FedEx pilots are fools if they negotiate away their defined pension.
In exchange for accepting the VA plan, they'll ask for something the company took back in the last contract (like lay flat seat provision) and market it as a complete win. Or they'll just low ball the VA plan and present the worst case scenario first ... it's the FDX ALPA way.
As I see it, to even consider the VA plan, I would need to see industry leading language and increases in all sections of the contract; compensation, B-fund, profit sharing, vacation, jumpseat, reserve, etc.etc.
Pension risk has value and that value is worth more than the POTENTIAL to earn more in retirement. FedEx owns the bill associated with that risk. We shouldn't assume that risk unless it is overwhelmingly in our favor to do so which means the company is never going to accept my offer. But they'll accept ALPA's low ball offer and we will forever be known in the industry as the suckers we are.