Yes we are all in this together. We are after all the loyal subjects of his majesty King Fat Freddy. For you retired guys it all depends on King FF's willingness to keep your pension fund solvent and paying benefits to you and to those who hope to retire with something to live on.
FedEx stock is crashing and burning. What do you think the future will be?
- Thread starter fedx
- Start date
Fred's Myth
Nonhyphenated American
And what, exactly, is the current nature of your personal relationship with FedEx?
A struggling contractor still owes me for 16 months worth of payments for having provided 100% of the financing for his purchase of my contract. His father was the president of the bank where this guy banked but even his own father's bank wouldn't lend him a dime to buy the contract. Keeping my fingers crossed hoping that he can make it to the end.
Fred's Myth
Nonhyphenated American
So you, recognizing the 99% probability for failure, financed the purchase of your own sale.
I'd bet you co-sign loans for your jobless children, too.
Not 99% but 60% was a real possibility when I let this kid who was in desperate need of additional routes have the contract. But, I had a hunch that his father wouldn't let him fail but also knew that given the ongoing consolidation in the number of contractors he would not likely be in it long term
After this peak seasons debacle there will likely be at least some if not many contractors who will dance with the reaper.
Cactus
Just telling it like it is
Not real sure exactly how it all works but MetLife handles the FedEx pension annuities since mid 2018.
Serf
Well-Known Member
I believe you are correct. Basically Express just paid MetLife to be responsible for it, not them.
METLIFE TO PROVIDE PENSION BENEFITS TO APPROXIMATELY 41,000 FEDEX RETIREES AND BENEFICIARIES
FedEx sold the traditional pension to MetLife.
MrFedEx
Engorged Member
A decision I agree with and am happy about.
Cactus
Just telling it like it is
59 Dano
I just want to make friends!
Ain't it funny that the guy browbeating us with his business expertise pulled such a boneheaded move? The only way it'd be funnier is if he told us it's a handshake deal.
Formal sales contract and a formal financing contract at an interest rate significantly above what 10 year treasuries have paid during the length of the loan as well as the condition whereby if the buyer failed to make the required installments for 3 consecutive months he will have defaulted and the route contract comes back to me.
Those were my terms and not those of the attorney. If fact a couple of guys at the station borrowed my sales contract and copied almost word for word the very same terms when they sold their contracts .
So let's hear what you have to say Dano because no one else in the entire universe is a smart as you are as clearly evidenced by your very clever and astute decision to go crawling back to Fat Freddy and beg him to give you for your job back. I'm not even going to try to top that one. It was simply an outstanding example of career advancement.
59 Dano
I just want to make friends!
You sold a job that you couldn't do anymore to a guy who can't get financing from anyone else and you have to take the job back if he flops - which, according to you, is very possible. Tell me again how smart you are.
And what's with this "crawling back" thing that you're getting stiff over? Left a position (mainly due to my boss) for a better one at another company, then left that one for yet a better one back with FedEx. People with options can do that. Think about that tonight when you're losing sleep over whether the chump you tried to screw will be able to pay you back.
MrFedEx
Engorged Member
Exactly. Fred wouldn't have sold it if it didn't benefit him, but I'm glad his greedy little fingers can't touch it.
MrFedEx
Engorged Member
From Ops Manager to better job and back to Ops Manager. Yep, you're really making the moves, but I kind of doubt your story.
Here's the probable real one:
1. You fool some company into thinking you have merit and meaningful experience.
2. You're there for a week, and they are realizing that you were a terrible hire, totally incompetent, and absolutely, positively unfit for the position.
3. FedEx, always desperate for anyone to be a manager, takes you back and tells you that you're "special".
An "option" of going back to FedEx isn't really worth more than a piece of used toilet paper.
What makes you think I couldn't do it anymore? In addition I would have simply sold it to another contractor . And as far as the boss you mentioned, he would have no doubt grown pretty tired of having your Mom calling him up everyday and raising hell about the way her precious little boy was being treated which in turn explains why you're working out of her basement these days.
Cactus
Just telling it like it is
Serf
Well-Known Member
I see where you guys are coming from. Point noted. And yes, one would agree that you wouldn't want Fedex in charge of the trad pension funds. (Never know what they might do)....
But I can't help thinking it is more of this: All those thousands of folks who gave us 20-30+ yrs of service to help build us into what we are now; we can't stand the thought of paying you monthly for the rest of your life. So we brokered a deal where we don't have to. BZ, thank you for your service.
Dano is just another privileged little preppy living in his sheltered little world. They are pathetic little things indeed.
Cactus
Just telling it like it is
That’s pretty much Smith’s mindset. He’s long forgotten that a lot of people made FedEx successful.
As far as the pension goes, glad Smith can’t touch it now. Not only glad for myself but for thousands of others that worked hard for many years and deserve their money.
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