As The Harvard Happiness study found, social connections are often the most valuable and rewarding aspect of retirement for FedEx employees - Patrick Ray, The Retirement Group, a division of Wealth Enhancement Group.
As FedEx employees plan for retirement, they must recognize that the wealth of social relationships built at work can provide more emotional fulfillment in retirement than any financial asset - social capital - Michael Corgiat, The Retirement Group, a division of Wealth Enhancement Group.
In this article we will discuss:
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1. Relationships matter during retirement for FedEx employees.
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2. Best practices for building and maintaining good work relationships.
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3. Findings from the Harvard Happiness study on how relationships influence retirement satisfaction.
Harvard researchers began investigating what makes us joyful in 1938.
Two years apart, the researchers reviewed 724 health records and asked questions about lifestyles across the globe. As participants aged into middle age and old age, the Harvard study raised many retirement-related questions. Their answers revealed the biggest obstacle for retirees is finding work that lasts them longer than social connections.
Retirees miss working but they miss people they worked with.
We worry about finances, health and caregiving in retirement.
But FedEx employees should ask how the best retirees build relationships. But almost nobody discusses the importance of finding new meanings and purposes.One participant told CNBC what he missed about being a physician for nearly 50 years. Another participant, Leo DeMarco, said the same thing: Once retired as a high school teacher, he had difficulty contacting former colleagues again.He said discussing business gives him spiritual food. Teaching young people started my exploratory project.
But hobbies are not sufficient.
Many feel most important at work because we serve colleagues, customers, communities, and sometimes our families too. FedEx employees may relate.Changes at his factory forced Henry Keane into abrupt retirement. So he suddenly had time to himself and energy.He began assisting with the American Legion and Veterans of Foreign Wars. He enjoyed furniture restoration and cross-country skiing. Yet something remained lacking.
To get your golden years now, invest in your relationships.
FedEx employees should know that Keane's epiphany not only teaches a lesson about retirement, but work in general: We are so consumed by money and time constraints that we do not appreciate our work relationships until they are gone.
According to a Harvard happiness study covering 85 years, the biggest retirement challenge for FedEx employees that is rarely discussed is finding new social connections and relationships after working years. The study found that retirees do not necessarily miss the work itself but rather the people they worked with. Such is the value of having meaningful relationships throughout one's career and beyond retirement.
FedEx employees should consider the following when developing deeper relationships:
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Who do I like working with and how do they contribute to my success? Am I seeing their worth?
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Which types of relationships do I want more of but am I lacking? But how will they come about?
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Anyone I should know better? But how do I contact them?
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How do I end a disagreement with a coworker?
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Who thinks differently, has a different background, or works in a different field from me? How will they help me?
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Consider what has shaped your daily experience of meaning and purpose. It may therefore be that this influence is net positive. But in any case - can you make a few minor changes?
- Former university administrator Ellen Freund tells CNBC in a 2006 study.
Every workday is part of our individual experience - and the more interpersonal contact enriches it. Work is also existence.Things we as FedEx employees should consider when building positive work relationships:
Intimate relationships with others take time and effort. Yet there are also simple things FedEx employees can do to better communicate with coworkers.
Set your relationship requirements. Know what you expect of others? And can you comprehend what is asked of you? Recognizing these requirements may create stronger relationships.
Develop your interpersonal skills. Relationship health depends on interpersonal competence. FedEx employees can take the Mind Tools assessment of collaboration, communication, and conflict management. The exam also points you to resources to strengthen any weak spots.
Consider your EI. Emotional intelligence refers to the ability to understand and process one's own and others' emotions. You will get better at recognizing the emotions and demands of others as your EI increases.
Practice mindful listening. They feel more positive about people who listen carefully to what they say. You will speak less and understand more with mindful listening. You will also build a reputation for reliability.
Set aside time for relationship building. You might take a colleague out for a coffee if possible. Comment on a colleague's LinkedIn post or send a short note asking about their health. These little interactions are necessary for lasting relationships.
Establish your boundaries. Make time - but don't waste it! A work relationship can sometimes impede productivity when a friend or coworker takes over your time. There needs to be boundaries and time management around social interactions at work.
Consider others. Everyone wants to feel appreciated from the manager to the intern. So when others perform well, compliment them. Praise and recognition will build good workplace relationships.
Be optimistic. Keep yourself upbeat. Because positive energy is infectious, people tend to follow those who make them happy.
Avoid gossiping. Occupational politics and gossip sabotage workplace relationships. In a dispute with a group member, contact the member directly. The gossip with other colleagues will only increase distrust and animosity.
Develop and maintain good working relationships that increase interest in your work, your career, and a harmonious work environment. Employ all of the above strategies to build productive working relationships with colleagues / managers / customers / others. Some business relationships will be easier than others. But with thought, time, and effort, these relationships can also be beneficial.
Retirement is like a garden with flowers representing various aspects of our lives. And while the financial blooms are often more prominent - a nest egg or investment return - the social connections we made whilst working go unnoticed. As a garden produces many different and vibrant flowers, so too can our retirement if we take care of our relationships. The Harvard Happiness study finds these social connections - like petals on a flower - are the top retirement challenge for FedEx employees. The colors they add bring color, joy, and purpose to our golden years. Just as a gardener spends time and care on his or her garden, so must FedEx employees invest in their relationships with intention and cherish the bonds that make retirement enjoyable and fulfilling.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Mineo, Liz. 'Over Nearly 80 Years, Harvard Study Has Been Showing How to Live a Healthy and Happy Life.' Harvard Gazette , 11 Apr. 2017, news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life .
2. Mineo, Liz. 'Work Out Daily? OK, but How Socially Fit Are You?' Harvard Gazette , 10 Feb. 2023, news.harvard.edu/gazette/story/2023/02/work-out-daily-ok-but-how-socially-fit-are-you .
3. Liebergall, Molly. 'Author Talks: The World’s Longest Study of Adult Development Finds the Key to Happy Living.' McKinsey & Company , 16 Feb. 2023, mckinsey.com/featured-insights/mckinsey-on-books/author-talks-the-worlds-longest-study-of-adult-development-finds-the-key-to-happy-living .
4. Broom, Douglas. 'Scientists Have Found the Key to a Healthy, Happy Life: Our Relationships.' World Economic Forum , 22 Aug. 2023, weforum.org/stories/2023/08/relationships-basis-long-healthy-life .
5. Kram, Kathy E. 'How Will My Relationships Change in Retirement?' WorkTies , 4 Nov. 2024, workties.org/post/how-will-my-relationships-change-in-retirement .
What are the implications of the Funding Target Attainment Percentage for FedEx Corporation employees, and how does it impact the security of the pension benefits offered by FedEx Corporation? This question seeks to explore the nuances of the funding target attainment percentage as reported in the annual funding notice, examining how this metric not only reflects the financial health of FedEx Corporation's pension plan but also how it affects employee confidence in future benefit payments and retirement planning.
Funding Target Attainment Percentage: The Funding Target Attainment Percentage for FedEx Corporation indicates the degree to which the pension plan is funded. A percentage of 101.33% for 2022 suggests that the plan has sufficient assets to cover its liabilities, providing security for employees' pension benefits. This high percentage likely increases employee confidence in the stability and reliability of their future pension payouts, essential for long-term retirement planning.
How does the merger of the FedEx Freight Pension Plan into the FedEx Corporate Employees’ Pension Plan influence the benefits currently available to FedEx Corporation employees? This question aims to delve into the practical changes that may arise due to this merger, assessing whether it aligns with employee expectations regarding their pension benefits and how the transition process is managed by FedEx Corporation.
Merger of Pension Plans: The merger of the FedEx Freight Pension Plan into the FedEx Corporate Employees’ Pension Plan appears to have been strategically managed to maintain benefit stability. Despite increasing liabilities by 5.3%, the merger was structured to ensure no negative impact on the benefit amounts payable to participants from either plan, preserving the expected pension benefits for all affected FedEx Corporation employees.
In terms of investment strategies, what measures does FedEx Corporation implement to ensure that its pension plan investments align with the long-term liabilities expected to be paid out to retirees? This question encourages an exploration of the investment policies in place, examining the asset allocations and risk management strategies that FedEx Corporation employs to ensure sustainable funding for its pension obligations, which could potentially include detailed analyses of stocks, debts, and alternative investments.
Investment Strategies: FedEx Corporation employs a diversified investment strategy across equities, fixed income, and alternative investments, aiming to meet long-term pension liabilities. This approach, which includes both active management strategies and the limited use of derivatives, is designed to generate returns that exceed market indices, thus ensuring adequate funding of pension obligations.
What options do employees of FedEx Corporation have for accessing their pension plan statements, and how frequently are these statements generated? The focus here is to understand the communication strategies employed by FedEx Corporation regarding pension benefit statements, including technological access points and the importance of these documents for employee financial planning.
Pension Plan Statements: FedEx Corporation provides annual pension plan statements through their Retirement Service Center, available electronically each fall. Employees can access their statements online or request them if notifications are not received, ensuring transparency and aiding in personal financial planning.
How are contributions to the FedEx Corporation Employees’ Pension Plan determined, and what role do excess contributions play in the plan's overall funding strategy? This question aims to educate employees about how the company balances mandatory contribution levels with potential excess contributions, exploring how these factors interact to influence the plan's solvency and employee benefits.
Contributions to the Pension Plan: Contributions to the FedEx Corporation Employees' Pension Plan are calculated to meet at least the minimum legal requirement and potentially include voluntary excess contributions. These excess contributions can help manage the plan's funding level and ensure its solvency, benefiting overall pension security for employees.
What types of benefits are guaranteed under the Pension Benefit Guaranty Corporation (PBGC) for FedEx Corporation employees, and what limitations exist that employees should be aware of? By focusing on the guaranteed benefits, this question prompts a discussion on the security of specific benefits provided by FedEx Corporation and highlights limitations, allowing employees to understand their rights fully.
PBGC Guarantee: The Pension Benefit Guaranty Corporation guarantees certain types of benefits for FedEx Corporation employees, such as pension benefits at normal retirement age and most early retirement benefits. However, there are limitations, such as exclusions for benefits without vested rights and recently increased benefits, which employees should be aware of to fully understand their pension security.
In what ways does the FedEx Corporation plan to adjust its pension funding strategy in light of changing federal laws that impact pension obligations? Employees are encouraged to consider how legislative changes influence corporate policies surrounding retirement benefits and the proactive strategies FedEx Corporation might take to remain compliant while ensuring the security of employee pensions.
Adjustments to Funding Strategy: FedEx Corporation is likely to adjust its pension funding strategy in response to legislative changes affecting pension obligations, such as those introduced by recent acts adjusting how pension liabilities are calculated. This proactive approach aims to ensure compliance with new laws while continuing to secure the financial health of the pension plan.
What are the steps that FedEx Corporation employees must take if they are considering retirement, particularly in how to navigate the pension plan and gain access to their benefits? This question aims to provide clarity on the retirement process, ensuring that employees are equipped with the necessary information regarding required documentation, timelines, and points of contact within FedEx Corporation.
Steps for Retirement Planning: Employees considering retirement should contact the FedEx Retirement Service Center to navigate their pension plan benefits. This process involves understanding necessary documentation, timelines, and available support, facilitating a smooth transition into retirement.
How does FedEx Corporation plan to manage potential funding shortfalls in the pension plan, and what mechanisms are in place for notifying plan participants should such an event occur? Employees would need to understand the proactive measures put in place by FedEx Corporation to address funding-related challenges while also knowing what this means for their benefits.
Managing Funding Shortfalls: In the event of potential funding shortfalls, FedEx Corporation has policies in place to manage such situations, including strategic contributions to mitigate shortfalls. The company maintains transparency with plan participants about funding levels and any significant changes affecting the pension plan.
For those seeking more information about their pensions and retirement options, how can FedEx Corporation employees contact relevant departments, and what resources are available for assistance? This question provides an opportunity for employees to familiarize themselves with contact points such as the FedEx Retirement Service Center, emphasizing the importance of open communication channels for addressing inquiries related to their pensions. Feel free to consult the provided document for more in-depth exploration of these topics.
Contacting for Pension Information: FedEx Corporation employees seeking more information about their pensions or retirement options can contact the FedEx Retirement Service Center. This center provides essential resources and support, ensuring employees have access to all necessary information regarding their retirement planning.
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