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FDX- Earnings and Cost Control Measures

Old 12-18-2008, 07:02 PM
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Originally Posted by sprucie View Post
BTW isn't it ironic the man who allegedly stole 50mil pronounces his last name "made off" as in made off with all your money.
50mil??? You mean 50 Billion, don't you?
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Old 12-18-2008, 09:53 PM
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Originally Posted by Sea Pig View Post
They all had an A plan-like, defined benefit retirement program until about 18 months ago, and then it was frozen and replaced with a beefed-up 401K. Now with the company forcasting positive earnings (albeit reduced earnings) for the next year, they are going to suspend the company's contribution? I'd be some PO'ed.
Originally Posted by fdx727pilot View Post
What you are talking about, the Cash Balance Plan, replaced the non-pilot A-plan many years ago. The 401K plan was changed 1-2 years ago, and is the plan referenced in todays news. FDX matches the 1st 1% and half the next 5% of salary that a non-pilot employee contributes. As long as an employee contributes at least 6% of their salary, Fred was matching 3.5%. That is what the average employee loses. Using my SO as an example, that's about $1800 year, plus the 5% salary cut and no merit raise this year.
Follow the whole thread and you'll see what I'm talking about.

SO = second officer, or significant other?
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Old 12-18-2008, 09:54 PM
  #33  
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Originally Posted by R1200RT View Post
We need a stand alone pay rate for the 777! Even if it's a dollar then we can fix it later, but if we lump it in with the WB rates we are done. You are being very short sighted. As young as you are think 20 years from now. The cargo industry is supposed double in 20 years. We are going to be OK, no one is going to get furloughed.

I'll trade Fred checks any day. His pay is about 1/100th of his income. Put the glass of cool-aid down.

Rog on all that.
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Old 12-18-2008, 10:44 PM
  #34  
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Originally Posted by MD11Fr8Dog View Post
Follow the whole thread and you'll see what I'm talking about.

SO = second officer, or significant other?
Not disagreeing with you, just trying to clarify the two different plans. Obviously some confusion by various folks on what the non-pilot, non-executive types get for retirement.

And SO = the wife
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Old 12-18-2008, 11:23 PM
  #35  
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Originally Posted by R1200RT View Post
We are going to be OK, no one is going to get furloughed.
Great, another old guy telling all the young bucks that everything is going to be fine - all the while he's bending you over the table.

The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.

What a shame.
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Old 12-18-2008, 11:29 PM
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Originally Posted by FR8K9 View Post
Great, another old guy telling all the young bucks that everything is going to be fine - all the while he's bending you over the table.

The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.

What a shame.
What is your solution though? Is there anything that can be done?

I'm not a proponent or a defender of the age 65 rule or the way it was introduced however since there's nothing we can do why even bring it up?
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Old 12-18-2008, 11:38 PM
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My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.

And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.

It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.

So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
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Old 12-19-2008, 12:08 AM
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Originally Posted by FR8K9 View Post
My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.

And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.

It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.

So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
It sounds great but you know very well it's totally unrealistic (although I want you to pursue this! ). So it's sort of like ****ing (ooops I meant urinating) into the wind, you'll be the only one who gets affected. (of course, in your case I don't think you have to worry about being furloughed but we appreciate your concern for your junior brothers and sisters! )
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Old 12-19-2008, 08:14 AM
  #39  
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Originally Posted by MD11Fr8Dog View Post
Follow the whole thread and you'll see what I'm talking about.
The 401K was beefed up - raising the company's contribution from a max of $500/yr to a max of 3.5% of eligible earnings, and the defined benefit Pension Plan was frozen. You are correct that all employees now also receive benefits under the defined contribution Portable Pension Account, which was an optional plan instituted in '03. Company contributions to the PPA run from 5% to 8% of eligible earnings depending on longevity.

What was suspended was the 3.5% 401k contribution, so the hourly and salaried employees have lost 30-40% of their retirement benefits (assuming a 6% or greater 401K withholding) at least until 2010. There now was that precise enough?

My main point though was that this is all happening while the company's current qtr earnings are in line with the past year's, and projections for the rest of the fiscal year, although reduced, are still positive. The bottom line is that there are going to be some unhappy folks on the property.
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Old 12-19-2008, 10:10 AM
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Sarcasm light on

Originally Posted by FR8K9 View Post
My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.

And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.

It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.

So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.

Nahh, the problem seems to be all those widebody captains. They seem to think they can get in that seat and just camp out forever. They should all be forced to retire after five years in the seat, no matter what age they are, 35 or 65. They have their high five. Get out of the way of all the junior guys.

Sarcasm light off
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