Thursday, December 27, 2007

LET’S DEFINE 401K RETIREMENT FUNDS

First of all, you on your own, have to contribute money from your hard earned wages, meaning you have to put aside money from your paycheck, so that you could retire.
Sure FedEx will match 50 cent to the dollar that you put in and that’s only up to 6% of your earnings, but the matching is only going to cover the taxes for your benefit at the end of your time of employment at age 65, meaning no less of your exact age.
Meaning you paid for your retirement, because the matching from FedEx is tax deductible for FedEx Corporation and they don’t loose anything!
Let me give you my example of my contribution, per week, they deduct $ 78.80 per weeks X 4 weeks = $314.40 X 12 months = $3772.80 per year, plus FedEx matches $1886.40 which equals to a total of $5659.20 per year.
Now under a Teamsters contract, we could negotiate a $5.00 per hr, meaning for every hour you work you’ll get $5.00 per hour, here is an example: you work 40hrs =$200.00 per week now times it by 4 weeks =$800 per month and times it 12 months =$9600.00 going into the Western conference pension funds.
Not Vanguard, who is totally control by our one and only FedEx Corporation!


Joe Nuno

9 comments:

bobby said...

Joe is right, I’ve been working for 25 years and in those 25 years I made this company money, and don’t forget we are the guts of FedEx, this is sad and depressing.

Anonymous said...

We should all be worrying about our pension in the future, once they freeze the pension, give it 2 to 5 years and your pension will disappear in legality dispute!!!!!!!!!!!

Anonymous said...

Vanguard is control by Fedex because I was trying to make a hardship withdraw and was giving all kinds of rules that were ridiculous, and I ask the person at vanguard who makes the rules and their answer was Fedex corp.

Issac Morales said...

That’s not bad when you really look at it, think about it you put about $3772.80 out of your pocket, but look at the Teamsters way, $9600 dollars that didn’t come from your pocket, WOW!!

Taft Armstrong said...

I am ready to join the Teamsters and secured my future, after reading Joe’s definition of 401k fund, hopefully more of us will read this message and pass it on.

Wolverine said...

Could someone from FedEx ask X-man how much of a pension he is getting?
Or is he to scared to answer his incredible pension, is the best, and X-man is set for life.

irudedog said...

Very good example Joe! But what the Western Conference Pension will give you; up to 2080 a year that you work at $5.00/hr is $10,400 year!!
Even our very well trained and educated managers can figure that out.

Make this coming year a very “Happy & Organized New Year!”

Rudy

your friend from (ocy) said...

I think this was an excellent definition of our 401k, but Joe as for now what are we going to do about it?
I have to save for my future now, even if I have to save out of my pocket, but because the way corporate America is running this country, it seem they just can get away with it !
We all know corporate America (FedEx Corp) is becoming a spin off of our governments, and the government is turning their heads around, and why is that happening? Because money buys anything, remember money talks, bullshit walks!
You are absolutely right Joe the only way to solve our problem is by organizing a union, show strength, as labors we need to stand together, teach your fellow mate, educate them on labor rights use your labor rights.
Remember your history, we are coming back to the early 1900 years, where employers got away with everything! fight back.

Joe Nuno said...

Hopefully mostly of you received a letter from vanguard, and you readed the statement, and right at the bottom of your first page and second page you readed, is typed and states that you risk your retirement investment, and that there is no guaranty for your retirement!! You’ll risk your lively hood future nest egg.
Thank you Vanguard for your statement!!
Brothers and Sisters of FedEx Corporation, you really need to think Teamsters, organize now and secured your pension, Western pension fund is the solution!!