Many questions were asked. But the one that got things going was the ones about the 401K. Our terminal manager Russ said that by the end of the year, if you have a outstanding loan, they most be paid off by the end of the year. And that we would probably go with the 401K that the Eastern division has. Yet at the Whittier terminal Mike Z. said that the Eastern divisions previously had no pension and had started off with what we had here in the West. Which is it Mike and Russ?
This Blog site has been accused of writing false information before by upper management, right Mike? Change FedEx To Win has also looked into the facts before posting any topics on this blog. But you would think that a corporation like FedEx Freight would get their facts straight before giving any misinformation to its employees and putting more worries out there in these times of uncertainty with the way the economy is heading. Just more misinformation from corporate, whats new?
The FedEx Watch Dogs
Any employees who are affected by the closure in San Jose,
please contact the IBT @ FedExWatch.com
7 comments:
We are coming to a new plan for the future; our 401k plan is changing!
We were told to make sure we paid our exciting 401k loan by January 2009, why should we pay our loans or make new arrangement on paying our 401k loans, there shouldn’t be any inconvenient in arranging a source of paying our loans, when we have a binding contract and terms and arrangement of paying off our loans.
I called Vanguard and gave them a peace of my mind that this was an out rage in demanding for us to pay our loans by January 2009, I explain to them that our service manager from Devore (SBR service center) told us to pay our loans or we were going to have a 10% penalty if not paid then.
Their reply was that they received numerous phone calls thru out the day and said they didn’t have any knowledge of information of FedEx Corporation saying about paying loans off at once, one piece of information they gave me was that the only way for us to pay our loans off was only if they we’re closing the company or changing a new 401k company agency plan, now if this is true and they are closing San Jose facility and moving everything to Harrison Arkansas which is formally American Freightways or FedEx east, beware our 401k plan will change by moving to their facility’s, which employees might only contribute to their 401k plan with no match per dollar, just another budget cut for corporate CEO!!!!!!
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!!
if you all remember when we had meryll lynch as our 401k investors we changed to vanguard and didnt have to pay off our loans but had a chance to either pay more or less each week, i dont think that was so bad since i picked the lowest repay at first but then was able to pay higher when the change happened. same thing now, they are not requesting that we pay it off in full but have a new choice in what we want to do. if you have a loan then you have the choice to pay more or less, as a contract stands,they cannot and will not force us to pay it all back. It is against the law to breech a contract like that, therefore making it a easy lawsuit against them. So dont worry about that. Remember its still your money that you have taken a loan out on, so what backing do they really have since it is not their money we are lending from. In actuality they are lending from us, they make money off our money, so i highly doubt they want to screw that up. Instead of worrying about rumors, we should be worrying about the truth around us. Getting prepared for the future. Make sure before doing to know your rights and laws before acting. As to the other comment on this page about the driver getting fired cause he refused to work after 11 !/2 hours, is impossible. Are policies have changed to anything after 4 working hours and you are free from points. The company can not fire you for going home sick, unless you leave without notice, then you are talking about job abandonment, which you can get fired for. I think all of you are good people, and you have a reason for wanting the union, im not a supporter, but i cant help setting the record straight. Some times the comments are not accurate. It just doesnt make since.
As far as the 401k goes, It would be a disaster if the company would let anything else happen than what you explained.
As for the driver who lost his job.This one is true, sad to say.I guess no one told M. Hutton about policies. A week later he received a letter from FedEx saying,"how sorry they were to see him leave the company" which was a lie he was terminated. Then a week after that, he received a letter explaining the reason for his termination!Which is it? You see if you tell a lie so many times you start believing it. Seems that this company is no exception. They have twisted the truth so many times to suit their agendas. They have started to believing them!
And as far as policies are concern,we are a "At Will" company. And like my ex om in Fontana once said "we are a non-union company, we can do what we want".
Thanks for your comments and remember...
Be Wise And Organize!
still makes no sense, if we do have policies and rights then why not use them. Why aren't we educating our fellow employees instead of just putting their stories up. you know that if that happened to you then you would fight it so why not help them out instead of just watching them burn. This is the only problem i see with everyone here. If union is what you want then act the brotherhood should, family. Help them out and others just like the driver. That is the only way to win over everybody. If you cant help them now how are you supposed to help them after the union takes over? dont get me wrong, i see the union coming in now due to all the dumb moves the company is doing, im just trying to tell you the way to get someone is by helping them not forcing. and if you really want fire power find out what happened in sac terminal. We need to stop the insanity that is going on but in the right way. Make sure the stories have meaning and are all fact before posting that way there is no confusion. see you guys around
Well the driver is getting help and he's not alone.
And if you can explain what happened in sac. we would like to know what your talking about.
Cliff/Rudy/Joe---You guys need to get a few more Drivers on board.
The 401k Deal is not as bad as all the rumors sound.
So rather than having your payment for your loan taken out of your paycheck. They now want you to have it taken from your checking/savings account. What's so bad about this?
If you don't want to pay the loan off--Well then you have to add this as additional income. This is the IRS. No use in fighting this issue.
The reason you they need you to take action is there will no longer be a West or East. With all the new changes, You will get a new 401k, new benefits--Why have we not seen what these will cost yet?
With all the Full time to part time cuts that are being made. You guys really need to get the ball rolling. Get a few Well Respected drivers or one Sup to jump ship. BINGO!!!
Last thing--The 401k plan we have now--Is the same the folks in the EAST have. Nothing different. It's the same match.
You need to get more education and FACTS out to employees.
But here's the question--Remember Jan 1st FedEx Freight will now become FedEx Freight Inc.
It think you guys are going to get more employees starting Monday in all the regions.
Thanks,
BadCoolo
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