hour of research the T. Rowe said the "company match" has been suspended for years. What you have now is a "company contribution" that happens ( regardless of what you put in )

P.S. I wanted to know if the "company match" would continue if I switched totally over to after-tax contributions from me. According to T. Rowe , XPO will continue to contribute as usual if I go to totally after-tax...We will see.
Click to expand...

So what is the difference between a company match and a company contribution?
 
dalesr said:
So what is the difference between a company match and a company contribution?
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I am speculating that a match is put in every quarter or what ever timeframe they use.
Pretty much guaranteed to match a percentage up to a certain percentage of what you put in the account. A Company contribution on the other hand is descressonary on their part. If they have a bad quarter, no contribution for you from the company. There is a transition contribution
That Legacy Employees are getting, because of the pension being stopped. That was the deal they had to do in order to stop paying in to the pension. I don't think that they can stop putting that money in for those who qualified to receive it.
 
trucknfool said:
I might add that one can start receiving payments at age 55 at a reduced amount, or if you had 20 years service, you can start receiving your full amount of your pension at age 62.. I don't know how this plays out if you still work there. Seems to me that you are entitled to receive it if you have met the requirements regardless of if you are employed by XPO or not.
Click to expand...
Not sure how Conway’s Pension program works, but mine (Western Conference of Teamsters) will not allow us (until age 65) to work in a trade or craft similar to what we did before we retired. In other words, I retired from ABF Freight some time ago. I cannot go to work for another freight company, union or not, and still receive my monthly benefit amount. If Conway’s plan allows you to ‘double-dip’ (work AND collect), and you’re age-eligible according to Plan rules, I’d jump on that, as no contributions to the plan have been made on your behalf since 2006.
 
icuicp said:
Yes. The pension and match was the sh!t. Talked to T. Rowe Price representative recently to ask about the conditions for the "company match". After a half hour of research the T. Rowe said the "company match" has been suspended for years. What you have now is a "company contribution" that happens ( regardless of what you put in )

P.S. I wanted to know if the "company match" would continue if I switched totally over to after-tax contributions from me. According to T. Rowe , XPO will continue to contribute as usual if I go to totally after-tax...We will see.
Click to expand...
are you talking about the match in the 401K. I'm not under the pension. Just trying to see were this match you are talking about is for
 
Trucker 206 said:
Not sure how Conway’s Pension program works, but mine (Western Conference of Teamsters) will not allow us (until age 65) to work in a trade or craft similar to what we did before we retired. In other words, I retired from ABF Freight some time ago. I cannot go to work for another freight company, union or not, and still receive my monthly benefit amount. If Conway’s plan allows you to ‘double-dip’ (work AND collect), and you’re age-eligible according to Plan rules, I’d jump on that, as no contributions to the plan have been made on your behalf since 2006.
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That is Teamster rules. Con-way was non Union and there is nothing in writing in all of the information I have about the Pension plan. If you have Twenty years service and you are age 62 , you get a check every month.
 
trucknfool said:
That is Teamster rules. Con-way was non Union and there is nothing in writing in all of the information I have about the Pension plan. If you have Twenty years service and you are age 62 , you get a check every month.
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That’s actually good, then. I’d grab what I could when I could under those circumstances. Curious...what does a 20-year person receive under those guidelines.
 
Here is the biggest problem with most pensions. The pension are funded by the employer only there is no employee contributions into it. My freind works for the local govt and his pension requires him to put in 5% every paycheck into the pension fund. After 5yrs he is 100% yested. Every year they give him a letter saying what he put in and what the county put in. It also has pay info for a monthly payout starting at 59. It also list a lumps um death amount if he should die while still working. The best part of this is no matter have he take his monthly payout, they have 3 ways, and dies before taking the total amount he put in his spouse gets a lump sum payment on what left. I he retires and dies 2 days into retirement the money he put in is not lost.
 
Fly-by-night said:
Here is the biggest problem with most pensions. The pension are funded by the employer only there is no employee contributions into it. My freind works for the local govt and his pension requires him to put in 5% every paycheck into the pension fund. After 5yrs he is 100% yested. Every year they give him a letter saying what he put in and what the county put in. It also has pay info for a monthly payout starting at 59. It also list a lumps um death amount if he should die while still working. The best part of this is no matter have he take his monthly payout, they have 3 ways, and dies before taking the total amount he put in his spouse gets a lump sum payment on what left. I he retires and dies 2 days into retirement the money he put in is not lost.
Click to expand...
I don’t see the problem
 
dalesr said:
So what is the difference between a company match and a company contribution?
Click to expand...
According to T. Rowe representatives I spoke with , you are not required to make a contribution in order to receive what XPO will give to your 401k ( there are two 401k's that I'm aware of - one for those here before 2011 and one for those after 2011 ).

A match requires you to give a certain amount to receive a certain amount from the sponsor company ( XPO in this case ). I may be wrong but I believe 2009 was when T. Rowe said Con-way suspended the match with the lie that It would be restored acts certain Operating Ratio.
 
icuicp said:
According to T. Rowe representatives I spoke with , you are not required to make a contribution in order to receive what XPO will give to your 401k.

A match requires you to give a certain amount to receive a certain amount from the sponsor company ( XPO in this case ). I may be wrong but I believe 2009 was when T. Rowe said Con-way suspended the match with the lie that It would be restored acts certain Operating Ratio.
Click to expand...
It was never going to happen. What they said and what they did are two different things . We had no say in it.
 
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