It is my opinion that FedEx wants to be out of the Traditional Pension business.
That the line in the sand comment by our then NC in 2015 is supported by every action FedEx has taken before and after that comment.

The creation of the Portable Pension plan 14’sh years ago. Which was/is a Defined Benefit plan based on a percentage of pensionable earnings credited to a notional account on a year by year basis.
The Direct offer to us for a Big B plan in 2014. Industry leading too. Something that had a minority of pilots saying we should explore that.
And now FedEx has eliminated a Pension for new employees, instead offering a bigger 401k match.

TonyC has said a line in the sand is easily erased.

Last negotiations it was firm enough to result in absolutely no improvement to our FAE, even though restoring the income replacement of our 77C/Intl was our #1 goal.

But this time will be different.
(Pay no attention to the fact that FedEx was leaving freight on the ramp due to a lack of pilots in 2015, and yet not even a bump to $280 or $300k)