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FedEx Freight | Portable pension

silent trucker said:
Swampratt: did the American Freightways 401 k have a match higher than 3.5 %? I don't understand your comment about the money that goes into the pension used to go into the 401. Please explain. Thx.

Jethro
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ST, there was a discretionary amount contributed on a regular basis, in addition to the 3.5%. Sorry If I can't recall the details or specifics.

I do recall asking about it at the time. When pressed, I was told THAT discretionary (401k) $$ would fund the newly created Pension. Kind of dampened all the hoopla surrounding the celebratory pension announcement. Leadership has loved me ever since <insert sarcasm>.
 
SwampRatt said:
ST, there was a discretionary amount contributed on a regular basis, in addition to the 3.5%. Sorry If I can't recall the details or specifics.

I do recall asking about it at the time. When pressed, I was told THAT discretionary (401k) $$ would fund the newly created Pension. Kind of dampened all the hoopla surrounding the celebratory pension announcement. Leadership has loved me ever since <insert sarcasm>.
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it was automatic 1% weather you contributed or not. it was taken away to create the pension. so they took away money that we were able to control and started this ::shit:: ass pension and now they are getting rid of it. PEOPLE FIRST, right
 
SwampRatt said:
ST, there was a discretionary amount contributed on a regular basis, in addition to the 3.5%. Sorry If I can't recall the details or specifics.

I do recall asking about it at the time. When pressed, I was told THAT discretionary (401k) $$ would fund the newly created Pension. Kind of dampened all the hoopla surrounding the celebratory pension announcement. Leadership has loved me ever since <insert sarcasm>.
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For some reason 6% comes to mind. On a positive note, after 20+ years and plenty of grey, the last pension payment pushed me just over the $40,000 level. Drivers frequently ask when I can retire. I always say next week if my lotto numbers are drawn.
 
The pension here is a joke. I ran the numbers and if I keep the pension after 40 years of service I will have a lump sum of $299,194. If I take the new 8% match over 40 years it will add approximately $500k+ I’m leaning towards the new match but I don’t trust them to keep it at 8%.
 
Holo989 said:
The pension here is a joke. I ran the numbers and if I keep the pension after 40 years of service I will have a lump sum of $299,194. If I take the new 8% match over 40 years it will add approximately $500k+ I’m leaning towards the new match but I don’t trust them to keep it at 8%.
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I don't trust them to keep it either, but I also don't trust them to keep the pension once most people switch over. They might keep it for a bit for those closer to retirement, and then shut it down.
 
Boats n hoes said:
You know what amazes me and what I've learned as a real eye opener is how many assholes work for this company. It's apparent right here on this board. I can make a simple reply and in my reply it had everything to do with me and not anyone else but here comes the swarm of bees to sting you. I imagine that it's a possibility that I may work with some of you and I'm pretty sure the anonymity of this board emboldens you to be even nastier than you normally would. You talk about money and how that's not important but have you ever considered how you talk to people? Must be a real sensitive subject for sure. Maybe mixed with some jealousy too. We all have our priorities and what's important to us. I was never being reflective on what I'm doing is what anyone else should be doing but by God some of these responses you would think I personally did something to you. I'm normally very quiet on here and have been for some time but you all have taught me something. If something might not jive with another's reality then hold my tongue. You'll be accused of lying and FoS or you'll be accused as being part of management. You will have assumptions on how much you make when I never was specific only gave examples. You wonder why I don't get specific its because of exactly what I'm seeing here on this board. If your willing to cause this much **** over something simple imagine what you would do or say about to that fellow employee in real life. I'm not the only one that had something slung at him. Ok boomer...Is that meant to be insultive to that guy because he's older? Is that designed to deligitimize him so whatever point he's about to have is irrelevant. Amazing. Some of you are decent ppl but some of you others are real ********s and I got to wonder if years of doing this has turned you into angry sobs. That's all I got. Feel free to rip into me some more. I'm expecting it.
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There just miserable, that’s all
 
Holo989 said:
The pension here is a joke. I ran the numbers and if I keep the pension after 40 years of service I will have a lump sum of $299,194. If I take the new 8% match over 40 years it will add approximately $500k+ I’m leaning towards the new match but I don’t trust them to keep it at 8%.
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I assume your probably in your 20’s and if so and you would have $299,194 pension when I retire, remember that you didn’t put $1 of your own money into that pension ,also you don’t have to worry about losing it either like you could in the 401k with a few years of bad economy. You should stay w the pension , do the normal company match that it is now and if u could afford more then do it. Then go
Open a ROTH IRA w vanguard or Schwann
And put as much as you can into (after tax)so when ur ready to retire you will have a very good nest egg on your pre tax amd post tax investments. I definitely want to have both or you will be killed w taxes when your ready to take your RMD’s on top of Social security. If and when I retire you can keep pension and do Annuity w life payments monthly and that including your wife can and will receive if you pass away
 
silent trucker said:
Swampratt: did the American Freightways 401 k have a match higher than 3.5 %? I don't understand your comment about the money that goes into the pension used to go into the 401. Please explain. Thx.

Jethro
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Yes, up until 2007 I think when the ppa started, they put a lump sum in our 401k every year beyond the match they did for the year. I believe they called it a discretionary amount. It was in addition to the match. That's the money they used for the ppa.
 
rdkjrss said:
If u only had 30 grand in your acct after 18 years u were either getting ripped off or u were saving like 30 bucks a month ....
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No, you just can't perform basic math,or can't understand the concept.
For starters, your statement "only saving 30 bucks a month..." denotes that you simply do not grasp how the pension works.
 
soochee64 said:
I assume your probably in your 20’s and if so and you would have $299,194 pension when I retire, remember that you didn’t put $1 of your own money into that pension ,also you don’t have to worry about losing it either like you could in the 401k with a few years of bad economy. You should stay w the pension , do the normal company match that it is now and if u could afford more then do it. Then go
Open a ROTH IRA w vanguard or Schwann
And put as much as you can into (after tax)so when ur ready to retire you will have a very good nest egg on your pre tax amd post tax investments. I definitely want to have both or you will be killed w taxes when your ready to take your RMD’s on top of Social security. If and when I retire you can keep pension and do Annuity w life payments monthly and that including your wife can and will receive if you pass away
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Good point sir, I am currently doing this and it sounds like it’s the best option for me.
 
Streaker69 said:
And even if you could, who wants to work that much?
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There are guy's that do it! Had a guy here make 160k. Runs 614 mile run. Bid the last spot when he could have gotten a earlier one on same bid just so he can get delay. Gets mad if he gets turned. Works every holiday he can. Been known to hostle on Saturday morning if they need help...
 
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