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FedEx Freight | Seniority

dsh69 said:
Any particular length of time or from the first day? With the new 401k thinking it might be worth it to quit, get the pension money and then rehire and put into the 401K.

Any holes in that plan?
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I think you have to work here for 3 years to be vested in the pension plan so if you’re under that there’s no point.
 
dsh69 said:
Any particular length of time or from the first day? With the new 401k thinking it might be worth it to quit, get the pension money and then rehire and put into the 401K.
Any holes in that plan?
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No, there is no timeframe. You quit, and that's that. You could get hired the next day, and lose everything. Basically the same as you never had worked there at all.
Uh, yeah. Quite a few thins wrong with the "plan" I'd say.
Do a little more research, you dont have all the info. Also, your "plan" is that of a 16yr old with a "scheme"

First off, you have to be vested.
2nd, the amount that's in your pension plan probably isn't that substantial.
3. Quit, get the pension money, then rehire?
You will have the option to roll your pension into the 401k plan anyhow, without quitting.
4. Hell of a gamble to quit a job and assume you'd get rehired.


Honestly, you thought you found a loophole to get a jump on your 401k by taking what you already have, and giving it to yourself? All of which is exactly what will happen,, without you quitting the job.
 
No F-bdy Bs said:
No, there is no timeframe. You quit, and that's that. You could get hired the next day, and lose everything. Basically the same as you never had worked there at all.
Uh, yeah. Quite a few thins wrong with the "plan" I'd say.
Do a little more research, you dont have all the info. Also, your "plan" is that of a 16yr old with a "scheme"

First off, you have to be vested.
2nd, the amount that's in your pension plan probably isn't that substantial.
3. Quit, get the pension money, then rehire?
You will have the option to roll your pension into the 401k plan anyhow, without quitting.
4. Hell of a gamble to quit a job and assume you'd get rehired.


Honestly, you thought you found a loophole to get a jump on your 401k by taking what you already have, and giving it to yourself? All of which is exactly what will happen,, without you quitting the job.
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I have not heard of ANY option of rolling our pension money into the new 401k. It will sit there earning the paltry 2% - 4% until you quit or retire. I have yet to actually find what the vesting period is other than anecdotal.

Yes, the only problem I find so far is to assume you'd be rehired. So probably not a good idea in the Winter. Summertime? Could be an option as long as you get an "eligible for rehire" when you outprocess. Other than that, if one has a decent amount in the plan, and not eligible for 3 weeks vacation, I see this as an option.
 
dsh69 said:
I have not heard of ANY option of rolling our pension money into the new 401k. It will sit there earning the paltry 2% - 4% until you quit or retire. I have yet to actually find what the vesting period is other than anecdotal.

Yes, the only problem I find so far is to assume you'd be rehired. So probably not a good idea in the Winter. Summertime? Could be an option as long as you get an "eligible for rehire" when you outprocess. Other than that, if one has a decent amount in the plan, and not eligible for 3 weeks vacation, I see this as an option.
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You are not informed.

Starting next year, Fx will ELIMINATE the pension plan fkr all new hires moving forward. Only the 401k will be an option for those hired after xx date, in 2021.

For the other employees, you will have a one time option to stay in the pension plan, or have what you have earned in the plan rolled into your 401k,with a higher company match.


Even if that wasn't the case, your plan to quit and assume you'd just get rehired is absurd. You're assuming that Fx would be hiring, and it is a STRONG possibility that they will not be, given their current state.


Also, how long have you been with Fx? If you are not at 3 weeks vacation, you have less than 7yrs in, and I'd bet you don't even have $2500 in the pension.
Unless it's 20+ yrs, you have very little in your pension.

A 15yr employee, that averaged a salary of $50,000 may, MAY have $20,000 in his pension.



From any angle, your plan is absurd.
If you were even slightly paying attention to your 401k this past year, you should have made a 25% return. If you did nothing whatsoeve, I can't imagine anyone doing worse than 12% in 2019.
 
dsh69 said:
I have not heard of ANY option of rolling our pension money into the new 401k. It will sit there earning the paltry 2% - 4% until you quit or retire. I have yet to actually find what the vesting period is other than anecdotal.

Yes, the only problem I find so far is to assume you'd be rehired. So probably not a good idea in the Winter. Summertime? Could be an option as long as you get an "eligible for rehire" when you outprocess. Other than that, if one has a decent amount in the plan, and not eligible for 3 weeks vacation, I see this as an option.
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No F-bdy Bs said:
You are not informed.

Starting next year, Fx will ELIMINATE the pension plan fkr all new hires moving forward. Only the 401k will be an option for those hired after xx date, in 2021.

For the other employees, you will have a one time option to stay in the pension plan, or have what you have earned in the plan rolled into your 401k,with a higher company match.


Even if that wasn't the case, your plan to quit and assume you'd just get rehired is absurd. You're assuming that Fx would be hiring, and it is a STRONG possibility that they will not be, given their current state.


Also, how long have you been with Fx? If you are not at 3 weeks vacation, you have less than 7yrs in, and I'd bet you don't even have $2500 in the pension.
Unless it's 20+ yrs, you have very little in your pension.

A 15yr employee, that averaged a salary of $50,000 may, MAY have $20,000 in his pension.



From any angle, your plan is absurd.
If you were even slightly paying attention to your 401k this past year, you should have made a 25% return. If you did nothing whatsoeve, I can't imagine anyone doing worse than 12% in 2019.
Click to expand...

For the other employees, you will have a one time option to stay in the pension plan, or have what you have earned in the plan rolled into your 401k,with a higher company match.


That is incorrect. I have not heard that. If that were the case then I would not even be considering this. My understanding is the amount you have in your existing pension WILL STAY IN YOUR PENSION and any new amounts you contribute to your 401k will be matched as previously explained. The only option you have is to stay with the existing pension system where your 401k will be matched at 50% up to 6% and your existing pension will NOT be added to but will continue to grow at the previous 2%-4% amount.
 
dsh69 said:
For the other employees, you will have a one time option to stay in the pension plan, or have what you have earned in the plan rolled into your 401k,with a higher company match.


That is incorrect. I have not heard that. If that were the case then I would not even be considering this. My understanding is the amount you have in your existing pension WILL STAY IN YOUR PENSION and any new amounts you contribute to your 401k will be matched as previously explained. The only option you have is to stay with the existing pension system where your 401k will be matched at 50% up to 6% and your existing pension will NOT be added to but will continue to grow at the previous 2%-4% amount.
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Oh, and I have less than 7 years but 9K in my pension.
 
dsh69 said:
Oh, and I have less than 7 years but 9K in my pension.
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That seems really low. You get at least 3% in your pension based on age and yrs of service. It doesn't get transferred into 401k as previously stated. Starting over also assumes its busy enough to hire you and would you work at bottom of list?
 
No F-bdy Bs said:
Assuming you're right, ,
You're willing to roll the dice on a $100,000yr job, so you can take $9k and put it in your 401?
What reality do you live in where this makes sense to you?
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I'm just gameplaying this because we're stuck with our pension where it's at regardless if we take the new 401k or not.

If what you're saying is true, that we can take our pension and roll it into our 401k, then it's a no-brainer. However, I have heard that is not the case! We have a few months to figure this out. I'm going to keep my eyes open and decide later what is best.

I still think that quitting and getting rehired may be an option depending on the circumstances
 
It's still too early. We'll find out this summer what our options are. If we could roll it over or take the lump sum. Those were the options we had when Watkins did away with the pension.
 
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