Originally Posted by
FXLAX
Please help me rember the VEBA, since I don’t think I was here when that happened?
VEBA was, if I remember right, basically a union due to cover the cobra payments for guys who had to retire at 60 and cover them until medicare kicked in. We were paying for guys who had a career at fedex knowing that they would retire at 60. Why should we have been covering Cobra payments for guys who should have planned for an age 60 retirement? Add to that the last contract only pays a bonus to guys who were 54 at the time of signing who give a years notice of retirement. And by bonus, I believe there was another $40K paid to guys on top of the full sick bank bonus.