XPO | Pension and 401K change details?

[AlwayzRight]

Can someone post the EXACT details on the changes to our pension and 401K?

 

[monkeywrench]

Can someone post the EXACT details on the changes to our pension and 401K?

Too Many changes to explain it all. You'll get them when you watch the movie at your terminal.

 

[draggingaset]

you will be gitting a dvd with your info packet at your home that will be the same as what you saw at work!

 

[Blue67]

We were told that the dvd would have a more in depth explanation of the changes.

 

[paul wall]

pension

the pension IS FROZEN from a "technical" standpoint.
say as of jan. 1, 2007, you have 3 yrs of service with the company. when you retire, you will only get a pension benefit based off of 3 yrs of service.
now, you will still be able to vest your required 5 yrs of service to earn your pension benefit. that part is NOT FROZEN.
the reason they set a date of 2016, is they need to pick 5 highest UNCONSECUTIVE paid yrs out of the 10. the unconsecutive part i think is a good idea because you now are NOT forced to run the road your last 5 yrs of service to make big money. it still leaves no reward for "junior" guys down the line.

on a sidenote, i personally feel (which doesnt matter to many people) that a company provided pension is a liability to the company. there is a major risk in investing the money in the wrong places which in turn puts the company in hot water. if it is a successfull investment, and money is made, instead of keeping the moneys inside of itself, corporations tend to skim off the earnings and do whatever with them. (enron) untill they get into hot water which in turn forces them to seek other options of funding the moneys lost. wether it be the form of borrowing money from banks, cutting overhead, consolidating terminals, etc. etc.

 

[Blue67]

the pension IS FROZEN from a "technical" standpoint.
say as of jan. 1, 2007, you have 3 yrs of service with the company. when you retire, you will only get a pension benefit based off of 3 yrs of service.
now, you will still be able to vest your required 5 yrs of service to earn your pension benefit. that part is NOT FROZEN.
the reason they set a date of 2016, is they need to pick 5 highest UNCONSECUTIVE paid yrs out of the 10. the unconsecutive part i think is a good idea because you now are NOT forced to run the road your last 5 yrs of service to make big money. it still leaves no reward for "junior" guys down the line.

on a sidenote, i personally feel (which doesnt matter to many people) that a company provided pension is a liability to the company. there is a major risk in investing the money in the wrong places which in turn puts the company in hot water. if it is a successfull investment, and money is made, instead of keeping the moneys inside of itself, corporations tend to skim off the earnings and do whatever with them. (enron) untill they get into hot water which in turn forces them to seek other options of funding the moneys lost. wether it be the form of borrowing money from banks, cutting overhead, consolidating terminals, etc. etc.

That's pretty much how I feel about it.

 

[Mozartsghost]

That's pretty much how I feel about it.

Same here.......