Sunday, September 18, 2016

My Yearly Disappointment 2016

It's that special time of the year where FedEx shows us how much we really mean to them. I recently received my annual Pension Statement and unsurprisingly, it is a complete disappointment.

After 14 years at FedEx, my monthly pension will be a measly $178.37 a month. To put that in perspective, my Viking pension (which was the company I worked at for 15 years before they were taken over by FedEx) will $ 648.58 a month. Now, keep in mind that my Viking pension was frozen once FedEx took over so it hasn't grown since then.

How is it possible that a small business like Viking could afford that kind of pension but a corporate giant like FedEx can't even give me enough to cover my grocery budget? 

FedEx boasts that they "strive to develop mutually rewarding relationships" with their employees. What is mutually beneficial about us working hard to make this company profitable while they refuse to fairly compensate us? 


FYI said...

My name is Joe Nuno
Pretty much brother I have the same amount for my retirement from Viking $648
And from FedEx it will be less than 5 years I will be receiving around $98 only.
It has been 5 years since I left FedEx and at my new job I'm going 4 years now.
In one year from now I'll have 5 years vested with the Teamsters and I will be receiving $750 per month if I retire now...imagine that, it took me 15 years to get $648 !
How the Teamsters pension formula works, 1) the company contributes $6 per hour on top of my wages up to 40 hours per week, that's $240 that goes into the Western Conference pension plan per month is $960 and total for the year is $11,520
Now remember this, you get $150 for every year you put in with the company and the Teamsters...I will have 5 years next year and here how it's formulated $150 X 5 years=$750 that would be my monthly payment for my retirement.
Now if I continue adding years, for example each year would add another $150 on top of my $750=$900 another year another $150 on top of the $900=$1050 per month if I retire.
Hopefully by now you brothers and sisters understand how it works when negotiating a contract.
And the company I work for is a smaller scale than FedEx and can afford to contribute for our pension

Anonymous said...

I will be living in a camper outdoors, with this measly pension, social security, and the renoun 401K, that's made so corporations take risk on your hard earned money, there is no hope for real retirement in generations to come, fedx just like any other megagiant corporations, are sucking the living blood of the working class [ex-middle class} GROW SOME BALLS EVERYONE! TEAMSTERS YES!

Anonymous said...

Here's your answer 'yearly dissapointment', the company would rather spend dollars on Nascar,tennis, golf, football, and to top it all, $200 million to help 200 communities...

Anonymous said...

Looks like fedex is in the news again setting stock and ceo wages
why you guys don't unionize and get compensated for your hard work
makes me wonder if you even want a better career or are happy with
what they throw at you.
when it becomes time to retire, you will wish you had been union
and you receive very little for your lifetime effort

Anonymous said...

Wow Jo Jo !
Ten years from now you will receive $2250 for your retirement plus the $648 From the Viking funds and FedEx $98 of a total of $2996.
And probably your social security of maybe $1800 too, not bad Nuño, hook me up to were you work brother!