MEC only retirement Vote?? from Block Rep
12-13-2017, 07:47 PM
#121
Gets Weekends Off
Joined APC: Jul 2006
Position: 767 Cap
Posts: 1,306
Originally Posted by Raptor
Take a look at the Pilot Benefit Book page R-24.
with 50% of your benefit continuing to your spouse.
The last bullet shows your spouse gets a benefit if you die before retiring.
Survivor Benefits
In some cases, a beneficiary will receive benefits after your death.
If you die on or after your Benefit Commencement Date, benefits, if any, will be paid
to your beneficiary based on the form of payment you selected when you retired.
If you die before your Benefit Commencement Date and:
• You are unmarried, no benefits are payable to a beneficiary. However, your
beneficiary(ies), while not entitled to survivor benefits from the Pension Plan, may
be eligible to receive benefits under the FedEx life insurance plans and other
retirement plans. Refer to the “What to Do When” chapter beginning on page W-1
for more information.
• You are married, a portion of your vested benefit will be paid to your spouse
monthly. Your surviving spouse will receive a monthly pension based on your
credited service for benefit accrual and Average Earnings on your date of death.
The benefit will be calculated as if you had chosen the Joint and Survivor Annuity
If you die on or after your Benefit Commencement Date, benefits, if any, will be paid
to your beneficiary based on the form of payment you selected when you retired.
If you die before your Benefit Commencement Date and:
• You are unmarried, no benefits are payable to a beneficiary. However, your
beneficiary(ies), while not entitled to survivor benefits from the Pension Plan, may
be eligible to receive benefits under the FedEx life insurance plans and other
retirement plans. Refer to the “What to Do When” chapter beginning on page W-1
for more information.
• You are married, a portion of your vested benefit will be paid to your spouse
monthly. Your surviving spouse will receive a monthly pension based on your
credited service for benefit accrual and Average Earnings on your date of death.
The benefit will be calculated as if you had chosen the Joint and Survivor Annuity
with 50% of your benefit continuing to your spouse.
The last bullet shows your spouse gets a benefit if you die before retiring.
12-14-2017, 03:31 AM
#122
Gets Weekends Off
Joined APC: Aug 2005
Position: Retired
Posts: 980
Originally Posted by fdx727pilot
Which, if the pilot had 25 years and had an Hi 5 avg of 260, would be 50% of his/her $130k. This would be $65k per year, the same as if he died right after retirement with the 50% survivor option.
12-15-2017, 10:04 AM
#125
Gets Weekends Off
Joined APC: Dec 2005
Posts: 652
Originally Posted by pinseeker
How do they get around the IRS limit for earnings on DB plans? What about the IRS limit on yearly DB payout?
here is a cut n paste of the contract reference:
A crewmember’s final average earnings will be limited to the lesser of:
(1) the legal limits in effect at time of retirement; or
(2) $300,000.
12-15-2017, 10:12 AM
#126
The NeverEnding Story
Joined APC: Sep 2005
Posts: 7,504
Originally Posted by Airbum
we don't. the post about no cap limits on the A plan are incorrect.
here is a cut n paste of the contract reference:
A crewmember’s final average earnings will be limited to the lesser of:
(1) the legal limits in effect at time of retirement; or
(2) $300,000.
here is a cut n paste of the contract reference:
A crewmember’s final average earnings will be limited to the lesser of:
(1) the legal limits in effect at time of retirement; or
(2) $300,000.
15.D.8.b.(2) is the limiting factor as a contractual FAE earnings cap of $300k for UPS/IPA pilots provides a 30 year length of service benefit of $90k, whereas the IRS limit for a defined benefit plan is $220k.
12-15-2017, 10:16 AM
#127
Gets Weekends Off
Joined APC: Dec 2005
Posts: 652
Originally Posted by Sluggo_63
He also forgot to add that the Flat Dollar of $4,000 is for Captains. F/Os only get $3,200. I guess we’re good with paying F/Os less in retirement, too...
I think the Flat Rate Benefit (FRB) is a great deal for those junior. A guy can stay a F/O all his career upgrading too fly only one trip as a Captain and get the same FRB as someone who was a captain for 30 years.
The FAE retirement plan produces a smaller retirement paycheck for the same crew member.
Last edited by Airbum; 12-15-2017 at 10:18 AM. Reason: ?
12-16-2017, 06:03 AM
#128
Gets Weekends Off
Joined APC: Nov 2013
Posts: 2,756
Originally Posted by Airbum
I think the Flat Rate Benefit (FRB) is a great deal for those junior. A guy can stay a F/O all his career upgrading too fly only one trip as a Captain and get the same FRB as someone who was a captain for 30 years.
The FAE retirement plan produces a smaller retirement paycheck for the same crew member.
The FAE retirement plan produces a smaller retirement paycheck for the same crew member.
I don't see making FO's have a forced lower retirement to be a good deal.
12-17-2017, 06:27 AM
#129
Gets Weekends Off
Joined APC: Dec 2005
Posts: 652
Originally Posted by busdriver12
But who wants to do that? Go to base for upgrade training for a few months to only fly one trip as a captain? What a waste of time, effort and money. And what if someone medicals out before they get the chance? Then their retirement is permanently affected.
I don't see making FO's have a forced lower retirement to be a good deal.
I don't see making FO's have a forced lower retirement to be a good deal.
A, which plan pays out more to the junior crew member unable to upgrade until late in their career
B. should Capt and FO receive the similar retirement benefit.
I wanted to add a little about UPS's retirement to help FedEx guys compare because certainly what you all do will effect us in our contracts.
To discuss the topic B we should start a new thread.
12-17-2017, 05:09 PM
#130
Gets Weekends Off
Joined APC: Nov 2013
Posts: 2,756
Originally Posted by Airbum
I think we are discussing two different issues.
A, which plan pays out more to the junior crew member unable to upgrade until late in their career
B. should Capt and FO receive the similar retirement benefit.
I wanted to add a little about UPS's retirement to help FedEx guys compare because certainly what you all do will effect us in our contracts.
To discuss the topic B we should start a new thread.
A, which plan pays out more to the junior crew member unable to upgrade until late in their career
B. should Capt and FO receive the similar retirement benefit.
I wanted to add a little about UPS's retirement to help FedEx guys compare because certainly what you all do will effect us in our contracts.
To discuss the topic B we should start a new thread.
Thread
Thread Starter
Forum
Replies
Last Post
