Maybe not $1.5M but how about $1.4M after 23 years and we didn't have a B-plan until 1999.

If I were a new hire in today's world there is no way I would want a define benefit plan. After what has happen to my friends at US Air, Delta and AMR I would want cash in my hand and not a promise to pay. The NWA guys are about the only ones who were able to freeze their plan and transition to something else. A very close friend at Delta started in 1989 and he has been a wide body captain there since 2003 and after 30 years and an age 60 retirement his DB will be $3000/month via the PGB. Not a very good deal.

The other problem with the define benefit is after you retire it is not indexed for inflation, so you are slowing (hopefully) losing buying power with your retirement each year. The fix for that is lump sum distribution of definite benefit (probably not going to happen here at FedEx) so you can manage your money to stay up with inflation or go define contribution, portable pension, b-scale or whatever other name you want to give it. That way you get a lump sum distribution and your retirement is yours to control.

We have some very sharp guys that work in R&I and if transitioning to something new is the way to go let's hear them out. But I do believe that having the FedEx crew force covered/participating under a define benefit program 20 years from now is an unrealistic expectation. Hell, I would be surprised if the anyone other than politicians are covered under a define benefit plan 20 years from now. Happy New Year! The ATM