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FedEx Freight | New 401k Plan

The Point said:
What we need is clarification on if this a termination of the plan. If it is classified a termination then they have two option for us. This smells like they are trying to avoid these.
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What we need is for the average driver to acquire reading comprehension skills. The plan can't be terminated for many years, because the money is loaned out. It all has to be called back, before plan termination. Read the plan summary. Or better yet, have your wife read it and explain it to you.
 
silent trucker said:
What we need is for the average driver to acquire reading comprehension skills. The plan can't be terminated for many years, because the money is loaned out. It all has to be called back, before plan termination. Read the plan summary. Or better yet, have your wife read it and explain it to you.
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I quit trying. It has been said so many times and yet they keep saying i haven't heard anything or wait and see. Insane.
 
silent trucker said:
What we need is for the average driver to acquire reading comprehension skills. The plan can't be terminated for many years, because the money is loaned out. It all has to be called back, before plan termination. Read the plan summary. Or better yet, have your wife read it and explain it to you.
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Wow, reading skills? To assume I have not read the plan information just shows how short sighted you are. Rather then attacking people perhaps you might learn that there are some drivers who are actually knowledgeable in many areas beyond keeping the truck between the ditches. Termination could be considered cessation of money being applied to the pension, or 40+ years out when the last of the money is payed to the last driver in the plan. I am assuming since the plan was transferred to MetLife it will not "terminate" at any point in the near future. All this "loaned out" (invested) money was "called back" (liquidated or cash transferred) when FedEx purchased a group annuity a couple of years ago. Drivers would benefit greater if they could control their pension money and get a much higher return then the unknown percent they will get. Right now our plan could be considered in hibernation status at MetLife but it could also be classified as a termination because of the group annuity purchase. Could it be mismanaged with little return above what we have now? When the info is finally presented to us from HR we need to ask for answers if it is not covered rather then sit there.
 
Consider that if you leave the PP,
You will be getting a higher 401 match, but your existing PP will gain at a mere 1%,,
Keeping in mind that inflation is 2.5%,and likely about to climb.

Assuming you have $25k in your pp, and plan to work another 20yrs,that $25k will only be "worth" about $15k in 2040 dollars.

Meanwhile, bet you ASS that Fx is making a solid 10% on your money.
 
The Point said:
Wow, reading skills? To assume I have not read the plan information just shows how short sighted you are. Rather then attacking people perhaps you might learn that there are some drivers who are actually knowledgeable in many areas beyond keeping the truck between the ditches. Termination could be considered cessation of money being applied to the pension, or 40+ years out when the last of the money is payed to the last driver in the plan. I am assuming since the plan was transferred to MetLife it will not "terminate" at any point in the near future. All this "loaned out" (invested) money was "called back" (liquidated or cash transferred) when FedEx purchased a group annuity a couple of years ago. Drivers would benefit greater if they could control their pension money and get a much higher return then the unknown percent they will get. Right now our plan could be considered in hibernation status at MetLife but it could also be classified as a termination because of the group annuity purchase. Could it be mismanaged with little return above what we have now? When the info is finally presented to us from HR we need to ask for answers if it is not covered rather then sit there.
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The met Life deal is for those already drawing a pension, not existing active duty employee's.
 
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