Fdxlag2

If so ALPA National are a bunch of short sighted idiots (you could be right). This plan will keep Fred from having to hire a lot of ALPA pilots.

MEMA300

This is embarrassing. I swear I can’t beleive we are entertaining this. The only thing that makes sense is we have to give this up to be the tester for all other ALPA carriers that have no pension.

PeterGriffin

Bottom line is, it will turn our career from a 25 year marathon into a 30+ year sprint...

tennesseeflyboy

I did not attend the MEC meeting to witness this presentation but there is high suspicions and red flags for sure. WHY would any union want to get involved in a retirement plan in the first place ? Why not the unions make a press on the companies to increase the max number for high five limits instead of the membership trying to take this on themselves as an experiment ? The unions are happy to get that monthly service fees that they so richly deserve yet they won't take the fight directly to the companies / legislators for fear of a bloody nose. I am leaving here next year with 30 years of service, I did not chase the dollars and satisfied with my numbers expected in retirement, the bigger issue is how long you will live to collect it ...................

mempurpleflyer

From the FedEx Newsroom today:

January 26, 2018

"FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

• Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.
• A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
• Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States.
The company has made no change to its fiscal 2018 earnings or capital expenditure guidance as issued on December 19, 2017 as a result of these actions."

Here is the link:

FedEx Committing More Than $3.2 Billion in Wage Increases, Bonuses, Pension Funding and Expanded U.S. Capital Investment Following the Passage of the Tax Cuts and Jobs Act

__________________________________________________ ____________________


So, they are going to invest 1.5 billion into the pension fund to ensure it remains one of the best funded retirement programs in the country.

Awesome. Tell you what. Why don't we (the pilot group) help them make it even better. Let's voluntarily freeze our pension benefit in favor of a retirement plan that shifts all investment risk over to the employees. That way, the pension benefit is even more secure for those still in the plan (company executives).

Hmmm. Wonder why the company executives are not scrambling to find a new "better" retirement plan to replace their pension?

Mark my words on the following:

1. Nothing should happen outside of Section 6. If it does, it is only because it benefits the company more than any potential benefit to the pilot.

2. When we do open Section 6 back up...eventually...(we accepted too long of a contract term), we should readdress improvements to the A Plan. The company CAN afford it for multiple reasons.

3. If this truly is a "line in the sand" issue for the company and they will not budge...then keep what we have (A Plan) and "fix" its short comings via bigger improvements in the B Plan...including "cash-over-the-cap". What about profit sharing? We work for one of the most profitable airlines in the industry but don't enjoy this benefit.


The point is, there are many ways we can improve our total retirement package WITHOUT freezing our A Plan.



P.S. The news release's language doesn't make it sound like any monetary bonuses are coming to the pilots. This, despite the recent "Thank You For Your Unwavering Commitment During Recent Weather Events" memo from JB on PFC. I guess I will just take my verbal BZ and be happy.

kc10/c130

We ABSOLUTELY need to be yelling from the roof tops to anyone who will listen how ludicrous this idea of a VB Plan is. VB now stands for a Varitable Boondoggle.... Varitious Boning.... Voracious Beguilement.... A Vorax of Blarney... And most importantly...
VICIOUS BETRAYAL!!!!!!!

Carahog

• Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.

It will be interesting to see if our annual pay increase will slide forward as well or if it’s only for non-CB employees.

Looks like bonuses are going up too for mgt.

Otterbox

The future plan managers will be collecting the fees of this program in perpetuity from every pilot enrolled into the system. Also, there’s a large amount of $ that will be forfeited to the plan managers when folks leave the plan prior to retirement or they die.

Recalling the MEC may be the best option if they’re hell bent on selling folks down the river for their own financial gain...

mempurpleflyer

I am guessing not because that would be a violation of the contract. Funny how they pick and choose what they want to enforce. Maybe I am wrong...we will see.

That said, I am all for our ground hourly workers getting a raise. They deserve it.

kronan

As the hysteria rises over the 1.5B in Pension funding.

Do take into consideration the FedEx Portable Pension Plan is a Cash Balance plan.

Our hypothetical plan slots in between our Current Employee Awesomeness Traditional Pension plan and the more Employer Friendly straight Cash Balance plan.