And No F500 company has adopted a PSPP style Pension because no F500 Company, other than Us and UPS, has the same demographics of every person maximizing their pension.

There are individuals working for F500 companies whose maximum salary will be in the ballpark of a Year 1 FedEx pilot.

UPS sidestepped the Pension Funding concerns the internet experts here say don’t exist via a FDA benefit negotiated every Contact

 

Yes I have contacted my reps.

What I have said is that this is a huge emotional event for some.
That I’d prefer the majority of my Retirement improvements to be a 12% Cash over Cap B plan. That cash over cap is an absolute requirement in our next TA.
That a modest A plan improvement is also desired, even if it comes in the form of a PSPP style plan. But there is no reason that the pensionable earnings cap couldn’t be tied to NB Capts pay. Or a multiple in excess of 2.

 

It is my opinion that FedEx wants to be out of the Traditional Pension business.
That the line in the sand comment by our then NC in 2015 is supported by every action FedEx has taken before and after that comment.

The creation of the Portable Pension plan 14’sh years ago. Which was/is a Defined Benefit plan based on a percentage of pensionable earnings credited to a notional account on a year by year basis.
The Direct offer to us for a Big B plan in 2014. Industry leading too. Something that had a minority of pilots saying we should explore that.
And now FedEx has eliminated a Pension for new employees, instead offering a bigger 401k match.

TonyC has said a line in the sand is easily erased.

Last negotiations it was firm enough to result in absolutely no improvement to our FAE, even though restoring the income replacement of our 77C/Intl was our #1 goal.

But this time will be different.
(Pay no attention to the fact that FedEx was leaving freight on the ramp due to a lack of pilots in 2015, and yet not even a bump to $280 or $300k)

 

And where is that mandated? Oh yeah, it has to be negotiated. And how do you know what your pensionable earnings will be for every year up to retirement? And how do you know what the Defined Contribution Cap will be every year up until retirement?

 

So to do that in two years you would have to make $650K in pensionable earnings each year. That's almost 2000 hours at the highest pay rate.

To do it in three years, you would have to average $433,333 each year. That's almost 1300 hours in a year. That is a little more doable, but that pay rate has only been around for 6 months.

 

I think their point was you can boost your high five with a couple years of working your butt off.

example:

High 1: 200k
high 2: 200k
high 3: 200k
high 4: 350k
high 5: 350k

High 5 average: 260k

 

The fact that a Variable Benefit Plan requires some of the same things as a traditional Defined Benefit plan does not make it a traditional Defined Benefit plan, The trust fund for my kids is managed by an entity with a fiduciary duty -- that doesn't make it a Defined Benefit Plan.



1) Do you know what the "Defined Contribution Cap" will be 5 years from now? 10? Year after next? It varies, doesn't it?

2) Thank you for admitting that the so-called "Defined Benefit Plan" is subject to the IRS Defined CONTRIBUTION compensation limit. I didn't see that feature listed above in your "features of Defined Benefit plans" list.






.

 

That is a bold face lie! It’s a big giant “to be negotiated” maybe!

 

And what 15 to 20 year WB captain is working their butt off to make that?

 

I don’t know. Probably not me, I’m lazy and fly BLG.