XPO | Well Here It Is!!!!!!

[Root Access]

I am curious to know how the changes will effect guys that have been there awhile. Lets say a 10 year man, how will these changes effect him or her? Or is the only change going to be new hires wont be part of the pension?

 

[conway cruzer]

Amen!

I've got a clue... I think everybody is full of :: and nobody has any idea what the hell is going on. We will all find out tomorrow in our weekly communication meetings...

DITTO! DITTO! In just a few hours the truth will be found out then we'll know for sure!

 

[bulldogg]

IMHO : they would not pull people in on a sunday for 401k and pension issue's.......:mfight:

 

[Teamster251]

None of my business but, if they don't provide the pension for new drivers, won't that make new drivers more appealing to the bottom line?

Just wondering

Very good point Jeff.

New Hires are less of a company long term investment.

 

[Teamster251]

IMHO : they would not pull people in on a sunday for 401k and pension issue's.......:mfight:

The 401k's and pension issues are probally a smoke screen.

A Sunday meeting? Sounds more pressing to me.

 

[Ftgt101]

It was pension, 401K and the 5 pto days. A lot of good info, but too much to cover in a forum. I will say the pension stays, but is restructured. The 5 pto's you can use, carry over or cash them out to your pocket or 401K I liked the options on that. Conway will now hit the match of 3% is now bumped to 6% on the 401k. There is a lot to it more than I can peck out on the ole keyboard, but as good advise my first conclusion or immediate response was negative, but I actually like the fact that they give us more control. The hour meetings on Monday will not be able to cover, but about a 1/3 of the info so as a suggestion read your packets that you will be given a couple of times and get your thoughts together on what you need to ask and bring it to your dock FOS's. The VP Tom C.was in our meeting with Chet and it went very well. MOst of the response I saw was good. The fact that for those of you that do not call in sick actually get rewarded for not doing that was one thing I really liked. It felt that as a former DSR they took our needs into a great part of the decision making.



As far as the rumors go we did not buy or sell to anyone. Nor are we going to as was promised by our leaders. We will be charging dsr's and fos's $1.00 for all LOI's to help the Conway economy. LOL sorry could not resist. OH and one I forgot to add the Health plan stays the same! That shocked me I fully expected them in the way the health care world costs go to have to push up our payout, but no change on that. Just when I thought I was going to see alot of bad changes they curved it and made me actually happy with the changes they made. The bad thing about tommorrow is the time in which you have to get all the info I wish they could have actually set up a meeting like we had for DSR's. We started at 0915 and ended at 1420. I hope I helped ease some of the same fears I had going into this. I will try to answer questions as I check the board but I still do not know all of it I am trying to read through all of the info. I as an FOS if I do not have the answer will get it answered for you.

please no last names

 

[wonderring99]

well I hope you are not yanking our chain. There are alot of upset people about this "meeting". I am a dsr in the "largest" terminal and we have a lot of 20 year dudes. These guys are spreading anything and anything that it is all bad. I hope you are correct because if this is correct what you are saying there will be a lot of sighs of relief. :confused:

 

[Ftgt101]

Yea took a lot of stress off, the reason for all of us being held in the dark so long is they could not vote untill friday. So no way to tell us on something that they had not or could not do. I just wished they would have squashed the B.S. stuff about being bought out or sold to every company including McDonalds by the time this ended. I thought I was going to have to go back to OTR starting tommorrow the way it was all blown up with the rumors.
I would not lie you not my style and I think we have had enough bs these past couple of weeks to last us for a long time to come. Plus I am ready to get back to normal. NOw I feel the focus is getting everyone up to speed and get back to taking care of buisiness and making money. Which since all the rumor mills has not felt to stable.

 

[conwayfool]

I think Ill sleep better tonite. Thanks FTG

 

[Ftgt101]

Just wanted to ease the pains of the unknown. I'll try to keep checking the board.

 

[wonderring99]

cwf is a good job on paper. I would hate to see some guys make kneejerk decisions over cb cell phone and dock rumors

 

[StrokerAce]

I will say the pension stays, but is restructured.

Can you give any more detail on this?

 

[Ftgt101]

After Dec 31 2006 the credited service stops growing. However benefits can continue to grow as pay grows, The growth will be slower. The final average after 2016 will stop growing. So my understanding or lack there of is that The guys that have been in the pension a year as of Dec 31 are in, but no new contributors. The highest 5 years of earnings will determine final compensation instead of the last five and they do not have to be consecutive. They are shifting to more potential increase in the 401k. mainly to avoid the upswing and downswing of the way the old plan worked. They also have made it to where you are now allowed to give your bene's too whom ever you decide as of where before it was you and spouse and if you both passed on noone got anything. you can also roll the pension into the 401k or as you choose, instead of no choice, as was my understanding from this morning. there is more to it, but this will give you a descent base of understanding I hope.

 

[conwayfool]

So if Ill have a year in as of dec 31st 06 Im going to get roughly 500 bucks a year instead of 10000 when I retire?

 

[StrokerAce]

After Dec 31 2006 the credited service stops growing. However benefits can continue to grow as pay grows, The growth will be slower. The final average after 2016 will stop growing. So my understanding or lack there of is that The guys that have been in the pension a year as of Dec 31 are in, but no new contributors. The highest 5 years of earnings will determine final compensation instead of the last five and they do not have to be consecutive. They are shifting to more potential increase in the 401k. mainly to avoid the upswing and downswing of the way the old plan worked. They also have made it to where you are now allowed to give your bene's too whom ever you decide as of where before it was you and spouse and if you both passed on noone got anything. you can also roll the pension into the 401k or as you choose, instead of no choice, as was my understanding from this morning. there is more to it, but this will give you a descent base of understanding I hope.

Thank you for the information.

 

[RoadRage76]

Amazing, the reason for the meetings to be scheduled like this is so it is all rolled out at the same time to prevent misinformation from being spread amongst the DSR's prior to the official word.

Now you know the exact reason why they kept everything so secretive, because certain people in lower management can't follow protocol and wait for the Monday communications meeting like they were supposed to do.

 

[El Patron]

Signs of Pension Abuse:

Increasingly employees are asked to make voluntary or mandatory contributions to pension and other benefit plans. This is particularly true for 401(k) savings plans. These plans allow you to deduct from your paycheck a portion of pretax income every year, invest it and pay no taxes on those contributions until the money is withdrawn at retirement.

An anti-fraud campaign by the Department of Labor uncovered a small fraction of employers who abused employee contributions by either using the money for corporate purposes or holding on to the money too long. Here are 10 warning signs that your pension contributions are being misused.

Your 401(k) or individual account statement is consistently late or comes at irregular intervals

Your account balance does not appear to be accurate

Your employer failed to transmit your contribution to the plan on a timely basis

A significant drop in account balance that cannot be explained by normal market ups and downs


401(k) or individual account statement shows your contribution from your paycheck was not made


Investments listed on your statement are not what you authorized


Former employees are having trouble getting their benefits paid on time or in the correct amounts


Unusual transactions, such as a loan to the employer, a corporate officer, or one of the plan trustees


Frequent and unexplained changes in investment managers or consultants


Your employer has recently experienced severe financial difficulty

 

[StrokerAce]

Amazing, the reason for the meetings to be scheduled like this is so it is all rolled out at the same time to prevent misinformation from being spread amongst the DSR's prior to the official word.

Now you know the exact reason why they kept everything so secretive, because certain people in lower management can't follow protocol and wait for the Monday communications meeting like they were supposed to do.

Well I am for one glad that some of the management came in here and gave us a heads up on what to expect on Monday. It gives me some idea of what I need to ask during the meeting. I don't know how much "misinformation" was spead here Sunday, but I guess we'll find out soon. If it took them five hours to tell management about the new retirement plan Sunday, I doubt that I will get all the information I need to know in a hour long meeting Monday.