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XPO | Dispelling The Rumors About The Pension

Pension are sustainable and a great Benefit to employees. Corporate greed with it all profit to the top executives has circumvented the worker these days and even convinced some its not possible.
Corporations are more profitable than ever on average and can certainly afford better retirement plans for committed employees.
Pension are not without there faults as it is also with 401k type of plans .
 
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Fly-by-night said:
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
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If you have some free time , call them. Ask them questions. They work for you. No question is a bad question. It's YOUR money.

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If what the representative from T. Rowe told me was correct , it's a good thing that regardless of the amount you contribute XPO will continue to contribute the amount that you are set to receive.
 
icuicp said:
If you have some free time , call them. Ask them questions. They work for you. No question is a bad question. It's YOUR money.

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If what the representative from T. Rowe told me was correct , it's a good thing that regardless of the amount you contribute XPO will continue to contribute the amount that you are set to receive.
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I really not sure what you are talking about. Every check XPO puts in 4% of my gross into my 401K thats there match. I put in 5% and they add 4%. when I do the math it adds up. I also check my T. Rowe account ever week and the total amount despoited that week always correct. My Roth, my 401K money, and there match always are correct.
 
icuicp said:
I posted this to illustrate that BOTH ( a 401k and a pension ) are possible and can exist at the SAME time in a non-union company that is profitable.
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so how long was it after FedEX bought AF was the pension plan put into place..... I think it was many years....
 
Pension, personal savings and social security were the 3 legged stool that made a secure retirement.
With lower and middle class incomes stagnant and employers contributing less towards retirement for employees many are pinched even to think about retirement savings.
 
Fly-by-night said:
I really not sure what you are talking about. Every check XPO puts in 4% of my gross into my 401K thats there match. I put in 5% and they add 4%. when I do the math it adds up. I also check my T. Rowe account ever week and the total amount despoited that week always correct. My Roth, my 401K money, and there match always are correct.
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This is why I posted the phone numbers.

I contribute 12%.

We now have an after-tax option.

I wanted to know would the "company match" be changed if my contribution went to the after-tax in the XPO T. Rowe plan.

I was told that "matching" was suspended in 2009. Con-way\XPO just gives a "contribution" that is not based on what you , I , or any XPO employees give.
 
icuicp said:
This is why I posted the phone numbers.

I contribute 12%.

We now have an after-tax option.

I wanted to know would the "company match" be changed if my contribution went to the after-tax in the XPO T. Rowe plan.

I was told that "matching" was suspended in 2009. Con-way\XPO just gives a "contribution" that is not based on what you , I , or any XPO employees give.
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He is what is post on the employee portal:
Company contributions begin after you have completed one year of service. Once you are eligible, you can receive additional money toward your retirement when you make before-tax contributions to the Plan. All employees will have an opportunity to receive a 4% company match. For every $1.00 you contribute up to 5% of earnings, XPO will add to your account $1.00 on the first 3% and $0.50 on the next 2% of earnings. If you’re not contributing 5% yourself, you’re missing out on additional money from XPO Logistics for your future.

There is a differances for the ones hired before 1 Jan 2010 just go to the portal and under the money tab click the link that says Retirement Saving Plan. It just to much to post here.
What I posted above is for everyone hired after 1 Jan 2010
 
Just got a letter today. They are changing payment administrators and you will get 2 days earlier now. Supposedly it will be a smooth transition. We will see.

For the person who asked. I had 25 years. If I took the accrued pension amount listed it would have been certain guaranteed only. I took the 100% so spouse could get for life should I die. It reduced my pension by $900 a year but it was worth it for piece of mind.
 
DSR that have retired within the last year and eligile for pension receive between 1100 and 1300 per month depending on the plan they pick. The only co contribution is in the 401-k as a transition contribution.
 
Fly-by-night said:
The problem is the employer is the only one funding the pension. I believe the con-way pension would have still been around if the employees were also putting in money
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It's not around due to corporate greed. They knew that company was growing by leaps and bounds compared to what it was under the 3 regionals. They sure didn't want to have to put that kinda money in the pot.
 
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 ( 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.
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And we attained that OR and we still never had that reinstated.
The 401k match went from .50 on the dollar up to 3% (when we had a pension) to .50 on the dollar to 6% after it was taken, which is what the average company gives their employees.
 
Also, Legacy employees get the contribution irregardless if they put any monies in. New XPO hires are required to contribute or they do not receive any contributions from XPO.
 
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.
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Do you know who holds the pension? I'm an x employee and wanted to find out more information about the pension
 
rosamdink said:
Do you know who holds the pension? I'm an x employee and wanted to find out more information about the pension
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They have a dedicated office for pension administration. XPO/ Con-Way Pension office. I don't have the phone number handy right now but I can find it if you haven't already found it.
 
I talked to the Pension office a while back, I got a line about having to wait until 65 since I left the company early in order to receive the full amount that I am due. I have plenty of documents that says if you complete 20 years of service and you reach age of 62 , you can receive your pension without any reduced benefit. I guess I will have to get my lawyer to read to them their own documents!!!
 
trucknfool said:
I talked to the Pension office a while back, I got a line about having to wait until 65 since I left the company early in order to receive the full amount that I am due. I have plenty of documents that says if you complete 20 years of service and you reach age of 62 , you can receive your pension without any reduced benefit. I guess I will have to get my lawyer to read to them their own documents!!!
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I thought the magic number is 85 your age and years of service for full benefits I could be wrong
 
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