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FedEx Freight | New 401k Plan

Like it or not, eventually a radical leftist Democrat will be elected to the White House and Congress will fall to them too. I wouldn’t want all of my retirement in a 401k when that happens, no matter how much the company matches.

Spread your money around if you don’t want to be eating cat food at 68 years old while the money you thought was going to be there is confiscated by the government and used to put solar panels on jetliners.
 
The Nature Boy said:
Like it or not, eventually a radical leftist Democrat will be elected to the White House and Congress will fall to them too. I wouldn’t want all of my retirement in a 401k when that happens, no matter how much the company matches.

Spread your money around if you don’t want to be eating cat food at 68 years old while the money you thought was going to be there is confiscated by the government and used to put solar panels on jetliners.
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Exactly. I'm not putting it all in one basket
 
The Nature Boy said:
Like it or not, eventually a radical leftist Democrat will be elected to the White House and Congress will fall to them too. I wouldn’t want all of my retirement in a 401k when that happens, no matter how much the company matches.

Spread your money around if you don’t want to be eating cat food at 68 years old while the money you thought was going to be there is confiscated by the government and used to put solar panels on jetliners.
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You think its one sided? A Republican is in office and our benefit cost were raised and it took 18 months for a $.75 raise. All after record setting profits and a tax decrease for the company. If this is the good times??
 
Old dude said:
You think its one sided? A Republican is in office and our benefit cost were raised and it took 18 months for a $.75 raise. All after record setting profits and a tax decrease for the company. If this is the good times??
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The Nature Boy said:
Yes, yes I do.

Those are FedEx business decisions, not national policy. Please try to keep up if you wish to participate in the conversation.
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For further clarification on this topic, we must look to the Company Mission & Goals.
http://investors.fedex.com/company-overview/mission-and-goals/default.aspx

Exhibit A (the very 1st line):

"FedEx Corporation will produce superior financial returns for its shareowners by providing high value-added logistics..."

Then, if you continue reading, Exhibit B would be "Long Term Goals"

Only when we present Exhibit C (Growth Strategies), do we see where we fit in. The competition for People to accomplish the previously stated "Mission & Goals".

Not knocking the priorities, just pointing out that "we" are simply the "tools" to required to accomplish the stated task.
 
Trucker 206 said:
That is wise! I would NEVER give up a pension. Your pension is guaranteed for life. Plus, as you stated, they can ╰⋃╯ with that 401(k) contribution rate any time they wish. I’m a Teamster retiree (25 years), and I’m currently enjoying my pension. My IRA will be there when I’m ready, and...God willing...Social (in)Security. Good luck to you, brother!
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There is no guarantee for any pension. ALL pensions are subject to market forces, just like a 401k, and failure.

https://money.usnews.com/money/blog...010/08/23/the-10-biggest-failed-pension-plans
 
SwampRatt said:
For further clarification on this topic, we must look to the Company Mission & Goals.
http://investors.fedex.com/company-overview/mission-and-goals/default.aspx

Exhibit A (the very 1st line):

"FedEx Corporation will produce superior financial returns for its shareowners by providing high value-added logistics..."

Then, if you continue reading, Exhibit B would be "Long Term Goals"

Only when we present Exhibit C (Growth Strategies), do we see where we fit in. The competition for People to accomplish the previously stated "Mission & Goals".

Not knocking the priorities, just pointing out that "we" are simply the "tools" to required to accomplish the stated task.
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All freight companies move other people’s boxes to make money. All publicly traded companies have a fiduciary responsibility to protect and benefit shareholders.
That doesn’t mean they shouldn’t take care of their workers, it does mean that it’s not the first priority.
 
SwampRatt said:
Dave, Do you not recall back when the match was discontinued (went down to zero) for a period of time? I seem to recall, that lasted for a year or two. Anyone recall the dates, or do I need to look it up?
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While I don’t remember the dates, almost every freight company suspended a match to their 401k about 2009. I do remember that FedEx was the first to reinstate it.
 
SwampRatt said:
Dave, Do you not recall back when the match was discontinued (went down to zero) for a period of time? I seem to recall, that lasted for a year or two. Anyone recall the dates, or do I need to look it up?
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Was it 10 years ago?
Maybe I’m getting old timers...
 
screweddaily said:
Has anyone actually been told anything about this at the terminal level? Where I'm at we haven't and if you ask they seem lost. Everything I've seen has been outside sources, which is bs.
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NOT BS. You can check the intranet, at work, for yourself. Both FedEx & FedEx Freight have the announcement prominently displayed. They refer you to a question & answer sheet. The most significant info being the last line. Stay tuned for details in the summer of 2020.

n3cyZy7.jpg



Crazy Trucker said:
https://www.google.com/amp/s/amp.businessinsider.com/fedex-income-tax-pensions-new-hires-2019-11
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While that story verifies the subject matter, it also highlights the lack of accuracy/integrity in most all media reports. The press always leave out significant facts. The 100%+ match up to 8% is conveniently left out.
 
The Point said:
I have been calling for an 8% 401k match for years on this board and finally they have listened. Waiting for over a year to institute it gets a thumbs down as time is money but at least it is coming.
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Yeah, we've been advocating for such a move for years. 100% match. Up to 8%.

I think we need to give 'em credit for listening. Even making it better than we asked for. :1036316054:

By my calculation, a Company contribution of up to 8%, based on an employee contribution of 6%, equates to a 133.333% match. THAT is strong & industry leading. :1036316054:

Whether or not I opt into it will take some research. 9.5% (with 6% of that being low risk/yield) vs 8% into the option(s) of my choice.
 
SwampRatt said:
NOT BS. You can check the intranet, at work, for yourself. Both FedEx & FedEx Freight have the announcement prominently displayed. They refer you to a question & answer sheet. The most significant info being the last line. Stay tuned for details in the summer of 2020.

n3cyZy7.jpg





While that story verifies the subject matter, it also highlights the lack of accuracy/integrity in most all media reports. The press always leave out significant facts. The 100%+ match up to 8% is conveniently left out.
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How is putting it on the intranet, prominently displaying anything? How many drivers regularly use the intranet? This is something that should have been addressed to us in some kind of meeting or something posted in dispatch or somewhere people regularly look. There has been nothing said directly to the people that work at my terminal. I'm not against the idea of the higher match in place of the pension, I have an issue with the lack of open communication within the company. Give us some more aggressive investment options and bonds for the ones who are afraid of stocks then we can really talk about this being a good deal.
 
Now that this ball is rolling FedEx needs to allow us to invest our 401k outside of our current choices. A 20%+ return is easily obtainable if you can pick from all available mutual funds.

I can not find my pension sheet but I seem to recall the mix is 60% bonds for our PPA so you could match that in the 401k.

I did find this on the retirement site.
BYX76BY.jpg

While it talks about leaving FedEx or retirement it does show that it can be rolled into a IRA or eligible plan so it might come down to rules. Is it a FedEx rule that you get access when you leave or it a regulatory rule?
 
SwampRatt said:
Dave, Do you not recall back when the match was discontinued (went down to zero) for a period of time? I seem to recall, that lasted for a year or two. Anyone recall the dates, or do I need to look it up?
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I remember them taking away the discretionary match when the pension started. Lots forget about that.
 
My fear is Fedex doesn’t want to pay much of any retirement, 401 or pension. Thats why it took so long to get fully funded. Ive been here 26 years and only been fully funded 3 years because of my age. If I retired today I get a few hundred dollars. They see a mass retirement of workers in the next ten years so lets bail for the next shell game.
They know younger workers don’t participate in the 401 or if they do its very low deductions till they start making real money. By then Fedex will scheme another better plan knowing it takes forever to max it out
 
almost13ranch said:
There is no guarantee for any pension. ALL pensions are subject to market forces, just like a 401k, and failure.

https://money.usnews.com/money/blog...010/08/23/the-10-biggest-failed-pension-plans
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I suppose a complete economic apocalypse that wipes out every persons worth down to zero is a possibility, but I’ll hedge my bets. I have some close friends whose 401k’s got KILLED during the 2008-09 ‘Depression’ and only in the last few years have returned to where they were 10 years ago. All that did for them was put off their retirement 10+ more years.
 
Trucker 206 said:
I suppose a complete economic apocalypse that wipes out every persons worth down to zero is a possibility, but I’ll hedge my bets. I have some close friends whose 401k’s got KILLED during the 2008-09 ‘Depression’ and only in the last few years have returned to where they were 10 years ago. All that did for them was put off their retirement 10+ more years.
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Guess that all depends on one’s investment strategies...I got my ass handed to me in 08-09 but I’ve made that money back tenfold since then.
 
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