smokin'joe
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XPO | Fedex To Launch A New 401k Plan With A Higher Match, But No Pension With It
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smokin'joe
Just Smokin' the Blues...
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highspeeds
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highspeeds
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True. You know the old line: You should just be grateful for your job.
But , judging from the actions of XPO's upper management , they don't think very highly of the drivers - the ones who brought them this far and have kept them going.
Fly-by-night
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They gave them more then just that. They even made sure there pension was well funded
https://www.commercialappeal.com/st...times-ceo-fred-smith-calls-debate/4227467002/
Funny how they invested more into the employees, the company and equipment when they revived the tax cut. I sure all those UNION employees at the aircraft manufacturers sure hate FedEx's $6.6 billion aircraft purchase agreement. Maybe the $3.2 billion in wage increases, bonuses, pension funding and U.S. capital investment was a bad idea, or was it $200 million in increased compensation and a $1.5 billion voluntary contribution to the company’s pension. I sure the Teamster wish they could get that type of funding
Fly-by-night
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This is just showing the the newer driver have no trust in any type of pension system. As we are seeing more and more pension plans are failing and in the latest contract, YRC and ABF they are reduced amounts or being frozen at the 2018 level.
Well actually they didn’t invest more into capital/equipment:
https://www.nytimes.com/2019/11/17/business/how-fedex-cut-its-tax-bill-to-0.html
Quote from above article:
“As for capital investments, the company spent less in the 2018 fiscal year than it had projected in December 2017, before the tax law passed. It spent even less in 2019. Much of its savings have gone to reward shareholders: FedEx spent more than $2 billion on stock buybacks and dividend increases in the 2019 fiscal year, up from $1.6 billion in 2018, and more than double the amount the company spent on buybacks and dividends in fiscal year 2017.”
You are correct technically on this one. They did invest in one employee:
CEO Fred Smith made $15.96 million in total compensation in FedEx's 2019 fiscal year, down from $16.67 million in 2018. Compensation includes base salary, bonuses, restricted stock and option awards.
Fly-by-night
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You believe what is written in the NY Times??? Wow this paper said the Holocaust didn't happen
https://en.m.wikipedia.org/wiki/Buried_by_the_Times
Man you had to search long and hard for that one. The book was written about the NYT coverage of the Holocaust during WW 2.
Yes, you should be skeptical about everything you read . Just like you should not believe everything a major corporation has you best interest at heart in everything they do. Greed is the rule of the land in corporate America. Always has been always will be . That’s why you need a seat at the table or a voice when it comes to getting your due at work.
FedEx did quite well this past year and despite all of that they still found it was time to take from their employees. Go to their forum here and read. Just imagine if they take from them in good economic times what happens in a turn down. Same can be said for Xpo.
Ps
I don’t buy into the Trump theory all news is fake news.thats a dangerous road.
joes bar and grill
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They also gave them a big increase in health insurance premiums.
LTLIndentured
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Corporate greed is what will give Democrats the power to win the next election if they played their cards right. But nooo they have to pursue something very few want. Can you say out of touch?
One wiped out the other.
Fly-by-night
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nope just search NY Times Holocaust
The only one that has my best interest is ME and ME alone. NO company or Union has every looked out for my best interest.
What did they take. My understanding is that anyone hired in 2020 and after will not have an opinion of the pension plan. So what did the company take from them?? The new hires. From what I read those in it have a decision to make. Like let the money in the plan and grow interest or take a payout, something Con-way didn't offer any one here to do.
The different between here and their is when Con-way stop their pension they stop funding it and also Con-way was so nice to put everyone in really screwed up 401K plan that was only paid into every 3 months
As from your lack of wanting a union I would already assumed that and that’s your proghtive . I’m not going to challenge that.
Well , actually not. Con-way then and Xpo now have a legal obligation to fund the plan to keep it solvent. Xpo has not had to pay a dime into since it acquired the obligation to do so because the investments have covered the liabilities. That could change in a market downturn. That’s exactly why corporations don’t want pensions. The downturns of the market are on them to keep it funded . With a 401k the downturns are on you and you alone.
If Con-ways old pension plan falls below a certain dollar amount that is needed to keep it solvent for some reason Xpo has to make up the difference.
To this day that has never happened. All pension plans are not failing , even the Teamsters have many solvent funds in place . What is failing is corporate America favor in seeing to its long term commitment to its employees.
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Yeah I hear $150.00 /month or $1800.00 a year
vetran peddleman
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Being out of touch, yeah. But protecting their own deep state bureaucratic POWER to trump Trump concerning who dictates and enacts policy is their real issue.
Bottom line: Corporate greed on the one hand, and Power greed, at least the maintaining of it, on the other.