Saturday, January 19, 2008

Pension Review Part Two ...

Now let’s go deeper in a Teamster pension, we know if
we negotiate $ 5 an hr on average 40hrs equal $9600 a
year that FedEx pays, and not coming from your pocket.
Now if you times it by 32 years of service x $9600 =
$307,200.00 that goes into the western pension fund ,
let’s say this is an employee that started at the age
of 18 years, by then he would be 50 years old and
could retire
Now you add 50 years of age plus 32 years of service
equals golden 82, which means that he could retire
now, now this is an example only.
This individual will now receive $3200 a month from
the western pension fund , now this is the formula, he
gets $100 per year and you times it by 32 years which
equal $3200 a month and don’t forget he will also get
another pension from social security when he turns 65
years old, and mean while he could get another job for
another 15 years and accrued another pension from
somewhere else that have a Teamster union.
Now when I mean this is an example is because, the $5
an hr will go up 3% to 6% because of the cost of living
goes up, by the time we negotiate a new contract
agreement.
The $100 per year will also go up on an average of 3%
to 6% per new contract, which means that your $3200
will rise up by the time we retired.
My name is Joe Nuno, this is my example I’ve worked
20years with Viking/FedEx, the Teamsters will give me
2 years for 1 year of service with company up to
5years only, which equal 10years in the western
pension fund, plus I work another 5 years to be
vested=15years.
Now by then I will be 50 years old, which mean I’ve
got 15 more years to work to retire which equals 30
years in the Teamsters pension, now do the math how
much will I get plus social security vs. a 401k plan
and a frozen pension from FedEx?

7 comments:

Anonymous said...

so, Mike Z. do you have something to said to this comment..

the eye in the sky said...

We all know the Fedex Pension is pure crap and leaves a lot to be desired compared to the Teamsters' Pension. We need a Union now before the upper management tries to make all service centers in Southern Califonia part time only

focus on the business (right F.SMITH) said...

The Teamsters criticized FedEx Corp. (FDX) for announcing plans to continue classifying its drivers as independent contractors although the California Supreme Court has declared workers there to be employees.


On Thursday, FedEx said it is confident in its ground-delivery business, which has been pressured by lawsuits from drivers and an Internal Revenue Service order to pay $319 million in back taxes and fines related to how these workers are classified.

The Memphis, Tenn., shipping giant uses independent contractors in its FedEx Ground business and has faced legal challenges from contractors seeking a change in classification to obtain overtime wages and health benefits.

"In defending FedEx Ground's indefensible and illegal contractor model, FedEx managers and (Chief Executive) Fred Smith have lost all credibility," Teamsters General President Jim Hoffa said Friday. "FedEx Ground already changed their model in California because they lost in the state court there. FedEx should live up to the law and acknowledge that their Ground drivers are employees in short order."

When FedEx reported fiscal second-quarter results Dec. 20, it noted that it was facing "increased regulatory and legal uncertainty" regarding its contractors and it was "reasonably possible" changes to its relationship with contractors could lead to material increases in the cost of operations.

A day later, the company disclosed in a regulatory filing that the IRS anticipated assessing tax and penalties of $319 million plus interest for 2002. The company also said similar issues are under audit for calendar years 2004 through 2006.

Smith said Thursday that the company was surprised by the IRS' preliminary finding and that FedEx believes in its business model. Smith also repeated that the company doesn't believe a loss is probable despite the hefty penalty.

FedEx shares closed Friday at $84.04, down 98 cents, or 1.2%. They traded at $ 83.53 after-hours.

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; kathy.shwiff@dowjones.com

(Jon Kamp contributed to this report.)


(END) Dow Jones Newswires
01-11-081649ET
Copyright (c) 2008 Dow Jones & Company, Inc.

Quotes and milestones (part 1) said...

Quotes & milestones
You'll find when visiting Detroit's Labor Legacy Monument
Labor's Achievements are America's Strength
The Following Quotations Appear on the Arch:

On Each Side of the Arch:
The arc of history bends toward justice. Martin Luther King Jr.
On the Walkway:
If there is no struggle, there is no progress. Frederick Douglass - Anti-slavery leader.
We want more schoolhouses and less jails...more justice and less revenge. Samuel Gompers - First president, American Federation of Labor
On the Dais:
Education is the golden key that unlocks the potential of human growth. Walter P. Reuther - UAW president, 1946-1970.
Women were in labor before men were born. Myra Wolfgang - Hotel workers' leader.
The future depends on what we do in the present. Mahatma Gandhi - Anti-colonialist leader, India.
We want bread, and roses, too. Lawrence (Mass.) strike slogan, 1912.
We just come to work here, we don't come to die. Harry Stamper - Longshoreman, musician.
An injury to one is the concern of all. Knights of Labor (f. 1869) slogan.
Injustice anywhere is a threat to justice everywhere. Martin Luther King Jr. - Civil rights pioneer.
'Each for himself' is the bosses' plea. A union of all will make you free. 1869 Detroit Labor Day parade sign.
Pray for the dead and fight like hell for the living. Mary Harris (Mother) Jones - Union advocate and organizer.
Don't mourn, organize. Joe Hill - IWW organizer.
El pueblo unido jamas sera vencido. The people united will never be defeated. Cesar Chavez - Founder, United Farm Workers
If I can't dance, I don't want to be part of your revolution. Attributed to Emma Goldman - Radical, feminist.
The strongest bond of human sympathy, outside of the family relation, should be one uniting all working people of all nations. Abraham Lincoln - President, 1861-1865.
Ten hours or no sawdust. Saginaw lumber strike slogan for shorter workday, 1880.
There is a direct relationship between the ballot box and the breadbox. Walter P. Reuther - UAW president, 1946-1970.
We're just honest working men that have been pushed so far and so hard that we can't keep it up any longer. Frances O'Rourke - 1937 UAW-GM Flint sitdown striker.
Labor creates all wealth. Adam Smith - 18th century economist.
Some men rob you with a six-gun, others rob you with a fountain pen. Woody Guthrie - musician and organizer.
When I rise it will be with the ranks and not from the ranks. Eugene V. Debs - Union leader and Socialist politician.
There is a time to be tough, a time to be adament, a time to be open to compromise, and a time to reach agreement. James R. Hoffa - Teamsters union president, 1957-1971.

qoutes and milestones (part 2 ) said...

Labor
Employers and employees alike have learned that in
union there is strengh, that a coordination of individual
effort means an elimination of waste, a bettering of
living conditions, and is, in fact, the father of
prosperity.
Franklin Delano Roosevelt,
Address to Woman's Trade Union League
6-8-1929

It is to the real advantage of every producer, every
manufacturer and every merchant to cooperate in the
improvement of working conditions, because the best
customer of American industry is the well paid worker.
Franklin Delano Roosevelt
Cleveland Oh, 10-16-1936

No business which depends for existence on paying less
than living wages to its workers has any right to
continue in this country. By living wages I mean more
than a bare subsistence level--I mean the wages of
decent living.
Franklin Delano Roosevelt

Organizations of workers, wisely led, temperate in
their demands and conciliatory in their attitude, make
not for industrial strife, but for industrial peace.
Franklin Delano Roosevelt

Anonymous said...

Unions
I believe now, as I have all my life, in the right of workers to
join unions and to protect their unions.
Franklin Delano Roosevelt
Source:Radio Address, May 2, 1943

It is one of the characteristics of a free and democratic nation
that it have a free and independent labor unions.
Franklin Delano Roosevelt
Source:Speech to Teamsters' Union, Sep 11, 1940

Rudy said...

Hey that $307,200.00 that took you 32 years to make, takes a CEO 13.74 days to make.
BE WISE AND ORGANIZE!