53? Want a Retirement Bonus - Nope
#51
Gets Weekends Off
Joined APC: Aug 2006
Position: leaning to the left
Posts: 4,184
1) Anyone have any idea how much a FDX guy retiring this year, had in his "B Plan" account 15 years ago?
"0". The first B plan contributions came with the 1999 contract. The benefits of which were delayed another 6 months+/-, to pay the company back the costs of management's preparation for self-help.
2) How much do you think, maximum, the company has contributed to these old guy's account since the inception of the B plan at FDX?
Approximately $220,000.
"Old guys", have not had the luxury of getting B plan contributions for their entire career. Only from the time, 2000, that they were first able to negotiate the benefit, at 6%(10,200/yr - 2000 IRS max) into our retirement plan.
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
"0". The first B plan contributions came with the 1999 contract. The benefits of which were delayed another 6 months+/-, to pay the company back the costs of management's preparation for self-help.
2) How much do you think, maximum, the company has contributed to these old guy's account since the inception of the B plan at FDX?
Approximately $220,000.
"Old guys", have not had the luxury of getting B plan contributions for their entire career. Only from the time, 2000, that they were first able to negotiate the benefit, at 6%(10,200/yr - 2000 IRS max) into our retirement plan.
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
#52
Gets Weekends Off
Joined APC: May 2013
Posts: 360
1) Anyone have any idea how much a FDX guy retiring this year, had in his "B Plan" account 15 years ago?
"0". The first B plan contributions came with the 1999 contract. The benefits of which were delayed another 6 months+/-, to pay the company back the costs of management's preparation for self-help.
2) How much do you think, maximum, the company has contributed to these old guy's account since the inception of the B plan at FDX?
Approximately $220,000.
"Old guys", have not had the luxury of getting B plan contributions for their entire career. Only from the time, 2000, that they were first able to negotiate the benefit, at 6%(10,200/yr - 2000 IRS max) into our retirement plan.
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
"0". The first B plan contributions came with the 1999 contract. The benefits of which were delayed another 6 months+/-, to pay the company back the costs of management's preparation for self-help.
2) How much do you think, maximum, the company has contributed to these old guy's account since the inception of the B plan at FDX?
Approximately $220,000.
"Old guys", have not had the luxury of getting B plan contributions for their entire career. Only from the time, 2000, that they were first able to negotiate the benefit, at 6%(10,200/yr - 2000 IRS max) into our retirement plan.
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
I'm okay with that, in principle. However, that's not what they said at the table, and I don't get the impression that's why they gave 54 and older guys extra money. They explained why they did it, and the math doesn't add up. That is what guys are upset about.
#53
1)....
"Old guys", have had the luxury of getting 5 more years of B plan contributions as captains...
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
"Old guys", have had the luxury of getting 5 more years of B plan contributions as captains...
With that in mind...I don't have a problem with them getting an out the door "kicker". But, once the last guy hired before 2000 leaves...There will be no justification for this type of bonus.
#54
So which is it...age discrimination or not enough?
I think the intent of it, beginning with the 1999 contract and repeated in the 2006 contract was a bump to address the inability of the older demographic to maximize the time value of the DC contribution, which was intitially 6% and later raised to 7%.
I don't think either side of this argument would ever see eye-to-eye on this issue and always claim an unfair balance. Well perhaps what it comes down to is greed and the next time around when you are on the receiving end of the bonus...your argument magically disappears.
I'm not at the "bonus" age either, but I do understand that the adjustment is necessary to help balance the overall benefit of the plan for [I]everyone[I] on the seniority list.
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