Huck

No disrespect but that sounds like a punchline.

I've never had more than a ~5 year window of confidence in any airline job. I see no reason to change now. Fred ain't going to live forever, and he may be replaced well, or he may be replaced badly. Who knows who is waiting in the wings - Kelleher, or Lorenzo.....

(In other words, I agree with your earlier post.)

FDXer

There's a motion today by the teamsters at the FedEx share holder meeting. The motion is to break up the CEO and Chairman of the Board positions into separate spots. Fred currently holds both. If it passes the shareholders, it will give Fred less leverage and control of FedEx.

Still think that retirement is as secure?

FDXLAG

No disrespect taken. I like our contract, I like our security, wouldn't trade it with anyone elses. Dosen't mean it can't be better. Sounds like our R & I guys are looking at making it better. Hope we have some discussions before the next contract. I would hate to be surprised with some STV or more HRA like provisions in the retirement plan.

Tuck

Look if you've got an 11% or so B plan with say an average annual earnings of $170,000 at 2007 dollars (very conservative estimate) and 25 years to go since we'll all be working to 65. With only the company's 11% and a 5% investment growth (could probably get 8% with 4% inflation) that'll give you a nest egg of about $1.2M (obviously much more if you're under 40 and have more than 25 years to go). That's your money. Yeah the pension is nice but we have no survivor benefits anymore. So when you die at age 68 and have received 3 years of your pension valued at under $500k at 2007 dollars, you may have had a nice 3 years but your family is now out of luck. You'd have to live for at least 15 years after retirement to make our current pension more valuable than a strong B plan. So that's 80 years old - what do you think?

That $800,000 life insurance benefit that took the place of the survivor's benefit, guess what? It's gone 31 days after "you no longer work for the company" - that includes retiring. Somewhat of a waste since I can buy a $500,000 insurance policy for about $43/month from USAA that will last until I'm age 65.

P.S. What happened to our new Pilot Benefits Book? Wasn't that due out quite a while ago? What do you suppose the union is doing with it since it was due to them Apr 28 by the CBA, comments from them due by June 28 and here we are about 3 months after that with nothing.

HazCan

I think Kinko's is backed up.

fdx727pilot

"
The Survivor Income Benefit Plan that was replaced with the $800K had nothing to do with the A-plan. It was strictly for working employees. So guess what?, no change in coverage, just payment method ($800K lump sum versus 30% of your salary at death.)

You still get Survivor benefits on the A-plan if you are not single, just like on the previous contract and pre-contract. You get a reduced retirement payment and then the wife gets a payment after you're gone. I would have to look in my Benefit book to get the exact numbers.

Just looked, standard is a reduced payment (based on your age at retirement and the spouses age) and then spouse gets 50% after your death. It's known as a "50% Joint and Survivor Annuity." They have 75 and 100% options, also, but then you get even less retirement.

If you compare the 2 CBAs, nothing in the A-plan retirement section changed except the table for guys over 50 with more than 10 years of service in 1999. It now has 15 yearly multipliers instead of 4 different ones each covering several years. Other than that numbers in that one table, and the one table below it, which can increases the multiplier a maximum of a whopping .05%, as far as I can tell by comparing the two, nothing else has changed. Most of the alleged "senior good deals" were there in the 1999 CBA also.

machz990

That 1.2 million and 10 bucks will get you a cup of coffee in 25 years. Look at what a car cost 25 years ago. $3500 car now costs $25,000, .050 gas per gallon now $3. 1.2 million tommorow would be doable. 1.2 million in 25 years is chump change.

Huck

He took the inflation out. Those are constant dollars.

renman95

Just finished with my annual two days of beatings and the IP said that 727's are still getting the EFB(!?), ACARS and have been extended from 2015 to when most of us retire.

Sheit!

FD&S

A300_Driver

That's not going to hold true for all that long if oil stays above $80 a barrel!