Does anyone even know how many pilots we have on retirement? I asked all three of my union reps that are pushing this plan and none of them knew. Are you kidding me? How can we expect to talk to the company without knowing this? According to Blitzstein's video we are close to 1-1 in workers and retirees! So we have over 4000 pilots on retirement? I may not know the number, but I know it ain't close to that, he's lying to us out the gate. This is a bill of goods and it's bad.
We currently have the best of both worlds; a steady income base in the A fund and a flexible plan in the B fund which allows us to accept as much risk/reward as we want depending on which funds we choose to invest in.
Just say NO!

 

Agreed.

No one will be able to quantify the risks of this proposed hybrid plan. The pilots will have increased market risk and risk of FedEx default (outside of bankruptcy). The union will "educate" (read: sell) the pilot force on how much we may gain but will not explain the myriad of ways we could get screwed.

We need only look at the last contract to determine if our MEC is up to the task of hard-fought and intelligent negotiations with our employer.

#remember-contract-2015
#resist-indoctrination

 

You will be informed about “blended-return rates” using sophisticated “multi-year smoothing” techniques/forecasts that will demonstrate that it’s not really risky

Won’t matter to FedEx because once they make a specific contribution each year, they turn and walk away

This may be a Variable DB Plan, but it’s funded annually like a Defined Contribution Plan. (Psssst - we already have one of each)

Read & Research. Ask hard questions. Think critically!

 

This new retirement plan will be even more awesome than the VEBA. It will be awesome to listen in on the CFO's conf call about how awesome this plan is for fdx. What we lose in A plan we will gain in stock value. (Sarcasm). Don't change a friggen thing. Almost every change is for the worst.

 

I was told by a former member of the MEC (who appears extremely knowledgeable with regards to our retirement program) that we have roughly 1600 pilots on retirement (not sure if that includes survivor beneficiaries) at any one time. This amounts to roughly 1/3 of the crew force. The company knows the exact number and I suspect the union does also. The company clearly also knows the exact age of the death of all of our retirees and can tell you to a penny what they pay out each year. You don't think the union knows this also?

Without getting educated and fully understanding of the current retirement plan that we are under, it is impossible for the crew force to make an educated decision regarding alternate choices. There is so much misinformations and misunderstanding out there it's not even funny. Ask questions and do not blindly fall for the union's sales job!!!! Have we not learned anything in the last negotiations?? Our union gave up so much just so that we can retain our A-fund and now two years later they are trying to **** that away. Who is the rocket scientist that got this train moving?

Think of our retirement package as a chair with several legs. Don't chop away one of the existing legs. Add another leg to the chair to put to on a stronger footing!! If we give up our A-fund we will be the laughing stock of the entire airline industry.

 

I totally agree with you! We may need to start a recall campaign and stop this train before it gets too much steam.

Check this out...

There?s talk of capping 401(k) contributions at $2,400 per year - MarketWatch

Can you imagine all the things that can happen that would negatively effect this hybrid plan that is completely out of our control like what congress does to B plans and 401ks when the government is broke!? The union sure as hell can't I can guarantee that! Look at all the negotiating capitol spent on the B plan language and increasing our contributions last go around. We're going to toss all that out and create a new plan. Wtf!

Just say H... No!

 

#Just Say No

 

Two things come to mind :
1. Union takes control of the Pension fund and distributions. Are those Pension funds "protected" ? What if the Union absconds with the funds in unethical manner and is not held accountable ?
2. There is a rather large passenger airline that did this very same thing years ago and they essentially "bankrupted" the pension fund.

 

I trust The block one rep DR since he was the original "No" vote on the last contract 2015. He's come out and said we should all be patient and listen to what the MEC is crafting. So I'll patiently wait for the details before I render my opinion.

I would love to have an option where I could opt out of the whole retirement process with a cash payment of 2.5 - 3 million big ones (I'm fully vested with 25 YOS, high five average of 295K) And I wouldn't let the door hit me in the arse on the way out.

 

Ditto. Amazon's coming....