Tuesday, June 24, 2008

The FedEx Pension Grab is Complete

On June 1st, 2008, in spite of robust earnings, a healthy balance sheet, and increasing revenue year after year for each of the last 20 years, FedEx Express froze its non union employees pension plan. It replaced the plan with a 401k contribution (up to 3.5% of gross pay if you qualify), and a variable contribution Portable Pension Plan plan that has its interest earning rate capped at the 30 year Treasury Bill rate, which for 2008 hovered between 4.32% and 4.66%. Click the more link below to read more and see what a 30 year employee has to say about the pension changes. ...more

1 comment:

Anonymous said...

While your talking about pensions----

This is for the 320 West Employees who will be losing their jobs as of Dec 31st 2008.

With the new Portable Pension plan you have to have 1000 hours to earn 1 full year.

Now the first round of layoffs is going to take place Sept 30th.

2nd Round will be Oct 30th

3rd Round will be Nov 30th

Here's what nobody is talking about, for these 320 employees they have to stick around until Dec 15th to fully get credit for a full year in the new pension plan. Any employee let go before Dec 15th will not earn a full year in the new fedex pension plan.

Does anyone want to bet they they lay everyone off before Dec 15th?

Another way they can save the company money.

Remember---Attitude is Everything!!