“We Don’t Have Any Secrets …”
This weekend Whittier employees were invited to an “Open House Tour” of the new Devore terminal. Employees are to arrive at the Fontana terminal then bused to Devore. Upper management have said in past meetings, that they don’t keep or have any secrets
So why weren’t any Fontana employees told that theses tours were taking place? And that we will have a day of touring in the near future?
What are they hiding?
Bonus (VPEP) Update …
That great payout at the end of the fiscal year (June) most likely will not be occurring, according to sources. What a Surprise! The company is saying it has been a slow year. Hey! Mike Z., where is that formula that calculates the new payout for vpep, we were told was going to be available to us?
Also X-Man will Mr. Smith and his V.P’s not be receiving any bonuses this year? Maybe he and the rest of upper management should be rated on a performance scale before they receive any bonuses.
Since profits were down, so was their performance!
The FedEx Watch Dogs
BE WISE AND ORGANIZE!
4 comments:
EXPLAINS DIFFRENCES OF RETIREMENT FUNDS
This will help you understand the difference between a traditional(defined benefit DB) retirement (what we are losing at Fedex) and the Defined contribution plan(DC) what they want us to go to. The problem is you must not only fund your 401k you now will have to also fund and put in a max amount to match the companys contribution
The Western Conference Pension fund(if we become teamsters only) is an employer-employee jointly administered pension plan but funded only by the employer so you can put more into your 401k or keep it in your pocket.
Employer-sponsored pensions fall into two major categories: defined benefit (DB) and defined contribution (DC) plans. In DB, or traditional, plans, benefits are typically set by formula, with workers receiving benefits upon retirement based on the number of years worked for a firm and earnings in years prior to retirement.3 In DC plans, workers accumulate savings through contributions to an individual account. These accounts are tax-advantaged in that contributions are typically excluded from current income, and earnings on balances grow tax-deferred until
they are withdrawn.4 An employer may also make contributions, either by matching employee’s contributions up to plan or legal limits, or on a non-contingent basis.
Like DB plans, DC plans operate in a voluntary system with tax incentives for employers to offer a plan and for employees to participate. Contributions to and earnings on DC plan accounts are not taxed until the participant withdraws the money, although participants making withdrawals prior to age 59 ½ may incur an additional 10 percent tax.5 In 2006, the pension tax expenditure for DC plans amounted to $54 billion.6 In addition, a nonrefundable tax credit to qualifying low-and middle-income workers who make contributions, the saver’s credit, accounted for less than 2 percent of the 2006 tax expenditure on account-based retirement plans.7
DC plans offer workers more control over their retirement asset management, but also shift some of the responsibility and certain risks onto workers. Workers generally must elect to participate in a plan and make regular contributions into their plans over their careers. Participants typically choose how to invest plan assets from a range of options
3 A typical “final average pay” plan might set annual benefits equal to 1.5 percent of the average of the employee’s final 5 years of earnings multiplied by the employee’s tenure at the firm in years.
Page 4 GAO-08-8
Private Pensions
4 Beginning in 2006, plans were permitted to allow employees to designate some contributions to Roth 401(k) plans, which are not excluded from current income but allow for tax-free withdrawals in retirement. Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. No. 107-16, § 617, 115 Stat. 38, 103-06 (codified at 26 U.S.C. § 402A).
5 26 U.S.C. § 72(t). The Internal Revenue Code (IRC) sets limits on annual contributions to DC plans by both employees and employers. 26 U.S.C. § 415(c). In 2007, an employee may make up to $15,500 in tax-deductible contributions into a DC plan, and employee and employer combined contributions cannot exceed $45,000. A worker age 50 or older may contribute an additional $5,000 in annual “catch-up” contributions. The IRC exempts distributions from DC plans from an additional 10 percent tax if taken for certain purposes. 26 U.S.C. § 72(t)(2). For example, if the employee becomes disabled, needs funds for medical purposes, or if the distribution is taken upon separation of service at age 55, the additional tax does not apply.
6 This tax expenditure includes Keogh plans ($10 billion), 401(k) plans ($41 billion), employee stock ownership plans ($2 billion), and the saver’s credit ($1 billion). Summing these figures does not take into account any interactions. In addition, the tax expenditure for DB plans measured $49 billion and for IRAs measured $4 billion.
7 The saver’s credit is a credit against federal income tax available to low-and middle-income taxpayers based on their qualified contributions to 401(k) and other retirement savings plans and to IRAs. 26 U.S.C. § 25B. The Pension Protection Act of 2006 made the saver’s credit permanent and indexed qualifying taxable income levels for inflation. Pub. L. No. 109-280 §§ 812 and 833(a), 120 Stat. 997, 1003-04.
Page 5 GAO-08-8
By Teamsters General President James P. Hoffa
January 11, 2008
A Jan. 7 Detroit News online column by Amber Arellano told about a Michigan man who had worked as a skilled tradesman for more than 20 years. But as American companies began shifting jobs to foreign countries in search of cheaper labor, the man was hard-pressed to find work or a decent wage. He finally was forced to take a low-skilled, low-wage position. The column described the man as being depressed over losing the work he so loved to do.
The article hit a nerve with me because this man could be any of America's great working men and women. I can only hope the candidates who are running for president this year read this column. All the candidates keep talking about change, and how they will be the president to bring about a new way of governing to rebuild America.
It's time to talk seriously as a nation about the work we need to do at home. We're spending billions of dollars in Iraq when our roads, schools, bridges and other infrastructure need critical attention.
As the presidential primary campaign season enters its crucial stages, polls show that Americans desperately want change. An MSNBC/Wall Street Journal poll released last month showed that 63 percent of people surveyed believe that this country is headed in the wrong direction. And 46 percent said America must change its approach on how it deals with issues.
No wonder Americans feel this way. Right after New Year's Day, the country's unemployment figures were released. And they were dismal. The unemployment rate surged to 5 percent in December, with only 18,000 new jobs. That was the smallest increase in four years. Economists are concerned that we are on the edge of recession.
From talking to the proud men and women who are Teamsters, I know a thing or two about what needs to be done to rebuild America.
Agenda for Next President
The outsourcing of jobs must come to an end. Every worker must be guaranteed a secure retirement future. Any talk of change must include a way to keep American jobs safe while keeping the United States a vital player in the global economy. There must be room at the table for workers' rights.
The Teamsters worked hard this past year to reinvigorate the American labor movement, and we hope the next president will join us in our battle to rebuild America.
We are fighting to end policies that benefit big businesses but punish its workers. Policies like the Bush administration's plan to sidestep safety rules in their effort to open U.S. highways to Mexican trucks.
We want a president who will end the so-called "free trade" agreements that do nothing but give big businesses access to cheap foreign labor at the expense of the U.S. worker. In this global economy, we must help other countries push for better working conditions. By turning a blind eye to countries with lax or no labor standards, we allow U.S. companies to exploit cheap foreign labor, which benefits only their portfolios. The result of this policy is workers like the Michigan man who was stripped of his dignity.
We want a president who wants "Made in the USA" imprints on goods to overtake "Made in China" labels.
We want a president who believes in strong workers' rights, where everyone is treated with the respect and dignity they deserve. We want a president who will not just talk about change, but will come in on day one and focus on workers' rights, fair trade agreements, and universal health care.
We need a president who will sign the Employee Free Choice Act (EFCA) into law, which would allow employees, off of company grounds, to form unions after a majority of workers sign cards for union representation, and it would require companies to remain publicly neutral.
These are the changes I expect the presidential candidates to talk about in the coming months in great detail. And these are the changes our next president must bring to Washington to rebuild America.
Mr. Hoffa's commentary originally appeared in The Detroit News on January 11, 2008.
WE NOW HAVE AN OFFICE
WE NOW HAVE OUR NEW OFFICE LOCATED IN MEMPHIS OFF OF AIRWAYS. THANKS TO OUR TEAMSTER LOCALS AND TEAMSTER INTERNATIONAL.
WE ARE IN THE PROCESS OF CLEANING UP AND GETTING IT IN ORDER. THIS IS LOCATED CLOSE TO WORK WHERE ANYONE WHO NEEDS CARDS OR INFORMATION AND DO NOT FEEL COMFORTABLE AT WORK TALKING ABOUT IT AND SUPPORT THE DRIVE CAN COME THERE AND GET ANY INFORMATION THEY NEED.
WE ARE GETTING THE PHONES SET UP AND RUNNING AND I WILL POST THE ADDRESS AND OTHER INFO WHEN WE ARE ALL SET UP.
I was wondering if the vpep is reported as part of our income we get on our checks and we pay tax on that 20% that fedex takes from us. Isn't it against the law for fedex to withhold that money and charge us tax on the 20% they take??? i heard this scam was calculated long ago after fedex was found liable of tax evasion with rps employees??? they ripped off the supervisors too and they took 20% from us and 50% from them!!! is this to pay back themselves for their economic strife. and also no monthly vpep payouts now means we are slow or fedex got audited and penalized and is trying to find some extra cash from us employees??? be wise organize
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