10 step pay raises

[Oldfart]

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.

Think you are shorting a 27 year senior a few $.

 

[Oldfart]

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

I admitted months ago I had no idea what raises others got. I don't even know what others make. Not my style to ask others their business. But you said you got 6.5% or more in raises.

THEN complained that topped out people got bigger raises and made more than you.


The transition credits started at 2% and topped out at 5%. The compensation credits were NEVER 9%.

 

[vantexan]

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.

No, I never said you were cheated 1%. That was someone else. But when someone asked how the plan worked you said 8%.

 

[vantexan]

I admitted months ago I had no idea what raises others got. I don't even know what others make. Not my style to ask others their business. But you said you got 6.5% or more in raises.

THEN complained that topped out people got bigger raises and made more than you.


The transition credits started at 2% and topped out at 5%. The compensation credits were NEVER 9%.

Nope, for those of us over 40 forced into new plan we got an extra 4% for 5 years. And again, we got up to a 7% raise based on our review while we were under that raise scheme. I pointed out that later when they reduced midrange raises to 2% they were giving 3% raises to topped out couriers. At that point top out was about $9hr more than starting pay. And your 3% raises were double or more what many of us were getting with 2%. We're struggling to make ends meet, we pay the same for insurance as top out, we have less vacation, usually heavier rts, and they give you much bigger raises. That's the point of my complaint. Am I lying? If so, where?

 

[vantexan]

Think you are shorting a 27 year senior a few $.

It's called an example. And I knew seniors making $120k 5 years ago. Depends on the market they're in.

 

[Schweddy]

Come on Van..what are you doing with your retirement spending time on here? Especially this much time engaging the biggest loser in Fedex history.

 

[Oldfart]

No, I never said you were cheated 1%. That was someone else. But when someone asked how the plan worked you said 8%.

Yep I got 8% That is how the plan works.

 

[Oldfart]

Come on Van..what are you doing with your retirement spending time on here? Especially this much time engaging the biggest loser in Fedex history.

People keep mentioning I have 2 pensions and I am topped out and get mad because I have it better than them and then you call me a loser. Kind of ironic. I thought we weren't supposed to call people names. I quit calling tex a tool, yet you want to call me a loser.

 

[Oldfart]

No, I never said you were cheated 1%. That was someone else. But when someone asked how the plan worked you said 8%.

Dude, you said I needed to take it up with THEM as to why I was only getting 8% instead of 9%. I was never due 9% but you said THEY were shorting me 1%. There you go changing your story again.

 

[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?

 

[Schweddy]

I don't care what you do or don't do..you're a piece of work

 

[vantexan]

Dude, you said I needed to take it up with THEM as to why I was only getting 8% instead of 9%. I was never due 9% but you said THEY were shorting me 1%. There you go changing your story again.

Company puts in 8% of last years gross income every June. I just got last years. That money then draws 1% each qtr.

This is what YOU said.

 

[vantexan]

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?

This is what I said.

 

[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.

This is what I said.

 

[vantexan]

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

I didn't say you were being cheated, he did, jokingly.

 

[Oldfart]

I don't care what you do or don't do..you're a piece of work

Lol. With 2 pensions and a salary that you will never make. Jealousy is never a good thing. Bummer

 

[Schweddy]

I'm not jealous of you one bit. I detest egos like you. Nobody here has to answer to your entitled, privileged, narcissistic, sociopathic bs.

It's the same mindset you expect your coworkers to put up with because you're the bosses pet, dude.

 

[vantexan]

Lol. With 2 pensions and a salary that you will never make. Jealousy is never a good thing. Bummer

And yet you go off on us about not being happy with much less pay and an insufficient pension.

 

[refineryworker05]

My 401k is FAR superior to my pension. Even though I have 2 pensions, my 401k is gonna allow me to retire comfortably

You made a completely irrelevant point. How one individual person's 401k performs is not a point worth discussing.

The data on 401k performance for most workers is very clear. It is terrible. It doesn't provide adequate retirement savings.

This is how I look at pensions and 401k's.

A pension that pays out $20,000 per year is the equivalent to a 401k with $500,000 because the 401k can run out of money, financial advisors suggest not taking out more than 4% of your 401k in any year. So that 4% of $500,000 is $20,000

A pension that pays out $40,000 a year is equivalent to a 401k with $1,000,000.

Now what percentage of workers ever reach having $500,000 or more in a 401k?

401(k) Plan Savings - Is Your Aging Workforce Saving Enough for Retirement? - Carlson Capital Management

A recently published U.S. Government Accountability Office (GAO) analysis of a 2013 Survey of Consumer Finances found that 41 percent of U.S. households age 55 – 64 have no retirement savings. 61 percent have less than $50,000 saved for retirement and only 9 percent have more than $500,000 in retirement savings. In fact, the GAO calculated that of the 59 percent that has money saved for retirement, the median amount saved is $104,000.1 This equates to about $310 per month in an inflation-protected annuity for the average 60 year old person.

 

[vantexan]

You made a completely irrelevant point. How one individual person's 401k performs is not a point worth discussing.

The data on 401k performance for most workers is very clear. It is terrible. It doesn't provide adequate retirement savings.

This is how I look at pensions and 401k's.

A pension that pays out $20,000 per year is the equivalent to a 401k with $500,000 because the 401k can run out of money, financial advisors suggest not taking out more than 4% of your 401k in any year. So that 4% of $500,000 is $20,000

A pension that pays out $40,000 a year is equivalent to a 401k with $1,000,000.

Now what percentage of workers ever reach having $500,000 or more in a 401k?

401(k) Plan Savings - Is Your Aging Workforce Saving Enough for Retirement? - Carlson Capital Management

A recently published U.S. Government Accountability Office (GAO) analysis of a 2013 Survey of Consumer Finances found that 41 percent of U.S. households age 55 – 64 have no retirement savings. 61 percent have less than $50,000 saved for retirement and only 9 percent have more than $500,000 in retirement savings. In fact, the GAO calculated that of the 59 percent that has money saved for retirement, the median amount saved is $104,000.1 This equates to about $310 per month in an inflation-protected annuity for the average 60 year old person.

Which is exactly why the onus to save for retirement was put on the workers. Traditional pensions were guaranteed money. Not to mention with the 401k system the workers help corporate exec's get wealthier with their contributions. Those contributions are used to buy stocks in large amounts when dividends are due. The demand drives up the price and the exec's cash in stock options. Major corporations hold public meetings with Wall Street firms represented every year. Listened to one back in I think it was around 2011-12. Fred S referred to the Wall Street firms as "our partners." Exactly why they give matching funds to 401k contributions. System is making them rich(er).