Fedex Pilots proposed retirement plan
07-18-2017, 04:01 PM
#51
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Joined APC: Jul 2006
Position: B-777
Posts: 455
Tony, If you read my response to Adler you would have seen that I wrote that I was frustrated. Just because you took something that was written down a certain way does not make it so. One of the problems of the written word VS face to face interaction.
As far as the negotiating committee make up, your entitled to your opinion but apparently the people who voted on the makeup of the negotiating committee did't agree with you. I won't disagree that we should have a more diversified team, but I honestly don't know enough about the process to speak intelligently on it.
Tony, you say that the culture on the PSIT does not lend well to being the negotiating chairman. What do you think is going on there? Where do you get your information to form your opinion from? Are you just making assumptions? Do you think there is collusion with the Russians? From my experience that couldn't be farther from the truth. But then again, I was just a worker bee.
As for Adler, he's entitled to his opinion, and he made some good points. I just don't think there's a need to disparage a union volunteer in any form. But that's just my opinion. I'm done with this topic Tony. No need to respond! I'm going on vacation! Later.
As far as the negotiating committee make up, your entitled to your opinion but apparently the people who voted on the makeup of the negotiating committee did't agree with you. I won't disagree that we should have a more diversified team, but I honestly don't know enough about the process to speak intelligently on it.
Tony, you say that the culture on the PSIT does not lend well to being the negotiating chairman. What do you think is going on there? Where do you get your information to form your opinion from? Are you just making assumptions? Do you think there is collusion with the Russians? From my experience that couldn't be farther from the truth. But then again, I was just a worker bee.
As for Adler, he's entitled to his opinion, and he made some good points. I just don't think there's a need to disparage a union volunteer in any form. But that's just my opinion. I'm done with this topic Tony. No need to respond! I'm going on vacation! Later.
07-19-2017, 07:44 AM
#52
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Joined APC: Aug 2006
Position: leaning to the left
Posts: 4,184
Originally Posted by Nightflyer
At the very least, we could have gotten a "continuation clause", so we keep getting 3% each year that they stall us for the next contract.
It's always 3%, and they always stall for 2 years.
You would think we would have learned by now. I thought pilots were smarter than that.
I'd rather have the 3% up front, than wait around for the rest of my "signing bonus".
Speaking of which, any rumors on the 5%?
It's always 3%, and they always stall for 2 years.
You would think we would have learned by now. I thought pilots were smarter than that.
I'd rather have the 3% up front, than wait around for the rest of my "signing bonus".
Speaking of which, any rumors on the 5%?
07-19-2017, 11:39 AM
#53
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Joined APC: May 2006
Position: Excessed WB Capt.
Posts: 1,063
They will NEVER agree to a 3% continuation clause. Never ever. The way they pay for that 3% at contract time is by give backs in other areas, e.g.; Over 8 in 24, SIG side letter, training and R days, sick leave and R days, SUB policy, so on and so forth. We will always get a 3% raise after giving up 3-5% in efficiency gains.
We did get sleep rooms for nothing.
We did get sleep rooms for nothing.
07-19-2017, 11:58 AM
#54
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Joined APC: Jul 2007
Position: 767 Captain
Posts: 3,988
Originally Posted by MEMA300
We did get sleep rooms for nothing.
Probably a fair trade overall in light of the increased availability of MEM sleep rooms for all concerned, especially since a portion of the scheduled hotels went unused by some pilot's choice.
07-19-2017, 05:06 PM
#55
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Joined APC: Sep 2007
Position: 777 Captain in Training
Posts: 1,457
Originally Posted by CompetentFool
I've often wondered when someone doing ALPA work is being paid with our dues money - is he "volunteering"? My definition of "volunteering" means you're working without compensation. As in pro bono. If someone on the SIG is being paid with our union dues; brother, he ain't volunteering. He's being paid to do a job. And that's fine by me, just don't claim you're "volunteering" your time. But if being paid by the union instead of the company is considered volunteering, where do I sign up? Heck, I'll "volunteer" until I'm 80 years old. Maybe we can all say we are volunteering our time to Fedex Copration because we have nothing better to do. We aren't compensated employees, we're volunteers!
I've also wondered about the PSIT "volunteers". Those volunteers are paid 12 hours per month (or so I'm told from a reliable source). That's $3,600 per month to make the same dang lines every month (for a wide body captain anyways). That's our dues money being spent on a "volunteer". Will they not work for only 6 hours per month? Can we find "volunteers" willing to do that work for only 6 hours of pay? And where is the posting from our union for PSIT members? Oh yes, there isn't one. It's the good 'ol boy system of "volunteerism".
So my hat's off to the guys and gals that actually work on our behalf without pay. Too bad the union doesn't have a monthly report showing who's being paid with our dues money and how much they are being paid to "volunteer". Also a report of who's actually volunteering so we can collectively say "thank you" for working pro bono.
I've also wondered about the PSIT "volunteers". Those volunteers are paid 12 hours per month (or so I'm told from a reliable source). That's $3,600 per month to make the same dang lines every month (for a wide body captain anyways). That's our dues money being spent on a "volunteer". Will they not work for only 6 hours per month? Can we find "volunteers" willing to do that work for only 6 hours of pay? And where is the posting from our union for PSIT members? Oh yes, there isn't one. It's the good 'ol boy system of "volunteerism".
So my hat's off to the guys and gals that actually work on our behalf without pay. Too bad the union doesn't have a monthly report showing who's being paid with our dues money and how much they are being paid to "volunteer". Also a report of who's actually volunteering so we can collectively say "thank you" for working pro bono.
07-20-2017, 06:40 AM
#56
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Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,191
FDX to deliver $1B to US Pension Plans
FedEx to deliver $1 billion to U.S. pension plans
JULY 17, 2017
Bloomberg
FedEx Corp., Memphis, Tenn., plans to contribute $1 billion to its U.S. pension plans in fiscal year 2018, the company disclosed in its 10-K filing with the Securities and Exchange Commission on Monday.
Of that total, $700 million is required, the company said. In the most recent fiscal year, which ended May 31, FedEx contributed $2 billion to its plans, funded in part by a $1.2 billion debt issuance the company disclosed in January.
Also, FedEx disclosed it made $1.3 billion in lump-sum payments in May to about 18,300 former employees who were vested in the plans and elected to take the offer made by the company.
FedEx did not disclose what percentage of those offered the lump sums elected to receive the payments.
As of May 31, U.S. pension plan assets totaled $24.93 billion, while projected benefit obligations totaled $27.87 billion, for a funding ratio of 89.5%, an improvement over the previous year's 82.8% funding ratio.
As of May 31, the U.S. pension plans' actual allocation was 33% corporate fixed-income securities, 19% government fixed-income securities, 14% international equities, 13% global equities, 10% domestic large-cap equities, 4% domestic smidcap equities, 2% mortgage-backed securities and alternatives, and the rest in other.
Jess Bunn, company spokesman, could not be immediately reached to provide further information.
JULY 17, 2017
Bloomberg
FedEx Corp., Memphis, Tenn., plans to contribute $1 billion to its U.S. pension plans in fiscal year 2018, the company disclosed in its 10-K filing with the Securities and Exchange Commission on Monday.
Of that total, $700 million is required, the company said. In the most recent fiscal year, which ended May 31, FedEx contributed $2 billion to its plans, funded in part by a $1.2 billion debt issuance the company disclosed in January.
Also, FedEx disclosed it made $1.3 billion in lump-sum payments in May to about 18,300 former employees who were vested in the plans and elected to take the offer made by the company.
FedEx did not disclose what percentage of those offered the lump sums elected to receive the payments.
As of May 31, U.S. pension plan assets totaled $24.93 billion, while projected benefit obligations totaled $27.87 billion, for a funding ratio of 89.5%, an improvement over the previous year's 82.8% funding ratio.
As of May 31, the U.S. pension plans' actual allocation was 33% corporate fixed-income securities, 19% government fixed-income securities, 14% international equities, 13% global equities, 10% domestic large-cap equities, 4% domestic smidcap equities, 2% mortgage-backed securities and alternatives, and the rest in other.
Jess Bunn, company spokesman, could not be immediately reached to provide further information.
07-20-2017, 06:48 AM
#57
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Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,191
Same story with a slightly different view
FedEx, Kroger to Contribute $1 Billion Each to DB Plans
FedEx’s 2017 pension contribution is more than triple that of 2015 and 2016 combined.
Federal Express and supermarket chain The Kroger Co. each plan to contribute $1 billion to their respective defined benefit pension plans, according to SEC filings.
FedEx said in its annual report filed with the SEC that “we anticipate making contributions totaling $1 billion” to its US pension plans.
It said that approximately $700 million of that is expected to be required.
The company also said it has a credit balance from its cumulative excess voluntary pension contributions over what it is required to pay that exceeds $3 billion.
“The credit balance is subtracted from plan assets to determine the minimum funding requirements,” said the company. “Therefore, we could eliminate all required pension contributions to our principal US pension plans for several years if we were to choose to waive part of that credit balance in any given year. Our US pension plans have ample funds to meet expected benefit payments.”
FedEx’s filing also revealed that, so far in 2017, its contributions to its US pension plans are more than triple the payments the company made in 2015 and 2016 combined.
It said it contributed $660 million in 2015 and 2016, and has contributed $2 billon in 2017.
It said $1.3 billion of this was made in May to approximately 18,300 former employees who elected to receive their benefit payments early in a lump sum under a voluntary program offered to qualifying participants.
Meanwhile, Kroger said in an SEC filing that it had conducted a review of the structure and benefits of its sponsored defined benefit plans, and that as a result, the company will make several changes.
“We will make a contribution to the plan this year of up to $1 billion that we believe will significantly address the underfunded position of the plan,” said the company.
Kroger will issue debt to pay for the funding of the pension liability, and in a separate SEC filing said it is offering three series of notes due in 2022, 2027, and 2048, to raise a total of $1.5 billion.
It also said that the company’s overall balance sheet obligations will not change as a result of the pension contribution. “We are committed to maintaining our current investment-grade rating,” said the company.
Additionally, certain participants’ benefit balances will be distributed out of the plan via a transfer to other qualified retirement plan options, or a lump sum payout, based on each participant’s choice.
Kroger said there will be a one-time expense in 2017 associated with the settlement of its obligations for the eligible participants’ pension balances, and that the one-time cost has not been factored into its guidance for the year.
“We believe a contribution to the plan and payout to participants at this time are strategic opportunities,” said Kroger, “based on the current interest rate environment, the potential future changes to the US tax code, and scheduled Pension Benefit Guaranty Corporation fee increases.
FedEx’s 2017 pension contribution is more than triple that of 2015 and 2016 combined.
Federal Express and supermarket chain The Kroger Co. each plan to contribute $1 billion to their respective defined benefit pension plans, according to SEC filings.
FedEx said in its annual report filed with the SEC that “we anticipate making contributions totaling $1 billion” to its US pension plans.
It said that approximately $700 million of that is expected to be required.
The company also said it has a credit balance from its cumulative excess voluntary pension contributions over what it is required to pay that exceeds $3 billion.
“The credit balance is subtracted from plan assets to determine the minimum funding requirements,” said the company. “Therefore, we could eliminate all required pension contributions to our principal US pension plans for several years if we were to choose to waive part of that credit balance in any given year. Our US pension plans have ample funds to meet expected benefit payments.”
FedEx’s filing also revealed that, so far in 2017, its contributions to its US pension plans are more than triple the payments the company made in 2015 and 2016 combined.
It said it contributed $660 million in 2015 and 2016, and has contributed $2 billon in 2017.
It said $1.3 billion of this was made in May to approximately 18,300 former employees who elected to receive their benefit payments early in a lump sum under a voluntary program offered to qualifying participants.
Meanwhile, Kroger said in an SEC filing that it had conducted a review of the structure and benefits of its sponsored defined benefit plans, and that as a result, the company will make several changes.
“We will make a contribution to the plan this year of up to $1 billion that we believe will significantly address the underfunded position of the plan,” said the company.
Kroger will issue debt to pay for the funding of the pension liability, and in a separate SEC filing said it is offering three series of notes due in 2022, 2027, and 2048, to raise a total of $1.5 billion.
It also said that the company’s overall balance sheet obligations will not change as a result of the pension contribution. “We are committed to maintaining our current investment-grade rating,” said the company.
Additionally, certain participants’ benefit balances will be distributed out of the plan via a transfer to other qualified retirement plan options, or a lump sum payout, based on each participant’s choice.
Kroger said there will be a one-time expense in 2017 associated with the settlement of its obligations for the eligible participants’ pension balances, and that the one-time cost has not been factored into its guidance for the year.
“We believe a contribution to the plan and payout to participants at this time are strategic opportunities,” said Kroger, “based on the current interest rate environment, the potential future changes to the US tax code, and scheduled Pension Benefit Guaranty Corporation fee increases.
07-20-2017, 06:59 AM
#58
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Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,191
...use multiple sources and think critically
I encourage everyone to read the paper regarding variable defined benefit plans at the link provided in this thread
It's 25 pages, but still an easy read
Too busy to post all my thoughts now, but I don't think FEDEX financial situation or the status of our current defined benefit program is in the same situation referenced in that paper
Additionally, the fact we already have a "hybrid" retirement program (i.e. both defined benefit & defined contribution components), I'm unsure its necessary, or wise, to convert our defined benefit to a variable defined benefit.
I think we could address the same issues by increasing our B fund contribution percentages & limits, without opening our defined benefit portion to downside risk
Keep the A fund, but get the B fund bumped to 12-13%
I encourage everyone to read the paper regarding variable defined benefit plans at the link provided in this thread
It's 25 pages, but still an easy read
Too busy to post all my thoughts now, but I don't think FEDEX financial situation or the status of our current defined benefit program is in the same situation referenced in that paper
Additionally, the fact we already have a "hybrid" retirement program (i.e. both defined benefit & defined contribution components), I'm unsure its necessary, or wise, to convert our defined benefit to a variable defined benefit.
I think we could address the same issues by increasing our B fund contribution percentages & limits, without opening our defined benefit portion to downside risk
Keep the A fund, but get the B fund bumped to 12-13%
07-20-2017, 07:05 AM
#59
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Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,191
Originally Posted by ancreserve
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