Sherminated.

 

UAL is up to 16% now to make up for the departure of the A plan. There are tax implications that must be worked around as someone else mentioned to get around the contribution limits.

As for the UPS tie, they had to do something with all the fabric leftover from our flight attendent's scarves.

 

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

 

WTF?

Fedex matches first 1% of earnings you contribute. 1% is $400 (using your example of $40K.) Matches half of next 5%. Half of 5% of $40k is $1000. Total match is $1400. It doesn't matter whether "jim" contributes 6 or 14 or 50%. As long as he contributes 6%, he will get the full match of 3.5%. I am familiar with these figures, because they approximate my wife's situation at Fedex.

 

Nice post. Upper managements always thought that pilots were bad at math, when in fact, they are very good at it. 'They' can run but they can't hide when it to a pilot's paycheck.

 

Actually, it's an ignorant post. Fdx doesn't match 3.5% of your contribution, but 3.5% of your salary, provided you contribute at least 6%. While I realize FS is not looking out for my best interests, it's bad info like this that gets people needlessly worked up. And as far as pilot's being good at math, a fair number of the people I fly with are "money morons." Example, "I only dropped 30 hours last month, and now they took it all out of my 15th check!! How am I supposed to live?" Well, Duhhh!

 

If you are a captain at FDX and you are living paycheck to paycheck, you've missed an opportunity somewhere.

 

I know a guy - as a 727 captain he tried to PDO bump a fellow captain for a one day trip - the other guy refused - said he need the per diem.....

 

I think a local captain summed up best how I feel about bumps...

"...you can bump me all the way up to V1...."

As for me--I'll even buy you and the crew a nice dinner....

 

Just talked to a back shop mechanic neighbor of mine and he said the union cards are flying off the table. They have over half of the required signatures already. This may be the straw that broke the camels back.