FedEx to Modernize Retirement Plans?!?!?!?!
03-08-2007, 07:22 AM
#91
Gets Weekends Off
Joined APC: Jul 2006
Position: 767 Cap
Posts: 1,306
Originally Posted by Gear_Jammer
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
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
"-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.
03-08-2007, 08:56 AM
#92
Gets Weekends Off
Joined APC: Sep 2006
Position: B-777 Captain
Posts: 943
Originally Posted by HDawg
Bad thing is you won't convince them, after all we make $300k and work two days a month. I had one ramp manager say that my signing bonus (2nd yr SO) was the reason his retirement changed. I couldn't change his thinking so I told him to become a pilot...all it takes is time and money.
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