1. No one actually "takes possession" of the funds. They were/are invested in the Putnam Money Market fund, and are earning whatever rate of return that fund is earning. I'm not sure if I could move that money into another fund paying a higher rate of return, but I doubt it. I believe it was set up for guys who were over a certain age, but I don't remember the age, and it was as of a certain date, I believe. As a frame of reference, the company put $25K into the fund and as of today, its value has grown to $26,924.05.

2. Yes, this fund is only for post-retirement expenses. Speaking of expenses, there are many expenditures that qualify as "medical expenses", such as driving to the hospital, milage, etc, almost anything that is even closely related to medical issues will probably be covered. I've even looked into using the money to pay premiums for long term care insurance (after I retire, of course) and was told by the benefits person at our ALPA office that the LTC premiums would qualify.

3. If you die, then the fund is available to your spouse, to be used for the same types of expenses. When he or she dies, the remaining money in the fund goes back to FedEx.

4. I don't know.

Hope the above helps, but for a more comprehensive explanation of the bulk of the plan, dust off the Contract and read Section 27, Insurance Benefits, as well as the Pilots Benefit Book.

JJ