Here's a link to the letter from the company to the Teasmters explaining that access to your 401(k) has not really been "frozen"
http://www.teamsters952.org/USF%20Reddaway%20401K.pdf
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Blog to facilitate open communication among USF Reddaway workers currently interested in gaining a voice at work through unionization. To view what other people have written, just click on "links to this post" at the end of each post. You can also ask a question or leave your own comment by clicking on "comments".
Teamster Local Union #952
2 comments:
dLET'S DEFINED 401K RETIREMENT FUND
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
PENSION REVIEW PART 2
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?
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