Airline Pilot Central Forums - FedEx to Modernize Retirement Plans?!?!?!?!

Quote:

Originally Posted by Gear_Jammer (Post 130178)

Well if they think the pilots are bad at math I don't want to know what they think about the truckers. I'm not a pilot, I'm just one of those Ramp Transport Drivers that saw my retirement plans shot to hell.

FDX727Pilot; You said your wife works for the company. Ask her to show you this: http://tinypic.com/fullsize.php?pic=2qb7kg5 I think I am reading this right, but I would love to be proved wrong.

GJ

That's the same flyer she got. If you read carefully, the exact verbage is
"-100% on the first 1% of eligible earnings that you contribute; and"

My interpretation is, using our example of $40K, 1% that you contribute, $400, is matched by the company. Continuing;

"-50% on the next 5% you contribute."

using the same numbers, the next 5% you contribute is $2000 of your salary. The company matches 50% of it, $1000. The company has now kicked in $1400, way more than the old $500 match of the 1st $1000.
The only people who lose out are entry level employees making less than $14300, such as part time ramp folks. Their match would be less than $500.
Admittedly, this is only how I interpret the info the Co. has passed out, but unless they think we are complete morons, your original interpretion of the new 401k plan could hardly be called an enhancement. I admit that the pension part of the new plan sucks the big one, but the 401 plan sounds pretty good. Hopefully, for all non-pilot employees, my take is correct.