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XPO | Dispelling The Rumors About The Pension

The magician said:
I thought the magic number is 85 your age and years of service for full benefits I could be wrong
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The magic number is 85 but it also plainly states that if you reach the age of 62 and you have completed Twenty or more of service that you are eligible to receive your pension without any reduced benefit. Where the Rule of 85 comes in is retiring earlier than age 62. There's some that could have technically retired in their mid fifties when they reached the rule of 85 If they started with the company young. -- that is if they hadn't screwed us over with it and left it alone!! There is no (Full Benefits) no Insurance or anything else just a monthly Pension Check.
 
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trucknfool said:
The magic number is 85 but it also plainly states that if you reach the age of 62 and you have completed Twenty or more of service that you are eligible to receive your pension without any reduced benefit. Where the Rule of 85 comes in is retiring earlier than age 62. There's some that could have technically retired in their mid fifties when they reached the rule of 85 If they started with the company young. -- that is if they hadn't screwed us over with it and left it alone!! There is no (Full Benefits) no Insurance or anything else just a monthly Pension Check.
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Thank you
 
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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All the employees that I know who left the company had their pensions bought out.
 
smokin'joe said:
All the employees that I know who left the company had their pensions bought out.
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If they took the buyout, they took a big hit. I figured my offer over 20 years and I would have received about 55 percent of what I would receive over 20 years. Plus you have to move the funds into another account to keep it from being taxed out the arce!!
 
pltjack said:
You can draw early with reduced payment. No one I know took a buy out.
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That's true. Actually beginning at age 55.
Less than 50 percent of what you would draw at retirement age , or meeting the
other rules ( rule of 85 or 62/20 ) We all lost big time from the greed and poor Management , Stock holders of Con-Way past. We would have done very well if they had kept the pension in place as was
Instead of the con - game they sold to us all.
 
trucknfool said:
That's true. Actually beginning at age 55.
Less than 50 percent of what you would draw at retirement age , or meeting the
other rules ( rule of 85 or 62/20 ) We all lost big time from the greed and poor Management , Stock holders of Con-Way past. We would have done very well if they had kept the pension in place as was
Instead of the con - game they sold to us all.
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Not many companies offering a pension these days and lots of the pensions that are still around are in trouble. They are quickly becoming like a dinosaur
 
icuicp said:
FedEx Freight has a pension AND a 401k.
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Everydayissat nobody knows what the rules are I retired at 54 with 31 years of service and continued to work 4 days a month until I reached 65 where all restrictions are lifted for every year I kept working my pension would keep going up, I love it and now at 68 work as i please or don’t, Join The Union!
 
Everydayissat said:
Everydayissat nobody knows what the rules are I retired at 54 with 31 years of service and continued to work 4 days a month until I reached 65 where all restrictions are lifted for every year I kept working my pension would keep going up, I love it and now at 68 work as i please or don’t, Join The Union!
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Does that include joining a union company that has a pension in Central States....I'll pass
 
optimus prime said:
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.
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Really? That much? I retired in October 2019 with over 25 and a half years combined with ccx/xpo and they only gave me $700 and change max for my pension pay out. Did I miss something?
 
Turn the Page said:
That sure doesn't seem like much for the years you had to work to get it
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As you probably already know, accrual of a Conway pension pay out ended in December 2006. So what ever years you had accrued up to that point was all anybody got. So I only had 12 years accrued out of my 25 towards the pension. Just think, if they hadn’t stopped the accrual process, I could have had a real decent pension pay out huh?
 
vetran peddleman said:
As you probably already know, accrual of a Conway pension pay out ended in December 2006. So what ever years you had accrued up to that point was all anybody got. So I only had 12 years accrued out of my 25 towards the pension. Just think, if they hadn’t stopped the accrual process, I could have had a real decent pension pay out huh?
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I know they stopped it in 06 because i started the following year. So if you had a full 25 years does that mean it would have been a little over 1400 since you're getting 700 for 12 years?
 
vetran peddleman said:
Really? That much? I retired in October 2019 with over 25 and a half years combined with ccx/xpo and they only gave me $700 and change max for my pension pay out. Did I miss something?
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My husband had to medically retire because a drunken fool hit us and shattered my husband’s ribs. He has only half a ribcage now & spent 6 days on life support. That said he didn’t get the full 87 or whatever in. He was 3 years short qualifying for full amount.
that said after taxes taken out along with taking lessor amount so I can dare the pension if he passes it’s more than what you’re getting. Not sure how they figure it. He went to work for them in 1991.
EDIT: saw the post about road drivers getting more. My husband was mostly linehaul. The first 4-5 years was Dsr. After that he went linehaul.
 
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