Originally Posted by mempurpleflyer

If the MEC has their way, I wonder how Volume II of this book will read in the future? Maybe something like:

“In 20xx, FedEx Express, the giant express shipping company, made out like bandits when their pilot group, as represented by the Airline Pilots Association, voluntarily froze their company provided pension benefit. This benefit provided the average pilot $130,000 a year for life after a 25 year career. In exchange for their pension, the pilots accepted a new retirement system called a "Variable Benefit Pension". A pension, in that it also provides a yearly benefit for life to the retiree, this new pension plan placed all investment risk on the pilot themselves while FedEx benefited from known, steady contribution requirements every year with no additional responsibility for plan performance. FedEx is expected to save billions of dollars over time, as they no longer bear any responsibility to provide a guaranteed benefit. This move on the part of the FedEx pilot employee group may go down as one of the worst financial decisions made by a labor group in modern history.