When did FedEx stop pensions?

FedEx is closing its pension plan for those hired in 2020 or later and launching a new 401(k) plan for U.S. employees in Jan. 2021, the Memphis logistics giant announced Monday. The new 401(k) plan will have a higher match, but keeping the current 401(k) plan means sticking with the pension, too.

Do FedEx employees get pension?

FedEx provides the Pension Plan at no cost to you. Your benefits in the Pension Plan are based on compensation credits, quarterly interest credits and, if eligible, transition compensation credits. Both you and FedEx make contributions to the 401(k) Plan.

What age can I retire from FedEx?

55 years or older
To protect your retirement savings and future pension income, learn about FedEx retiree health benefits and how you can prepare for a healthy future. Must be 55 years or older when you retire.

How do I access my FedEx pension?

Access retirement.fedex.com or call the FedEx Retirement Service Center at 1.855. 604.6221. Take advantage of Catch-up contributions in the 401(k) Plan, if you are eligible, beginning as early as the calendar year you reach age 50.

What is the difference between pension and 401k?

What’s the difference between a pension plan and a 401(k) plan? A pension plan is funded by the employer, while a 401(k) is funded by the employee. (Some employers will match a portion of your 401(k) contributions.) A 401(k) allows you control over your fund contributions, a pension plan does not.

How long does a pension last for?

Pension payments are made for the rest of your life, no matter how long you live, and can possibly continue after death with your spouse. Lump-sum payments give you more control over your money, allowing you the flexibility of spending it or investing it when and how you see fit.

How much of a raise does FedEx give?

FedEx employees to receive 2% pay bump amid ‘difficult and challenging times’ FedEx is providing a 2% pay increase for most employees, the company said Monday. “FedEx team members continue to go above and beyond during these unprecedented times,” the Memphis-based logistics giant said in a statement.

What happened to Kinko’s?

In February 2004, FedEx bought Kinko’s for $2.4 billion, which then became known as FedEx Kinko’s Office and Print Centers. Prior to the FedEx acquisition, most Kinko’s stores were open 24 hours a day. After the acquisition, FedEx reduced the hours for many locations.

Are there any Kinkos left in the United States?

Kinko’s Is Now FedEx Office.

How do I access my FedEx benefits?

FedEx Benefits Online – fedex.ehr.com https://www.yourbenefitsresources.com/fedex.

How does a pension work?

A pension is a type of retirement plan that provides monthly income after you retire from your position. The employer is required to contribute to a pool of funds invested on the employee’s benefit. As an employee, you may contribute part of your wages to the plan, too. Not all businesses offer these plans.