The information campaign

[MrFedEx]

Your numbers don't add up. Not saying that the $2600 isn't correct but either you're missing some facts or $2600 isn't correct. If he was an ops manager for 17 years and downgraded 3 years ago, then he has at least 19 years under the DBP (unless he switched in 2003 and that skews things even more). If he was earning $114,000 and has been in 2 major markets then it would be fair to say that the pay scales in both markets were the same or similar.
If he received a 3% raise each of the last 5 years as a manager his approx high 5 average would be about $107,000. $107K x 19 years x 2%= $40660.

$40660/12 = ~$3400 per month.

Depending on his age and how much longer he works at FedEx and how much he earns, there would be PPP money in addition to that.

Not saying it's like winning the lottery but it is substantially different than what you are claiming.

Your proposed alternative is a Teamster pension. There's no guarantee that it wouldn't be the Central States plan. Given the problems that's having, I'd be very, very concerned that that's exactly where my pension might end up.

$114,000 was his total compensation level for the year. I don't know how that broke down as to base amount, MBO's etc, or if he switched to the PPP earlier...I doubt it. To protect his identity I don't want to reveal the market areas, but they were not at the LAX,SFO, JFK level. My point is that he isn't exactly getting a great retirement either. He's now under the PPP whether he likes it or not, just like we are, and he would also be under the PPP if he had stayed in management. A few of the ones I know took the PPP early because they were planning on leaving FedEx until the recession forced them into staying.

I'll take the alternative (the Teamster pension) if I get the chance. While the Teamsters aren't exactly trustworthy, I'll take my chances with them instead of Smith.

 

[1989]

Seriously? Just Google FDX and UPS and you'll get the stock quotes. Not sure how you could think that UPS stock is more expensive than FDX.

Wow,I am new to this site but it looks like there are some big morons that post here.

Valuation...fdx is cheaper

 

[Dads 99]

Valuation...fdx is cheaper

 

[UpstateNYUPSer(Ret)]

Wow,I am new to this site but it looks like there are some big morons that post here.

Bigger than the one that looks back at you while you are shaving each morning?

 

[bbsam]

Bigger than the one that looks back at you while you are shaving each morning?

Upstate, shouldn't you run along and post wax homo-erotically with cashux about what else the two of you could shave together?

 

[quadro]

Valuation...fdx is cheaper

Well you didn't say valuation in your previous post. Anyway, you might want to check the current P/E's.

 

[Dads 99]

upstate, shouldn't you run along and post wax homo-erotically with cashux about what else the two of you could shave together?

hahahahahah!!!

 

[quadro]

$114,000 was his total compensation level for the year. I don't know how that broke down as to base amount, MBO's etc, or if he switched to the PPP earlier...I doubt it. To protect his identity I don't want to reveal the market areas, but they were not at the LAX,SFO, JFK level. My point is that he isn't exactly getting a great retirement either. He's now under the PPP whether he likes it or not, just like we are, and he would also be under the PPP if he had stayed in management. A few of the ones I know took the PPP early because they were planning on leaving FedEx until the recession forced them into staying.

I'll take the alternative (the Teamster pension) if I get the chance. While the Teamsters aren't exactly trustworthy, I'll take my chances with them instead of Smith.

I realize the $114 was for the year, that's why I used a $107k as the average. As a manager, he wouldn't have too much pay that wouldn't count towards pension and it doesn't matter if it wasn't LAX etc. You said 2 major markets so whatever they were, the pay scales were likely equal or close which simply meant there wasn't a big fluctuation in pay over the last few years.
If he switched to the PPP earlier he would just end up with a higher pension so I made the assumption that he didn't.
My point was just that it is easy to spread misinformation, intentional or by accident, no matter which side you are on.
If you're comfortable with an IBT pension then more power to you. I would recommend you research the Central States Fund and the $6.1Billion that UPS put into it and see if you are still comfortable. If you are, good for you. At least you'll have done your research which is more than a lot of people do.

 

[MrFedEx]

The Fedex PPP is a joke.If we had a union they might not have been able to pull this crap on us.The thing is that most employees dont know anything about the PPP,and thats the way Fred likes it.If i met Fred today,I'd probably punch him in the face.The jail time is worth it for me.

You might have to stand in line to take a shot at Fred. I've wondered how he feels when he goes out in public. He's got to know there are a lot of former and current employees who hate his guts.

 

[MrFedEx]

I realize the $114 was for the year, that's why I used a $107k as the average. As a manager, he wouldn't have too much pay that wouldn't count towards pension and it doesn't matter if it wasn't LAX etc. You said 2 major markets so whatever they were, the pay scales were likely equal or close which simply meant there wasn't a big fluctuation in pay over the last few years.
If he switched to the PPP earlier he would just end up with a higher pension so I made the assumption that he didn't.
My point was just that it is easy to spread misinformation, intentional or by accident, no matter which side you are on.
If you're comfortable with an IBT pension then more power to you. I would recommend you research the Central States Fund and the $6.1Billion that UPS put into it and see if you are still comfortable. If you are, good for you. At least you'll have done your research which is more than a lot of people do.

I checked with him (my manager friend) today to be sure, and he's still saying he'll get $2600 at age 55...not 60. These are his figures, not mine, and I never try to spread misinformation...that's Fred's job. I have no reason to doubt this guy...he's very honest.

Yes, it's true that UPS had to dump big bucks into the Central States Fund, a fact that FedEx endlessly exploits. Hopefully, the Teamsters get the hint and clean things up combined with an end to the recession. Fred used ERISA to his advantage. First, because he's very smart and opportunistic, and second, because the timing was perfect. Remember, he pulled this off just as the passenger airlines were going through their gyrations with bankruptcy and pulling the plug on their pension plans. He took advantage of the situation and claimed ERISA as his justification. Don't you remember all the MEM talking heads "explaining" all of it to us hourly dummies?

 

[1989]

Well you didn't say valuation in your previous post. Anyway, you might want to check the current P/E's.

I see fdx has a 212 PE this year due to it's charges. What's your point?

 

[Dads 99]

I see fdx has a 212 PE this year due to it's charges. What's your point?

 

[quadro]

I checked with him (my manager friend) today to be sure, and he's still saying he'll get $2600 at age 55...not 60. These are his figures, not mine, and I never try to spread misinformation...that's Fred's job. I have no reason to doubt this guy...he's very honest.

Yes, it's true that UPS had to dump big bucks into the Central States Fund, a fact that FedEx endlessly exploits. Hopefully, the Teamsters get the hint and clean things up combined with an end to the recession. Fred used ERISA to his advantage. First, because he's very smart and opportunistic, and second, because the timing was perfect. Remember, he pulled this off just as the passenger airlines were going through their gyrations with bankruptcy and pulling the plug on their pension plans. He took advantage of the situation and claimed ERISA as his justification. Don't you remember all the MEM talking heads "explaining" all of it to us hourly dummies?

Ok, that's the part that was missing. Retiring at 55 reduces his payment by 15%.
It's interesting that you say FedEx exploits the information. Not picking on you but why is it when FedEx tries to make sure the information is out there it's exploitation but it's not when UPS or the IBT point stuff out? Things that make you go "hmm?"
In fairness, a lot of companies have pulled traditional plans. The Pension Protection Act of 2006 really had a lot to do with it. Was it convenient for FedEx and the timing just right? Maybe, maybe not but the PPA required very large sums of money each year to be added to the traditional plans. UPS clearly has the money to do that. Personally, I don't believe that FedEx does. UPS had a 65 year head start to save for that. Just my opinion.

 

[MrFedEx]

Ok, that's the part that was missing. Retiring at 55 reduces his payment by 15%.
It's interesting that you say FedEx exploits the information. Not picking on you but why is it when FedEx tries to make sure the information is out there it's exploitation but it's not when UPS or the IBT point stuff out? Things that make you go "hmm?"
In fairness, a lot of companies have pulled traditional plans. The Pension Protection Act of 2006 really had a lot to do with it. Was it convenient for FedEx and the timing just right? Maybe, maybe not but the PPA required very large sums of money each year to be added to the traditional plans. UPS clearly has the money to do that. Personally, I don't believe that FedEx does. UPS had a 65 year head start to save for that. Just my opinion.

FedEx is excellent at cherry-picking what information they disclose to employees. If it's favorable to them, it's all over the place, if not...they'll say nothing. A good example is George Will's recent and totally slanted column that got a lot of attention. It's probably posted on every station in the country. It was also on the corporate website.

I respect your opinion, but IMO Fred sells us out every chance he gets. The PPA/PPP was just another in a long list of takeaways.

 

[uniformchoice]

My ppa total for the year was less than what my traditional pension would have ended up for one month.

Everyone read that 10 times,even the haters,and do the math.


We are all XXXXXX!

Peace

 

[MrFedEx]

My ppa total for the year was less than what my traditional pension would have ended up for one month.

Everyone read that 10 times,even the haters,and do the math.


We are all XXXXXX!

Peace

You obviously get it. Good luck on convincing the haters. I wonder how many hundreds of millions Fred saved when he bent us over with the PPA?

 

[quadro]

My ppa total for the year was less than what my traditional pension would have ended up for one month.

Everyone read that 10 times,even the haters,and do the math.


We are all XXXXXX!

Peace

Assuming that you started under the ppa [sic] in 2008, you have 1 year in that plan.
So let's do the math:
1st year under the PPP = some amount greater than $1
1st year under the traditional plan = $0

There's plenty of examples here where it can be shown that the PPP ends up paying less than the DBP but comparing the 1st year of the PPP to an amount that requires a minimum of 5 years under the old plan is just pointless.

 

[FedEX 4 Life]

my ppa total for the year was less than what my traditional pension would have ended up for one month.

Everyone read that 10 times,even the haters,and do the math.


We are all xxxxxx!

Peace

i smell a troll.

 

[MrFedEx]

i smell a troll.

You're smelling yourself. I don't care if you're a manager, an MD, or just a Smith synchophant....you're done at this site. ZERO credibility, ZERO respect and ZERO reasoning all add up to....nothing. Please report back to your handlers that they need to try something different and that you've only encouraged more employees to vote Teamster. Bravo Zulu and a 5-Star Award for you!

 

[FedEX 4 Life]

I was working inside 6pm-3am. Somewhat true. I am a driver now.

How does years of service work?

I was hired in 2001 at UPS. I am a package humper, full-time. If I went TSG would I keep my company time, vacations, etc?

A+/Net+/mcse

Busted.Stop pretending to be a driver.
Exposed once again.
Keep humpin those boxes.