10 step pay raises

[vantexan]

It's a points system based on age + years of service. Everyone starts at 3%, then 5, 7, 9%. Why Old Fart only gets 8% is beyond me. You need 75 points to reach 9%. So if hired on at 25, you'll have 75 points at age 50.

I said everyone starts at 3% but if you're hired later in life you'd have enough points, depending how old you are, to go into a higher bracket.

 

[MAKAVELI]

It's a points system based on age + years of service. Everyone starts at 3%, then 5, 7, 9%. Why Old Fart only gets 8% is beyond me. You need 75 points to reach 9%. So if hired on at 25, you'll have 75 points at age 50.

Thanks for the correction it's been awhile since I looked at the plan and it's rules.

 

[Oldfart]

It's a points system based on age + years of service. Everyone starts at 3%, then 5, 7, 9%. Why Old Fart only gets 8% is beyond me. You need 75 points to reach 9%. So if hired on at 25, you'll have 75 points at age 50.

Wrong. Been 8% for several years. Been past 75 points for over 20 years

 

[Fred's Myth]

Wrong. Been 8% for several years. Been past 75 points for over 20 years

Or possibly the company's been cheating you out of an additional 1% for awhile. Now wouldn't THAT be ironic!

 

[Oldfart]

Or maybe vantex doesnt know what he is talking about. Wouldnt that be par for the course

 

[vantexan]

Or maybe vantex doesnt know what he is talking about. Wouldnt that be par for the course

When they gave us the extra 4% during the transition they spelled it out clearly in a handout. I was in the 7% bracket, got an extra 4%=11% total. Top bracket of 9% went to 13%. It was spelled out by them, take it up with them. As to the points, If you started as a courier at 21, the earliest age you can be a courier, you'd reach 75 points at 48 years old. So you are at least 68? And they didn't have the portable pension plan twenty years ago, so what points on what system are you referring to?

 

[vantexan]

Or possibly the company's been cheating you out of an additional 1% for awhile. Now wouldn't THAT be ironic!

Poetic justice!

 

[Route 66]

He has been caught telling so many untruths. EVERYONE screwed him, lied to him and did him wrong. Does anyone but me think he deserved every bad thing that happened to him. Half his claims aren't true because he has contradicted himself on many occasions.

You know you just described the Orange Clown in your avatar to a 'T', right?

 

[SmithBarney]

Why? Why does everything have to be an attempt to bait someone into an argument or a troll job with you?

You've worked at one location your whole career, yet you tell him he's a liar.

I don't get you, dude.

There are plenty of OLDFARTS out there, I work with a few who would walk on your dead carcass before helping you answer a simple question. They also have been in the same location for life, and have no idea that things could possibly be run different in other parts of the country, and will flat out argue that "things like that NEVER happen at FedEx"
Just let them know to save up all those $$$ for a nice shiny casket...

 

[Oldfart]

When they gave us the extra 4% during the transition they spelled it out clearly in a handout. I was in the 7% bracket, got an extra 4%=11% total. Top bracket of 9% went to 13%. It was spelled out by them, take it up with them. As to the points, If you started as a courier at 21, the earliest age you can be a courier, you'd reach 75 points at 48 years old. So you are at least 68? And they didn't have the portable pension plan twenty years ago, so what points on what system are you referring to?

Just hit the 60's and over 40 years with the company. I believe that adds up to over 100 but I could be wrong. I don't know how the points are tabulated, I thought it was age plus years with the company. I maxed out in the traditional by a couple of years and jumped into the traditional back in 2003 or 2004, whenever it came out.

 

[Oldfart]

When they gave us the extra 4% during the transition they spelled it out clearly in a handout. I was in the 7% bracket, got an extra 4%=11% total. Top bracket of 9% went to 13%. It was spelled out by them, take it up with them. As to the points, If you started as a courier at 21, the earliest age you can be a courier, you'd reach 75 points at 48 years old. So you are at least 68? And they didn't have the portable pension plan twenty years ago, so what points on what system are you referring to?

No need to discuss the % with retirement because as usual, you are WRONG. The chart on Retirement.fedex.com on page 53 clearly shows 8% as the max at 75 combined years. It was NEVER 9%.

54 is 5%
55-64 is 6%
54-74 is 7%
75 is 8%.

Proving you are uninformed is just too easy. Just look on the chart on page 53.

 

[Oldfart]

Or possibly the company's been cheating you out of an additional 1% for awhile. Now wouldn't THAT be ironic!

Look above and see how I just showed vantex is lost and uninformed when it comes to the %. Just as he is with about every other aspect of the company.

 

[Oldfart]

Thanks for the correction it's been awhile since I looked at the plan and it's rules.

Might want to reconsider who you take advice from. Tex is 100% wrong. NOBODY gets 3%. The lowest % is 5%.

 

[MAKAVELI]

Might want to reconsider who you take advice from. Tex is 100% wrong.

For me that 1% won't make a bit of difference I'll be long gone before then.

 

[Oldfart]

For me that 1% won't make a bit of difference I'll be long gone before then.

No doubt. But Tex calls me out and makes statements that I am getting shorted 1% and tells newhires that they get 3%. I am getting the proper 8% and newhires get 5%. Tex just doesn't have a clue.

 

[vantexan]

There are plenty of OLDFARTS out there, I work with a few who would walk on your dead carcass before helping you answer a simple question. They also have been in the same location for life, and have no idea that things could possibly be run different in other parts of the country, and will flat out argue that "things like that NEVER happen at FedEx"
Just let them know to save up all those $$$ for a nice shiny casket...

No doubt. But Tex calls me out and makes statements that I am getting shorted 1% and tells newhires that they get 3%. I am getting the proper 8% and newhires get 5%. Tex just doesn't have a clue.

No, I think they changed the percentages since that handout. Know what I saw. But if you want to split hairs when asked about the pension on this thread you immediately said 8%. No other categories. Bad info. I shall now commit hari-Kari.

 

[vantexan]

No need to discuss the % with retirement because as usual, you are WRONG. The chart on Retirement.fedex.com on page 53 clearly shows 8% as the max at 75 combined years. It was NEVER 9%.

54 is 5%
55-64 is 6%
54-74 is 7%
75 is 8%.

Proving you are uninformed is just too easy. Just look on the chart on page 53.

Well let me ask...is it up to 54 points gets 5%? If you start at 21, to get 6% you'd have to work until 38. So yeah, I think the numbers have changed. They're being a little more generous up front than 3%, but making you work a long time for higher numbers. Notice 17 years for that 21 yr old to get to 6%, but only 10 more to 8%. Still that's 27 years of work to get to what isn't that great. Only way for this pension to work for you is if you're a manager or above who keeps moving up, and you stay with the company a very long time. Old Fart will argue I'm wrong but unlike him today's courier doesn't have a traditional pension too. And today's courier better throw everything he can into his 401k. Doesn't make for much of a life but at least he won't starve in the remaining broke down years when he quits at 70.

 

[vantexan]

No doubt. But Tex calls me out and makes statements that I am getting shorted 1% and tells newhires that they get 3%. I am getting the proper 8% and newhires get 5%. Tex just doesn't have a clue.

So? You called me out repeatedly, called me a liar, and demonstrated you don't have a clue about the raises we were getting.

 

[vantexan]

Let's look at this a bit further. Let's say a senior manager is making $150k a year. He's been with the company 27 years, been a mgr/sr.mgr for 16 years. And let's for arguments sake say he's only been in the portable pension plan and 401k. He's 48, qualifies for the 8%. Let's say between contributions and interest his plan stands at $150k. So this year the company will put $12k into his account. Plus every quarter 1% of his balance will be paid as interest. So his first quarter interest is $1500. So with a little compounding he'll get over $6000 in interest. Over $18k for the year. See how if he works until SS retirement age at 67, possibly retiring as a director making considerably more, that his account will snowball. Plus he can afford to max his 401k and invest elsewhere. The company made sure when it went to this plan management was taken care of. Even an ops mgr that never moves up will do fine with this. All the more reason taking away the traditional plan plus holding down our pay was a major screwover for 10's of thousands of employees.

 

[Oldfart]

No, I think they changed the percentages since that handout. Know what I saw. But if you want to split hairs when asked about the pension on this thread you immediately said 8%. No other categories. Bad info. I shall now commit hari-Kari.

I got 8%. You said I was being cheated 1%. I told the person the company contributes 8%, which I got. No idea how old he was.