hawkeye77

Its in the Pilot Benefit Book


Pilot Benefit Book
Retirement: Pension Plan and Non-Qualified Plans: Retirement Dates

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You may commence retirement benefits on any of the dates described below after you have completed application requirements. Refer to “Making Application for Benefits and When Payments Commence.”

Normal Retirement Date
Your normal retirement date is the first day of the month coincident with or next following the date on which you attain age 60, after:

Completing five years of credited service for vesting, or
Reaching your fifth anniversary of Plan participation.
If you retire on or after your normal retirement date, you are eligible to receive an unreduced monthly benefit.

757upspilot

Do us a favor and take no concessions.

FDX28

So that not being in the contract, can the company change it at will?
The Company has included pilots in certain benefit enhancements which were not included in the terms of the Collective Bargaining Agreement. However, the Company is not obligated to continue providing these enhanced benefits should they be unavailable or discontinued for any reason. Refer to the 2004 Pilot Benefits Book and the Collective Bargaining Agreement for a complete description of the benefits the Company is obligated to provide.

2cylinderdriver

RETIREMENT (Pension Benefi ts)
A. General
1. The Company shall continue to provide retirement and related
benefits through the Retirement Plans1 and under the terms and
conditions of the Retirement Plans, as in effect as of the date
of this Agreement, except as specifically provided herein. The
terms and conditions of the Retirement Plans, insofar as they
affect pilots, shall not be changed, except as provided in this
Agreement or by the written agreement of the Association. The
Pilot Benefi t Book (“PBB”) shall be updated in accordance with
Section 28.A.7. to refl ect changes made by this Agreement and
any other changes made pursuant to Section 28.A.5.

nakazawa

If you ask for 'bottom rung of the ladder' quality openers - you can NEVER go up. You get what you negotiate. If we want a 50% pay increase because that's what we've lost under 4.A.2.b., then tell your LEC, the MEC and the NC. If you're happy with a 3% annual pay raise, I feel pretty confident the Company will be happy with that, too.

DO NOT UNDER ESTIMATE YOUR VALUE TO THE COMPANY!!! We are the cash cow. Express has allowed FDX Corp to buy Freight, Kinko's, label Ground, sponsor the Orange Bowl, NASCAR Racing #11, FedEx Cup Golf, some portion of Formula 1 Racing, purchase NEW B-777F's, and expand globally without limitation. We've put our name on two stadium/arenas and starred in a major motion picture. We're a brand name that's recognized globally, and the common term used when somebody wants something shipped quickly and reliably. In the worst economy since the depression, FDX Corp and FedEx Express have still posted quarterly profits worth hundreds of millions of dollars. Leadership is disappointed when FDX net profits fall below $2 BILLION annually. I suspect we're one of three major US airlines in the black right now, and one of the others is our competition.

Personally, I want it all and I want it now (I actually took that line from my wife). With 4,600 crew members headed in ONE direction, we can achieve what WE want, what WE deserve, and what WE negotiate. Ask for a second rate contract, and that's exactly what we'll end up with.

Things that anger me (and this isn't all of them) -

Penalizing a crew member for staying past 60. How 'bout making it REALLY worth his while to leave (enhance our retirement package)!

Suggesting we pay 'cruise pilots' 2nd officer pay. HEY - let's start with paying them Captain's pay. Think that might help you upgrade faster?

Feeling like calling in fatigued is a 'crew' problem. If a crew member becomes fatigued on a trip - it's a TRIP problem. Keep the crew in the field or re-build the pairing, but the penalty for calling in fatigued should be on the Company and CRP, not the crew member. NO dockage of our sick bank, and the crew retains trip guarantee!

Deadheads not in accordance with the CBA. If Corp Travel can't get us scheduled IAW the CBA, re-build the pairing so it's contractually legal. If the deadhead rates First Class and the airline only has Business - find another airline!

SHALL means SHALL - not maybe!

The range is open - start shootin'. And . . . have a great NEW YEAR.

Nakazawa

UnskilledFXer

I highlight several sections in red, including part of your original quote, for reference.

These provisions of the contract, combined with the fact, nowhere does the contract "specifically provide" a definition of the normal retirement age, cause me to be less sure of the "iron clad" nature of our age 60 retirement.


In fact, I believe this sections present more questions than answers. It is possible, the company could interpret the recent rule change (age 65) to fall within the the first highlighted section below. Also, if their cost analysis was consistent with the principles set forth in the second highlighted section below, the Association's first notification would be during the review of the "updated" PBB (third highlighted section). I realize this is a pessimistic and maybe unrealistic view of how the contract might be interpreted, but I also thought 4.A.2.b would be implemented much differently than its current form.


But, I'm sure the company would never take advantage of ambiguous language in the contract to increase the bottom line, so I'm sure we can all rest easily until we are able to "fix" the language in the next contract.




Section 28.A.5
All of the Retirement Plans’ terms and conditions shall remain unchanged insofar as they affect pilots, except as specifically provided for herein or except as required by law. If an amendment to the Retirement Plans or the PBB is required by law, if there is more than one alternative available under the law with respect to such required amendment(s), and if the effectuation of either alternative would result in similar cost to the Company, the consent of the Association to one of the alternatives shall be required for such plan amendment. Such consent shall not be unreasonably withheld. The Association’s consent shall not be required for any amendment described in this paragraph if more than one alternative is available under the law but the effectuation of one or more of the alternatives would result in increased cost to the Company over the other available alternatives.




Section 28.A.7
No later than April 28, 2007 (180 days after October 30, 2006, the date of signing), the Company shall provide the Association with proposed updates to the PBB reflecting changes made as part of this Agreement. No later than 60 days after receipt of the proposed updates, the Association shall meet with the Company and provide comments. As soon as practicable thereafter, a PBB that is mutually satisfactory to the Company and the Association shall be distributed to the pilots. The Association’s approval shall not be unreasonably withheld. The foregoing to the contrary notwithstanding, the failure of the Association to timely approve such updates shall not prevent the Company from distributing the updates to the pilots in accordance with the provisions of 29 U.S.C. §1104(b). The parties acknowledge that updates pertaining to benefit changes that are scheduled to take effect on January 1, 2008, may not be available for inclusion in the 2007 update to the PBB.With respect to any future updates to the PBB, the Company shall prepare and distribute to the pilots updates to the PBB, as required by 29 U.S.C. §1104(b). The Association shall be given the opportunity to review and approve such updates; the Association's approval of such updates shall not be unreasonably withheld. The foregoing to the contrary notwithstanding, the failure of the Association to timely approve such updates shall not prevent the Company from distributing the updates to the pilots in accordance with the provisions of 29 U.S.C. §1104(b).

purpledog

How about being able to retire at 25 years with no penalty regardless of age.

Wildmanny

Personally, I want it all and I want it now (I actually took that line from my wife).


This might be the quote of the year. Buyer beware. They actually learn this behavior when they are as young as 5, as I'm finding out.

Nakazawa is the man!

2cylinderdriver

I think you are right to take EVERYTHING from now forward with the attitude: "how can they sXXXw us with this language".

In the case of Age 60, we are safe. The sections you highlight are the ones that specifically retain ALL benefits and provisions of our pension plan as of August of 2006. The section you highlight in 28.A.5. says "consent" can be waived only for specific items that have to meet a couple of litmus tests.

The first, an largest hurdle is: "If an amendment to the Retirement Plans or the PBB is required by law" this is where Federal Law is changed, making a provision or clause in FedEx's DB plan in effect "illegal". This section provides the avenue to affect such change. This section has been used already in CBA 2006, ask any R&I Committee member.

The fact that MAX retirement age has been raised does not reflect a required change to our DB plan, simple as that. If the Law said that Age 65 is the Earliest a covered employee could receive benefits, then our CBA would have to be changed to reflect a legal plan.

This is a great discussion and I hope everyone will continue to read the CBA and participate. We will only get what we are prepared to bargain for and likewise we will only give up what we are willing to give up, which I hope is NOTHING!

Bitme

One year when Ohio State was way ahead of Michigan and late in the game OSU scored another touch down and went for two points instead of the traditional extra point kick. After the game a reporter asked Woody Hays why he went for 2 when they were so far ahead late in the game?
Woody's reply "because I couldn't go for 3!".

Even though I'm from Michigan, I like the way Woody thinks.