FedEx caps traditional pension, switches to cash balance plan

FedEx Corporation of Memphis announced today it will cap the traditional pension plan in place for most of its employees. Full Story
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bob

AOL

#1 Feb 28, 2007
i worked 22 years at fedex and got terminated, will my penion be affected.
Mike

Hendersonville, TN

#2 Feb 28, 2007
I thought after 20 yrs of service, you are locked in for it. don't quote me I could be wrong. hope you get it--good luck--!
joe

San Jose, CA

#3 Feb 28, 2007
yup
Lld

Cary, NC

#4 Mar 3, 2007
bob wrote:
i worked 22 years at fedex and got terminated, will my penion be affected.
You should call FEDEX benefits>
driver

Knoxville, TN

#5 Mar 3, 2007
You've been reamed.

read all about it at:
fedexaminer.com
bob

Caldwell, NJ

#6 Mar 10, 2007
ur vested after 5 years at age 60 u should receive 88 percent of the average of your top 5 years
AAA

Brandon, FL

#7 Apr 21, 2007
MARY C

Fairfield, OH

#8 Jan 11, 2008
I'm a former fedex employee & every time I try to find out about my pension, I get the run around. The contact number always says this line is having difficulties.
mimi

Pawcatuck, CT

#9 Dec 30, 2008
I started at fedex in 1983 and left in 1997 from a back injury...I settled with the company threw worker's comp. and was promised my pension,plus through the laws of the government at the time, your pension cannot be messed with...it is protected because it is for time served at the company unless you were fired for committing a felony...anyway...I tried to call about my pension and they told me they can find my employee number...so I will be writing a letter to the pension department and if I get no response I will attain attorney to start by writing a letter for me...there should be a seperate phone number for people who have left the company and are entitled to keep track of their pension...otherwise they should let us have a cash settlement...
mimi

Pawcatuck, CT

#10 Dec 30, 2008
I meant to say they dont have my employee number which they told me they need to locate my info
Dina

San Francisco, CA

#12 Apr 9, 2009
I worked at FedEx for 16 yrs, then was terminated when I got carpel tunel, I'm almost 53 and would like to access my penson now. Any ideas how?
brown sugar

Westland, MI

#13 Apr 13, 2009
im a manager and i would not give anyone a pension or benies i would give all the work to contractors, they work for less and fred smith do it .they cant do anything about it, now ups could cause they got a union . fred make everyone a contractor. hourly cant do anything about it .just do it ill laugh very hard . no union no voice fred thats why you dont have a union .profits 1st people last.ha ha ha!!!
Wrightflyer

Seattle, WA

#14 Oct 17, 2009
Hey Brown Sugar, dont drink and post
Nuff Said

Los Angeles, CA

#15 Oct 21, 2009
brown sugar wrote:
im a manager and i would not give anyone a pension or benies i would give all the work to contractors, they work for less and fred smith do it .they cant do anything about it, now ups could cause they got a union . fred make everyone a contractor. hourly cant do anything about it .just do it ill laugh very hard . no union no voice fred thats why you dont have a union .profits 1st people last.ha ha ha!!!
This guy is in management? Where the hell did he go to skool ??
Nice punctuation.
Joe Nuno

United States

#16 Aug 9, 2010
We need to secure and guaranteed our jobs at FedEx, we need better wages, we need better contribution in our pension, and we need a better fringe benefit package. FedEx needs to respect seniority in the workplace. Bottom-line we need a union contract, we need to build or form a union among us employees. Why not form a union? Fredrick W. Smith belongs to a union, its call U.S Chamber of Commerce. They have membership, membership union fee, and lobbyist and last rank and file. You’re a hypocrite Fred Smith…
Union---HA

Los Angeles, CA

#17 Aug 17, 2010
Call PETA they are beating the dead horse again.

Just look at the union carriers, oh yeah give me some of their good fortune.

When you have great management let them run the company, and do your job.
Blue Collar Pride

Tulsa, OK

#18 Sep 13, 2010
I agree with Joe Nuno about better wages, but I'm not sold on a union. Fed Ex is doing a great job of raising the most senior employees top-out pay, while hold everyone else's pay (18 years of service and less) to a tight range. People who have been drivers for 4 years are making the same as someone hired off the street!!! People who have been working for 15 years are not even close to topping out!!! That is the biggest gripe among most of the drivers!!
A union can change that, but along with a union comes a price, and I don't mean union dues!!! People who work hard and do more than is expected will get paid the same as the driver who does the least; I don't see that as much at this point. I do not believe in that, I still like performance based pay. Also, you start getting people crying, "That's not my job!!" when asked to do something a little extra.
I believe in Fed Ex Express, what it has done to change the package delivery business, and what it can still do. I see a lot of committed people[not mentally committed:)] but someone needs to talk to the senior management about the hourly compensation for us and allowing people to reach top-out pay.
I know UPS is so much bigger than us, but they still are making money; I can't believe that our costs for operating planes are more expensive compared to paying thousands of drivers $30.00 an hour plus what ever benefits they receive.
Our district mgr, Susan Sweat(Delta) came to pay us a visit and the discussion came around about pay, and from what I understand, she was pretty cynical about our pay. Either she didn't do a good job of defending the company line(which isn't defendable) or maybe she is really on our side, believing that the company could do more, but she can't express that.
I do appreciate that the company is reinstating matching the 401k plans. I know I can't go out and find another job making what I make now, but before we start looking to unions, we need to be organized internally, accumulating signatures on a petition to be sent to the executives stating that while we are committed, we request that our pay better matches what we do, and those close to top pay be allowed to receive it, and allowing the rest of us likewise.
Blue Collar Pride

Tulsa, OK

#19 Sep 13, 2010
I just read this article and wanted to share it. I had to delete parts of it to fit in the space allotted. The main idea is still present, so I do not want anyone to feel that I edited it to fit any particular view. Blue Collar Pride

Wed Mar 10, 2010 6:20pm EST
By Helen Chernikoff
WASHINGTON, March 10 (Reuters)- FedEx Corp. would stop investing in its core express business if the U.S. government made it easier for its employees to organize into local bargaining units, although that provision will probably not become law, Chief Executive Fred Smith said on Wednesday.
A provision included in sweeping aviation legislation before Congress could enable employees in FedEx's Express unit, which includes its airline, to unionize locally instead of holding a nationwide vote.
The unit accounts for the bulk of the company's revenue,
"If you put different bargaining units in different hubs it would be impossible to run that as an integrated system," Smith told reporters. "If you subject the worldwide FedEx air system to being shut down, it would completely change the nature of the business and our ability to invest in it."
Congress is slowly moving forward with legislation on long-term U.S. aviation priorities, including plans to modernize the nation's aging air traffic system.
A provision included in the version already approved by the House of Representatives would cause FedEx Express employees to be covered by the National Labor Relations Act, which allows local union organization.
Senate legislation, which lawmakers began considering on Wednesday, does not contain the provision that FedEx opposes.
Whether the measure is included in a final bill will likely come down to a committee of House and Senate negotiators, who will meet after Senate passage to hammer out final details.
Smith said he was confident he had enough political support among both Republicans and Democrats to defeat the measure.
FedEx's Express business, which includes about 660 aircraft and accounted for $22.36 billion of its $35.5 billion in revenue in 2009, is now governed by the Railway Labor Act.
The railway act was enacted almost a century ago to prevent strikes from disrupting the nation's railroads.
...with an emphasis on its express airline but that unit, called Express, now contains such a significant ground component that of its 125,000 U.S. employees, only 4,200 are pilots.
United Parcel Service Inc.... contends the National Labor Relations Act should govern FedEx Express just as it does UPS since much of the Express unit's business involves trucks and drivers.
"Our position is that all drivers perform the same function and should be treated equally under the law. No company should be granted a competitive advantage under the law," said UPS spokesman Malcolm Berkley.
COMPETITIVE EDGE UPS drivers are represented by the Teamsters, while FedEx drivers do not have union representation.
Unions represent pilots at both companies.
FedEx argues that its Express ground service is inseparable from its air operations and that both should continue to be governed by the Railway Labor Act because a strike at one of its hubs could wreak havoc on the nation's economy.
Switching its regulatory framework would amount to a bailout for UPS that would strip FedEx of its competitive edge, FedEx says. If this happened, the company would simply cease growing its Express business, Smith said.
FedEx has an order in with Boeing Co.
for 15 777 Freighter jets and an option for a further 15. It would cancel these orders if the NLRA provision became law, Smith said. "No board of directors could prudently could invest billions in a system subject to local labor disputes," he said.
FedEx is doing right by shareholders in fighting to maintain maximum flexibility with its employees, said Morningstar analyst Keith Schoonmaker. Local unionization would reduce the company's margins, he said.
Joe Nuno

United States

#20 Sep 18, 2010
lets say you make $35,000 dollars a year as a newby employee, you will only get $1035 on 3% for the first 10 years=$10,350. and then the next 10 years you will get 4%=$1400 a year times 10=$14,000. next 10 years you will get 6%=$2100 a year times10=$21,000. now add it up =$45,350 wow is that a portable pension to retired on, while Fred W. Smith gets rich on back bone.
Blue Collar Pride

Tulsa, OK

#21 Sep 20, 2010
I take your point Joe. It seems that corporate America thinks the maximum an hourly employee should ever make is $35,000 a year. The way that I would challenge the upper mgt. is to think of employees not just as a cost, but as the moneymakers, i.e. the very "assets" that can brainstorm new ideas, the interface with the customers, the very "costs" that cannot be depreciated on a balance sheet. We, the hourly workers are what make the brand what it is. Yes, there are upper mgt. that contribute, but we make it happen. In fact, we are investments. If every courier decided to do just 5% less work on their route, how would that affect the numbers for Fed Ex. That would send every senior and district mgr. trembling!!! That is the value to the company we have. If a truck breaks down, bring a spare. Sure, they can replace drivers, but at what cost? They claim it costs over $40,000 to train a person; but if you give that person good training, good raises if they do good work, that investment in training translates into better service, commitment, probably more business. Don't skimp on the workers; equipment are not the company, people are.

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