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XPO | Pension changes

Dodge Ram

Dodge Ram

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I was in the Portal and I seen the benifets information from last year. It is in the total rewards from 2013. The way it reads to me is that we will only recieve our pension for 5 years. Is that how everyone else reads it? Now that is a bunch of crap.




The accrued benefit above is stated in the form of a five-year certain and life annuity (a monthly
annuity payable for your lifetime, with the first five years guaranteed). Other annuity options are
available at retirement. If you begin receiving pension payments prior to age 65, your benefit will be
reduced for early retirement unless you have met the Rule of 85 or you are at least age 62 with 20 or
more years of service. The Pension Plan’s benefit formula takes into account Social Security. Please refer
to the Retirement Benefits chapter of your Summary Plan Description for information on this plan’s
formula, early retirement factors and payment options.
Con-way makes contributions to the Pension Plan as required. These contributions ensure the plan is
adequately funded on an aggregate level.
If your compensation exceeds certain limits, a portion of your 401(k) and Pension Plan benefits may be
payable from the non-qualified retirement plans.
 
They have to guarantee it for five years.after that it's up to the market as to how much you get. I wish they would just buy us out..and give us the money..and be done with it.
 
The way I understood it . You take it for 5 or 10 years or until death. I took mine tell last death which means tell both me and my wife dies. But I am sure ads bad as Con-way is getting that could change. I have been getting mine for 3 1/2 years now without any problems. Hope it stays that way.
 
Frogger10 said:
The way I understood it . You take it for 5 or 10 years or until death. I took mine tell last death which means tell both me and my wife dies. But I am sure ads bad as Con-way is getting that could change. I have been getting mine for 3 1/2 years now without any problems. Hope it stays that way.
Click to expand...

Yes, and I believe the driver would get his or her pension until they die. The 5 or 10 year part is what they guaranteed to pay your spouse if you die within the 5 or 10 year time limit from the day that you had retired. They will pay the remainder of that time that is left to your spouse.

The way you choose, which I think is wise, they pay out until the death of both of you.
 
Read the statement. "Other annuity options are available at retirement". The choice is yours. I took mine for life, and if I die first, my wife will receive 75% of what I'm getting, until she dies. That was also my choice...I could have chosen a different percentage. Of course, the longer the expected payout, the smaller the monthly payment amount.
 
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