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FedEx Freight | Info on FedEx awesome pension

The Point said:
I encourage everyone to log on the the site to check your pension. It has a calculator to show what you will get when you do retire. I do agree that depending on the pension to carry you is a bit much but FedEx could do a lot more compared to other pensions. If I take an early out at 55 which is 7 years away I can get just over $200 a month. Not bad for putting in over 20 years here huh?
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Yup! That's about what mines said when I got the statement back in Aug or whatever. I just looked at it in disbelief and then drank a six pack to the head...like WTF!...I almost took on a drug habit after seeing that statement....like Really!?
 
slavenomore said:
I just heard through the grapevine that a 10 year guy will be collecting a whopping $110/ month retirement from Fedex Freight.
Maybe he can find a cheap campground to live in a tent when he retires? Sell his house for food?
Just a rumor.
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My mother in law handed out suckers and answered the phones at a bank for 3 years and she gets 200 bucks a month !
 
12 years with FedEx. 7 years under the port-a-potty pension. Monthly retirement of 100 dollars a month. Why would anyone support the union?
 
Guys go take a look at the UPSF contract and look at the pension section on pages 47 & 48. This should help you guys and give a roadmap on what your competition is earning in not only wages but BENEFITS. UPS and UPS Freight are not part of Central States. After seeing the amounts of pension credits that Fedex is giving you guys a vote for the union should be automatic. Send me a PM if you have questions.
 
Guardrail said:
Nahh... They didn't rip me off. I was in the pension from June 1, 2010 until September 10, 2011 and received a check for just shy of $6000. We didn't have any meetings about the new pension, at the Kansas City FXN yard, until 2010. It wasn't until August 2011 that anyone could even find out how much was in it for the previous year. There was much confusion on the formula and where we could find out more info. We had a number to call, but got conflicting info on has much was in our account.

There is nothing to look into. It was only 4 years ago and my info is correct. I fought for the money I received because, initially, they said my first year of service didn't count toward being vested because I happened to start on June 3, 2008. The plan was started on June 1, 2010, so they thought the June 3, 2008 to May 31, 2009 time didn't count. When I took the buyout, they said I didn't have 3 years in, on the books, because of the 2 days. It wasn't until 2013 that I was able to file for my benefits and receive them.

If, as you say, the pension was in place when I was hired on, I would not have had to fight to receive what was due me, would I?

Guardrail
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Dang, G man, Watkins/National must've had a much better deal. You received nearly 6k for 15 months service, I'm showing a lump some today of about 22k, after 20 something years. WOW, I feel better now :Poke:
 
Yea that sounds about right. I hear the new CEO is making a tour of terminals. I think we all should pose important questions to him about the future of our benefits if we get a meeting.
 
After being advised that I could tweak my info, allowing for growth in wages etc, I ran the projection again on the FedEx retirement site. It did bring the numbers up a bit. After 19 yrs in the plan, it should pay $5603/yr ($466/mo.) in current dollars, which keeps the numbers in perspective.
The results are below:

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The FedEx PPA started in 2008.. Any reference to a FedEx Freight pension plan prior to that was the Viking Pension plan which only applied to Viking / FXFW employees. When the PPA was started, the Viking plan was frozen and only people vested would get any benefits. I was fully vested in the Viking plan and I get a lot more then $200 a month, but it is not enough to live on by itself. When the plan was started Dick B told us then it would not be enough to live on, but should be considered as part of an overall retirement plan.. For me it functions exactly as Dick said it would.
 
Black dog Mafia said:
Correct me if I'm wrong. But the FXF pension is a benefit that cost us nothing. They don't have to give us a penny. Buy They have done this for us. I plan on retiring on my 401K not this pension.
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That's great but do you know how many can't afford to put into the 401k.Also a pension is suppose to be set up for the employees for all there years of hard work and making the company profitable.
 
No
SwampRatt said:
Did you know that Express receives higher credits than Freight? I didn't. I am curious why.

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And below, Express:

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Not wanting to sound condescending but why do you care what someone else has? Just curious.
I would guess to say that it's because Express is Fred's baby and they're the bread winners of the family.
Freight is usually bringing up the rear when talking profits compared to Express and Ground.
 
Just seems odd that many of our changes were sold as conforming to the other op-cos way of doing things. Truth is i'd much prefer any gains go into other areas before/instead of pension. Namely wages, 401k, and insurance
 
SwampRatt said:
Just seems odd that many of our changes were sold as conforming to the other op-cos way of doing things. Truth is i'd much prefer any gains go into other areas before/instead of pension. Namely wages, 401k, and insurance
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This is the first time I've heard changes were to conform with the op-cos, where'd you hear this info?
I agree with the second sentence, our pension is just an added benefit and was never intended to be our sole retirement fund.
 
Redracer3136 said:
This is the first time I've heard changes were to conform with the op-cos, where'd you hear this info?
I agree with the second sentence, our pension is just an added benefit and was never intended to be our sole retirement fund.
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Not to waste too much time, but off the top of my head... Pay raise moved (1st time) to conform to FedEx fiscal year, then moved (2nd time) to coincide with other op-co. I seem to recall some other procedural things (don't remember the specifics), that are not really of any consequence.
 
SwampRatt said:
Not to waste too much time, but off the top of my head... Pay raise moved (1st time) to conform to FedEx fiscal year, then moved (2nd time) to coincide with other op-co. I seem to recall some other procedural things (don't remember the specifics), that are not really of any consequence.
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By moving the date of when our raises are awarded doesn't mean we should have/get what the other op-cos have....which is how I took your post (# 89 & 92) to read...
If I'm wrong then I apologize.
 
Redracer3136 said:
By moving the date of when our raises are awarded doesn't mean we should have/get what the other op-cos have....which is how I took your post (# 89 & 92) to read...
If I'm wrong then I apologize.
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I just find it "interesting" that express gets 2% better across the board on the pension. Especially since our pension was established under FedEx, unless you worked for Viking or Watkins. I really don't know the differences in our compensation packages. I posted it for informational purposes. I would be interested in how the Express CLD driver compares. The package driver, not so much. I do hear we all have the same insurance... But I don't even know that for a fact.

It's good to know what the market is for services similar to your own.
 
SwampRatt said:
I just find it "interesting" that express gets 2% better across the board on the pension. Especially since our pension was established under FedEx, unless you worked for Viking or Watkins. I really don't know the differences in our compensation packages. I posted it for informational purposes. I would be interested in how the Express CLD driver compares. The package driver, not so much. I do hear we all have the same insurance... But I don't even know that for a fact.

It's good to know what the market is for services similar to your own.
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Again, we generally bring up the rear when compared to Express and Ground, would also expect our pay and bennies to do the same.
"Informational purposes"???
 
Red, you can never underestimate the value of information. Like this:

The "freight segment" of FedEx actually shows stronger growth than Express. This has "often" been the case, since acquisition, especially in the early years.

MEMPHIS, Tenn., December 17, 2014

FedEx Express Segment

For the second quarter, the FedEx Express segment reported:

  • Revenue of $7.02 billion, up 3% from last year’s $6.84 billion
  • Operating income of $484 million, up 36% from $357 million a year ago
  • Operating margin of 6.9%, up from 5.2% the previous year
FedEx Freight Segment

For the second quarter, the FedEx Freight segment reported:

  • Revenue of $1.59 billion, up 11% from last year’s $1.43 billion
  • Operating income of $112 million, up 35% from $83 million a year ago
  • Operating margin of 7.1%, up from 5.8% the previous year
Source: http://investors.fedex.com/news-and...14/FedEx-Corp-Reports-Strong-Earnings-Growth/
 
SwampRatt said:
Red, you can never underestimate the value of information. Like this:

The "freight segment" of FedEx actually shows stronger growth than Express. This has "often" been the case, since acquisition, especially in the early years.

MEMPHIS, Tenn., December 17, 2014

FedEx Express Segment

For the second quarter, the FedEx Express segment reported:

  • Revenue of $7.02 billion, up 3% from last year’s $6.84 billion
  • Operating income of $484 million, up 36% from $357 million a year ago
  • Operating margin of 6.9%, up from 5.2% the previous year
FedEx Freight Segment

For the second quarter, the FedEx Freight segment reported:

  • Revenue of $1.59 billion, up 11% from last year’s $1.43 billion
  • Operating income of $112 million, up 35% from $83 million a year ago
  • Operating margin of 7.1%, up from 5.8% the previous year
Source: http://investors.fedex.com/news-and...14/FedEx-Corp-Reports-Strong-Earnings-Growth/
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"Shows stronger growth" means what? That one day, far far away, maybe Freight will eventually earn more profits than Express?

At the end of the day according to these numbers, Express still made $5.43 billion more than Freight....so why shouldn't their compensation pkg be higher than ours?
 
Redracer3136 said:
"Shows stronger growth" means what? That one day, far far away, maybe Freight will eventually earn more profits than Express?

At the end of the day according to these numbers, Express still made $5.43 billion more than Freight....so why shouldn't their compensation pkg be higher than ours?
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Oh but Red... Using your very own logic, FXFE would be expected to have a higher compensation package than UPSF, since FXFE is number 1, right? Using your logic, NOT mine...
 
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