Originally Posted by Gear_Jammer

On the memo recived from David Bronczek dated 2/27/07 the company stated that the company match would change from $500 to 3.5% of the employees eligible annual earnings. Sounds good right?

IF you go into the secure FedEx portal and type "pension" in the search box, you will enter into the pension portal. Under the "employee handouts" there is a link to the NEW 401 (k) plan.

Here is where the language changes, and I quote "FedEx is increasing its match for most employees. We will make a discretionary matching contribution of up to 3.5% as follows:
- 100% on the first 1% of eligible earnings that you CONTRIBUTE; and
- 50% on the next 5% you CONTRIBUTE."

Lets do some math: Jim made $40000 last year and contributes 14% of his gross = $5600
The first 1% = $56
The next 5% = $277.20, 50% of that = $138.60
For a total FedEx match of $194.60

FedEx saved $305.40

You would have to contribute just under $15000 to get the old $500 in matching funds.

I'm glad you guys have a contract and are protected from this mess, but rest assured that the company WILL come after your pension and 401 (k) when your contract comes up for renewal.

GJ