From our union newsletter today. What timing.

The FDX MEC LTD Plan was designed by FedEx pilots for FedEx pilots. The pilot-designed FDX MEC LTD Plan provides monthly benefits for disabilities that prevent you from working in your own occupation as a pilot. This coverage is optional and paid for by the pilot, and benefits are paid in addition to the LTD benefits provided by FedEx under our CBA.
The FDX MEC LTD Plan was designed to supplement the negotiated LTD benefit in our CBA. The Federal Express Corporation Long-Term Disability Plan for Pilots (the CBA LTD Plan) benefit begins upon submission of a valid claim within 60 days of exhaustion of your regular and disability sick banks. If approved, you will receive a monthly benefit of 60% of your eligible pre-disability income for 24 months. After 24 months, you will receive a monthly benefit of 50% of your eligible pre-disability income until age 65 or recovery, whichever occurs first. For the 2021-2022 plan year (same as FDX fiscal year) the maximum earnings considered are limited to $290,000. This limit is indexed to the IRC 401(a)(17) limit and will increase to $305,000 for the 2022-2023 plan year. For the current plan year, the maximum monthly benefit at the 60% level is $14,500 and at the 50% level is $12,083.33. The CBA LTD benefit is a taxable benefit.
The FDX MEC LTD Plan provides a benefit of 17% of your pre-disability income until age 65 or recovery, whichever occurs first. While the benefit adjusts with your eligible earnings, it is not reduced or limited by the IRC 401(a)(17) limit like our negotiated LTD benefit. However, the plan is limited by a maximum benefit of $14,500 per month. In addition, the FDX MEC LTD Plan’s 17% benefit is not subject to federal income tax, since you are paying the premiums with after-tax dollars.
Some other benefits of the FDX MEC LTD Plan are the annual 3% COLA for maximum of 5 years and a survivor death lump sum benefit of 3 times your final monthly benefit.
With the FDX MEC LTD Plan, you can elect a Benefit Qualifying Period of 12 months or 24 months. The Benefit Qualifying period begins the first day you become disabled. Your benefits will begin the later of the 12 or 24 Benefit Qualifying Period or exhaustion of your regular and disability sick banks.