If you have income that'll cover your expenses and you are content then you'll have a great retirement. If your income barely enables you to survive and you feel you're locked down without income to buy something you want, can't afford the kind of food you like, can't afford more than eating out at fast food places a couple times a month, if at all, can't afford to travel, can't afford to keep a pet or a cellphone, have to turn off the cable, have to take public transportation, that sort of thing, you may be dissatisfied with your situation. Especially when your income would get you a nice apartment, eating out regular, going to movies in English, taking off for a beach or mountain holiday, having maid service which may become necessary as you age, watching American tv over excellent internet, etc in a number of other countries. Not a life of luxury but a comfortable existence. If you can do all of that in the States then stay in the States, it'll be overall easier since you speak the language and know the culture. I won't but that's fine with me.
retirement
- Thread starter NC man
- Start date
floridays
Well-Known Member
I'm not aware of anyone twisting Federal Express arm when they instituted the defined plan.
Help me out on this, I'm gonna need it.
Many stay in the military 20+ years. You don't think they should get a pension? And your statement about no employer should be tied down to 20+ years of providing a salary in a pension. If the employer offers that as part of your compensation and tells you every year where you stand and what you'll get when you retire, then yes they should pay you what they said they would. Don't make promises you have no intention to keep. Otherwise it was just lies to lure you in. You don't seem to be bothered about the company lying. Is it because we're just chattel to be used to make management wealthy?
floridays
Well-Known Member
I think he framed it incorrectly, I'd have to read the initial post to decide.
I will go with what you quoted.
No one that comes to Fedex and touches a box for their whole career should expect to be wealthy.
It is reasonable to say, granted the growth of the company, size wise and revenue that corresponding increases should be inline. Wages and increases should be planned, not an after thought at the end of the fiscal year. It shouldn't be, 'Do we have enough to throw out a raise and if so will all work groups get one.'
Precisely the reason I say Fedex employees should unionize and bargain collectively.
This is said by a man that does not prefer unions.
If companies prove they deserve a unionized work force, so be it.
In my mind Fedex as a corporation has earned this.
It will not happen, but their practices pertaining to certain segments of employees prove they deserve it.
Just my opinion.
floridays
Well-Known Member
Especially the ones that had the defined pension ripped from them after they affirmatively chose to remain in the plan?
Can/will you refute this?
Just to help you a bit, don't just target @vantexan 's situation.
Many more have been affected that never left the company. I talk to them every day. To be truthful, not everyday, but enough to know there is a problem and the best solution with what is left with their career . Can you figure out the course of action I tell them to pursue quietly?
It's collective bargaining, it comes only one way.
Before you denigrate me, I'll bet my Johnson has a bigger swing than yours.
I've made it my life's passion, the only part of my life I exhibit patience in.
I know your game, let the insults flow.
DeathPanel2020
Member
So I pay a "premium" and Fedex would pay me back? Guess I'm confused how it works. Fedex just doesn't put the money in the account, until I exhaust the money?
I will be calling the benefits department, which of course is very busy on a Monday morning. Just trying to get my questions in order.
*sigh*
falcon back
Well-Known Member
FedEx reimburses you each month for that months premium. You pay the premium via direct withdrawal each month, about 2 weeks later, you will have a direct deposit for the same amount to pay you back. The money is not deposited into an account all at 1 time.
talked to retirement this morn, it was mentioned ,in this thread, you can delay taking your traditional pension and get more money each year you delay. This is not true. Once you retire they will ask you to decide how you want your TPB , 100% to you til death, or 50 75 100% etc to spouse upon your death in which case the monthly pension amount will differ. There is also the soc sec leveling option, if chosen the spouse must agree because once you die the pension payment ends if the spouse is still living. At FRA (full retirement age) the amount drops since you are taking SS and again if you die before your spouse that lower payment stops. For me SS leveling at 62 is about 2700 month, then at 67 would drop to 660 and SS would be around 2500 month according to SS website.
Your PPA can be taken in lump sum and moved to rollover IRA to avoid the tax hit you would have if sent directly to you, you can of course take as monthly payment also. My ppa at 62 is about 98k so I will definitely set up a rollover IRA and have sent to that account to avoid taxes on lump sum. O friend course when you take money out it will be taxable.
Your PPA can be taken in lump sum and moved to rollover IRA to avoid the tax hit you would have if sent directly to you, you can of course take as monthly payment also. My ppa at 62 is about 98k so I will definitely set up a rollover IRA and have sent to that account to avoid taxes on lump sum. O friend course when you take money out it will be taxable.
Fred's Myth
Nonhyphenated American
falcon back
Well-Known Member
You got bad info. When you get your new password, do the math on the chart. Retire today, start drawing Sept 1, 2020, you get your set amount. Retire today, start drawing Sept. 1, 2021, your monthly increases by 10%. Doodlebug figured out when she checked it out. I really don't care who believes me or who is smart enough to get a 10% return by delaying their pension. It is there for everyone to see on the retirement website
falcon back
Well-Known Member
Who takes financial advice from a fella that lives in their car? NC got bad info. Just ask doodlebug. I talked to retirement just last week and got them to confirm my chart estimates. I am sorry Texan has to live in his car though. That is very sad.
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dezguy
Well-Known Member
I thought you already retired? Remember, you sulked away with the lame excuse your "wife" won on a lotto scratcher? LOL. What a loser!
Funny that you never mentioned that you talked to retirement last week until now. NC man got the same info the rest of us got. I would urge anyone curious or concerned to call retirement administration. Ask them something like if they are supposed to get $30,000 a year at 60 will they get $33,000 at 61 if they wait until then? With compounding will they get $60,000 at 67 if they wait to take their pension? Tell them you got it on good word from some old fart that FedEx is eager to give retirees much more in retirement if they are willing to wait. That this old fart says there's even a chart online that states this. Be prepared for a lot of laughter and quoting the line in Forest Gump where the man asks Forest if he's stupid or something?!!
"Here in my car
I feel safest of all
I can lock all my doors
It's the only way to live
In cars"
falcon back
Well-Known Member
Hey Texan. I posted here that had talked to retirement. Like I said, I don't care who believes me. If they were smart enough, they could use the chart of the website to confirm the figures. It is just like waiting on collecting SS. You get 8% a yr increase for every year you delay taking it. There is a break even year involved. You must live long enough for the wait to pay off.
Your math is correct though. If a man retired TODAY and took his pension on Sept. 1, 2020 and was due 30k in his Traditional on Sept 1, 2020. By waiting till Sept 1, 2021, he would get a 10% bump. Doodlebug said she saw the same results. NC got bad info from someone in India most likely. The chart is there for everyone to see. Just think, if you had a 10% bump, you could have bought new tires for your sleeping quarters instead of having to buy recaps.
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Didn’t someone in the thread retire recently and the increase if you delay was not in paperwork? You can use ppa chart and it increases each year you work but once you retire that figure is set, take as lump sum or monthly annuity payment. Anyway when I retire I will come back and post what they send me.
DeathPanel2020
Member
Huh? I pay a premium, they pay me back? How am I gaining anything? WTH am I missing? I did call and was placed on hold, missed my callback. Will try again tomorrow.
falcon back
Well-Known Member
Gain? You don't gain anything. You are reimbursed for your insurance premium. This isn't money to buy a car, it is there to pay insurance premiums,
falcon back
Well-Known Member
You are wrong about the PPA as well. You get 4% each year you delay taking it as well. This information is too important to not be informed. Being misinformed will cost you money. I offered to help you figure out how the increase works. Good luck.
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