TFI Benefits *2022 – TFI International Employee Benefits
TFI Benefits are in this part. If you are interested in learning more about the benefits of working for TFI International, you’ve come to the right place. This article will help you understand the pension provided by TFI and whether or not the company is a good choice for your job. To get started, simply complete the form below and a TFI Insurance & Benefits agent will contact you. You’ll be notified of the appointment time and will be able to confirm it with them.
Is TFI a good company to work for?
TFI is a bad company. Its leaders behave like state organizations and make policies and procedures that have no rhyme or reason. The company has a lot of waste and its processes are overly complex. The company’s CEO is more concerned with rapid growth than the needs of its employees. Whenever a state contract ends, TFI leaves a garbage trail in its wake. Its policies are egregious and its compensation package is nonsensical.
The TFI acquisition of UPS Freight stretches the company’s record of profitable growth and brings it into the upper echelon of North American LTL carriers. This deal also adds real estate to the mix. The acquisition includes 197 and 147 owned facilities in North America and Canada. TFI is building a North American trucking and logistics powerhouse, and its mandate is to operate at a cost below the market.
The future is a little uncertain for TFI, and it could change over the next few years. It has an expiring collective bargaining agreement with trucking Teamsters and agreements with some Canadian Teamster locals. Those two markets may have different rules of engagement. It may be like letting the bear in the room. The next contract may make or break TFI’s ability to sustain solid margins.
Does TFI International have a pension?
The TFI International buyout has raised a few questions about what the company will do with the trucks. Will it retain their current fleet, or will they be rebranded as “TForce Freight”? Despite its cash-free and debt-free status, TFI will use UPS’ domestic package network to ship packages. This leaves the question, “Is TFI International going to provide a pension for its employees?”
Employees in the unionized Freight Union will lose their rights to participate in the UPS Pension Plan at the time of the closing. TFI will transfer those hours that they worked in covered employment with the Union to the new plan. This will allow participants to gain vesting in benefits accrued prior to the closing. For this reason, TFI will use the time spent in service with UPS before the closing to calculate vesting in the new pension plan.
TFI International has a low P/E ratio, which means that the company has no incentive to maintain bundles and tolerate break-even LTL yields. If it does, it will likely raise its rates on existing customers or cut them loose. Even if the TFI International cutoff will keep them some business, the former UPS Freight shippers will be hard-pressed to find an attractive alternative. You may want to reconsider your decision to purchase shares of TFI International.
TFI is a bad company. Its leaders behave like state organizations and make policies and procedures that have no rhyme or reason. The company has a lot of waste and its processes are overly complex. The company's CEO is more concerned with rapid growth than the needs of its employees. Whenever a state contract ends, TFI leaves a garbage trail in its wake. Its policies are egregious and its compensation package is nonsensical.
Employees in the unionized Freight Union will lose their rights to participate in the UPS Pension Plan at the time of the closing. TFI will transfer those hours that they worked in covered employment with the Union to the new plan. This will allow participants to gain vesting in benefits accrued prior to the closing. For this reason, TFI will use the time spent in service with UPS before the closing to calculate vesting in the new pension plan.