FedEx Freight | 401k - Looking To Compare To Competitors

dsh69

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Looking to find information to compare our NEW 401K to our current LTL competitors. I would like first hand information, as I can always research on my own, but if anyone has done the legwork, that would be even better.

For example, it looks like Old Dominion only match 30% of what one contributes up to 6% of salary. So on a $1000 paycheck one would contribute $60 and OD would contribute $18. But then they have some sort of profit sharing that is spread amongst the 401k participants once a year. Maybe $1600 or so.

Frankly, I think even our current 401k and pension contribution is much better than this.

But looking for OD, XPO, R&L, etc., Unions need not apply as if you stay there long enough you could probably get a decent enough pension.
 
Looking to find information to compare our NEW 401K to our current LTL competitors. I would like first hand information, as I can always research on my own, but if anyone has done the legwork, that would be even better.

For example, it looks like Old Dominion only match 30% of what one contributes up to 6% of salary. So on a $1000 paycheck one would contribute $60 and OD would contribute $18. But then they have some sort of profit sharing that is spread amongst the 401k participants once a year. Maybe $1600 or so.

Frankly, I think even our current 401k and pension contribution is much better than this.

But looking for OD, XPO, R&L, etc., Unions need not apply as if you stay there long enough you could probably get a decent enough pension.
R&L matches first 3% dollar for dollar
 
Looking to find information to compare our NEW 401K to our current LTL competitors. I would like first hand information, as I can always research on my own, but if anyone has done the legwork, that would be even better.

For example, it looks like Old Dominion only match 30% of what one contributes up to 6% of salary. So on a $1000 paycheck one would contribute $60 and OD would contribute $18. But then they have some sort of profit sharing that is spread amongst the 401k participants once a year. Maybe $1600 or so.

Frankly, I think even our current 401k and pension contribution is much better than this.

But looking for OD, XPO, R&L, etc., Unions need not apply as if you stay there long enough you could probably get a decent enough pension.
That "30%" of old dominions is gonna be hard to beat! LOL!
Under the new FedEx plan the match would be 8% if the employee puts in 6%.
This is all contingent on the current employee surrendering future payments into the company portable pension plan. Who knows how long the 8% number will last. This choice will come down to a personal decision based on years of service and age.
As a young employee or someone with less than ten years in the pension it sound great!
 
I don't trust pensions , Central States is a good example.
Many of my friends got the shaft. I/we always had 401Ks
and never counted on anyone but ourselves for our futures.
I'm glad you are asking these questions now you are a
young man dsh69 , this is only my 2 cents , compounded
daily. I guess we{my wife & I}never trusted anyone and
don't mind tinkering with our savings. Don't get me wrong
it can bite you but you can be very conservative if you like.
Bottom line , what , where and how much will you have in
the end IF YOU MAKE IT. I've seen drivers suffer life/career
ending injury , then what ? Good luck I hope you carefully
think this all out. Do the pension , invest on the side or
pound the 401K and metals market. Who knows but I know
what worked and works for my family.
 
For those of us at XPO ( formally Con-way ) before 2011 , the base match is 3% from 0 - 9 years of service. 10 - 19 years is 4% and 20 or more 5% match.

Again , I believe it's a whole different ballgame for those that started after 2011. ( less money ) Also , I don't know if there's a minimum contribution necessary in order for the company match. I've call the company that manages the plan and they say no minimum contribution is necessary and the plan literature says nothing about a minimum contribution.
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To be clear , the company contributions are based on your gross each week and happen even if you contribute zero. ( I called the plan manager T.Rowe Price to make sure I posted accurate information ) The company contribution always goes to pretax 401k plans in order for the company to receive a government break ( even though there is a after tax Roth IRA option )
 
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Looking to find information to compare our NEW 401K to our current LTL competitors. I would like first hand information, as I can always research on my own, but if anyone has done the legwork, that would be even better.

For example, it looks like Old Dominion only match 30% of what one contributes up to 6% of salary. So on a $1000 paycheck one would contribute $60 and OD would contribute $18. But then they have some sort of profit sharing that is spread amongst the 401k participants once a year. Maybe $1600 or so.

Frankly, I think even our current 401k and pension contribution is much better than this.

But looking for OD, XPO, R&L, etc., Unions need not apply as if you stay there long enough you could probably get a decent enough pension.
Our 401k at OD has a guaranteed match of 50% on the first 6%. We also get a discretionary amount deposited into our 401k every year which is our profit sharing. The discretionary amount they give us increases with the percentage of your income that you put in the 401k. OD put close to $13,000 into mine last year.
 
Our 401k at OD has a guaranteed match of 50% on the first 6%. We also get a discretionary amount deposited into our 401k every year which is our profit sharing. The discretionary amount they give us increases with the percentage of your income that you put in the 401k. OD put close to $13,000 into mine last year.
If the discretionary amount of $13,000 they put into your 401k in one year is true, I'd say that probably beats what the rest of us have hands-down.
 
If the discretionary amount of $13,000 they put into your 401k in one year is true, I'd say that probably beats what the rest of us have hands-down.
That was the total amount they contributed to my 401k for the year between the match and the discretionary. The profit sharing is based on the percentage you put in the 401k. The more you put in the more you get. I contributed 17% into my 401k last year so my discretionary amount would be more than someone who just put in 3%. I know multiple guys who got around the same as I did.
 
The NEW FedEx 401k is pretty much the best out there. While there is no mention of any discretionary contribution, the match is hard to beat.

For those only contributing 1 - 2%, the match is 200%.

For those contributing 4%, the match is 150%

For those contributing 6%, the match is 133%

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Any younger employees, not getting some of that action would be foolish, IMHO.
 
The NEW FedEx 401k is pretty much the best out there. While there is no mention of any discretionary contribution, the match is hard to beat.

For those only contributing 1 - 2%, the match is 200%.

For those contributing 4%, the match is 150%

For those contributing 6%, the match is 133%

fSDmsTo.jpg


Any younger employees, not getting some of that action would be foolish, IMHO.


I'd say that everyone should dump their option to stay in the pension.
At BEST, the pension will pay/add 6%, and that's only after you're maxed out in years of service + age.


If you pay attention to the market, you can eaisly do 11% return yearly with your 401k picks.

Contributing just 6% of your pay, and having Fx add another 8% is damn good.
14% of your yearly pay, with returns of 11+% will eaisly make an average driver a millionaire by retirement.
 
The NEW FedEx 401k is pretty much the best out there. While there is no mention of any discretionary contribution, the match is hard to beat.

For those only contributing 1 - 2%, the match is 200%.

For those contributing 4%, the match is 150%

For those contributing 6%, the match is 133%

fSDmsTo.jpg


Any younger employees, not getting some of that action would be foolish, IMHO.

I agree. I worked for a few other companies before FXF and this is the best deal going. I can't think of another company that offers this kind of match.
 
I'd say that everyone should dump their option to stay in the pension.
At BEST, the pension will pay/add 6%, and that's only after you're maxed out in years of service + age.


If you pay attention to the market, you can eaisly do 11% return yearly with your 401k picks.

Contributing just 6% of your pay, and having Fx add another 8% is damn good.
14% of your yearly pay, with returns of 11+% will eaisly make an average driver a millionaire by retirement.
that 8% match can go to 0% in a hurry.
 
that 8% match can go to 0% in a hurry.
Yes it can. Just like a pension can go from balls to the wall to pennies on the dollar government handout in nothing flat.

Pick your poison and enjoy your life.

Actually, get a Federal government job. Pretty much no worries then.
 
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