Wolf Pack
08-18-2024 | 01:05 PM
#201
Gets Weekends Off
Joined: Jul 2007
Posts: 3,203
Likes: 0
From: Gear Monkey
Yeah, a terrible thread to post this, but an interesting read for anyone who's logged on....
https://www.milliman.com/en/insight/...-funding-study
VR,
DLax
https://www.milliman.com/en/insight/...-funding-study
VR,
DLax
08-18-2024 | 01:45 PM
#202
Gets Weekends Off
Joined: Dec 2006
Posts: 2,097
Likes: 0
This can be found in the annual proxy statement.
https://s21.q4cdn.com/665674268/files/doc_financials/2024/ar/Proxy-Statement.pdf
Page 79.
https://imgur.com/8mWLka0
https://imgur.com/8mWLka0
https://s21.q4cdn.com/665674268/files/doc_financials/2024/ar/Proxy-Statement.pdf
Page 79.
https://imgur.com/8mWLka0
https://imgur.com/8mWLka0
08-18-2024 | 06:44 PM
#204
On Reserve
Joined: Feb 2015
Posts: 79
Likes: 42
From: FO
Good stuff - especially the foot notes found on that page.
When pilots argue the lump sum value of the A plan, it's dependent on what discount rate and mortality tables one uses. The union could easily provide an on-line calculator to show pilots how much the company values their current retirement based on the company's own, published, assumptions.
When pilots argue the lump sum value of the A plan, it's dependent on what discount rate and mortality tables one uses. The union could easily provide an on-line calculator to show pilots how much the company values their current retirement based on the company's own, published, assumptions.
https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-
5500
1) Under quick links on the RHS select Form 5500 Filing Search
2) In the search window type: FEDEX
3) Sort by Plan Year (descending)
4) The desired filing is FEDEX CORPORATION EMPLOYEES' PENSION PLAN. 2022 is the most recently available year.
Its a 115 page PDF with all the tax filings up front. The audited financial statements start on page 30, but the relevant part for this discussion is on page 43 (page 12 of the financial statement), which talks about the actuarial present value of accumulated plan benefits.
MORTALITY BASIS:
The assumed rate of return is 6.5%
The mortality basis is ClubVita 2021 US VitaCurves model and Pri-2012 mortality table with MP-2021 projection scale.
**Of note, this doesn't indicate the usage of a separate mortality table for pilots. Contrast this with the next block, dealing with retirement age:
RETIREMENT AGE:
Ranges from 4% at age 55 to 100% at age 71 for non-pilots and 0.5% at age 55 to 100% at age 65 for pilots
It seems to me that if there was a separate actuarial table for pilots they would probably call it out in the assumptions here (since they call out the differing retirement ages for pilots vs. non-pilots here and through the rest of the document). This isn't dispositive....maybe the tables they use have some separate data for pilots. I did do a google search for the ClubVita tables, and in the underlying data it didn't specify anything different for pilots that I could tell, though I'm not an actuary. It did seem to have some different data for white collar vs. blue collar and industry of employment.
Enjoy!
Sled
08-18-2024 | 07:18 PM
#205
Gets Weekends Off
Joined: Jul 2007
Posts: 3,203
Likes: 0
From: Gear Monkey
I had an actuary friend help me look up the Form 5500 filed with the US Dept. of Labor. You can find it yourself here:
https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-
5500
1) Under quick links on the RHS select Form 5500 Filing Search
2) In the search window type: FEDEX
3) Sort by Plan Year (descending)
4) The desired filing is FEDEX CORPORATION EMPLOYEES' PENSION PLAN. 2022 is the most recently available year.
Its a 115 page PDF with all the tax filings up front. The audited financial statements start on page 30, but the relevant part for this discussion is on page 43 (page 12 of the financial statement), which talks about the actuarial present value of accumulated plan benefits.
MORTALITY BASIS:
The assumed rate of return is 6.5%
The mortality basis is ClubVita 2021 US VitaCurves model and Pri-2012 mortality table with MP-2021 projection scale.
**Of note, this doesn't indicate the usage of a separate mortality table for pilots. Contrast this with the next block, dealing with retirement age:
RETIREMENT AGE:
Ranges from 4% at age 55 to 100% at age 71 for non-pilots and 0.5% at age 55 to 100% at age 65 for pilots
It seems to me that if there was a separate actuarial table for pilots they would probably call it out in the assumptions here (since they call out the differing retirement ages for pilots vs. non-pilots here and through the rest of the document). This isn't dispositive....maybe the tables they use have some separate data for pilots. I did do a google search for the ClubVita tables, and in the underlying data it didn't specify anything different for pilots that I could tell, though I'm not an actuary. It did seem to have some different data for white collar vs. blue collar and industry of employment.
Enjoy!
Sled
https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-
5500
1) Under quick links on the RHS select Form 5500 Filing Search
2) In the search window type: FEDEX
3) Sort by Plan Year (descending)
4) The desired filing is FEDEX CORPORATION EMPLOYEES' PENSION PLAN. 2022 is the most recently available year.
Its a 115 page PDF with all the tax filings up front. The audited financial statements start on page 30, but the relevant part for this discussion is on page 43 (page 12 of the financial statement), which talks about the actuarial present value of accumulated plan benefits.
MORTALITY BASIS:
The assumed rate of return is 6.5%
The mortality basis is ClubVita 2021 US VitaCurves model and Pri-2012 mortality table with MP-2021 projection scale.
**Of note, this doesn't indicate the usage of a separate mortality table for pilots. Contrast this with the next block, dealing with retirement age:
RETIREMENT AGE:
Ranges from 4% at age 55 to 100% at age 71 for non-pilots and 0.5% at age 55 to 100% at age 65 for pilots
It seems to me that if there was a separate actuarial table for pilots they would probably call it out in the assumptions here (since they call out the differing retirement ages for pilots vs. non-pilots here and through the rest of the document). This isn't dispositive....maybe the tables they use have some separate data for pilots. I did do a google search for the ClubVita tables, and in the underlying data it didn't specify anything different for pilots that I could tell, though I'm not an actuary. It did seem to have some different data for white collar vs. blue collar and industry of employment.
Enjoy!
Sled
Note: The Assumed "Rate-of-Return" (6.5%) on the funds assets is different than the "Discount Rate" used in calculating the "Present Value" of the payments in retirement.
08-28-2024 | 11:11 AM
#206
Gets Weekends Off
Joined: Dec 2012
Posts: 114
Likes: 0
From: alpa member
Back on topic.
So when are these "buddy **********" gonna be wiped off the list? I see they are still bidding at the close of the Sept bid. Word on the street is CC is shi+ canned. I think about 20+ more need to go as well. Since we are overmanned this is a good place to start.
So when are these "buddy **********" gonna be wiped off the list? I see they are still bidding at the close of the Sept bid. Word on the street is CC is shi+ canned. I think about 20+ more need to go as well. Since we are overmanned this is a good place to start.
09-12-2024 | 04:52 PM
#208
On Reserve
Joined: Jan 2008
Posts: 71
Likes: 15
From: RJ Capt
globalflair low performer
Back on topic.
So when are these "buddy **********" gonna be wiped off the list? I see they are still bidding at the close of the Sept bid. Word on the street is CC is shi+ canned. I think about 20+ more need to go as well. Since we are overmanned this is a good place to start.
So when are these "buddy **********" gonna be wiped off the list? I see they are still bidding at the close of the Sept bid. Word on the street is CC is shi+ canned. I think about 20+ more need to go as well. Since we are overmanned this is a good place to start.
Save these posts and heresay for the SM group. You're perfect over there. I hope you never get a trip that's more than bid pack swill. You don't deserve it as an obvious low performer.
11-04-2024 | 02:28 AM
#209
Line Holder
Joined: Sep 2006
Posts: 270
Likes: 1
From: I never did mind the little things.......
Nice Post!
I would believe that the pension has onerous cost to the company. If the market tanks, who wants to be responsible for making fixed payments? On the other hand, it sounds like many of us are dying at increasingly young ages due to immunity issues, cardiac events, complications of the latest flu and its cure. Life expectancy has gone down as any insurance company can tell you. I have little control over retirement, pension debasement, mob rule in our contract vote, and then there is the 401k where I can gamble in the rigged stock market, and the government can change the rules at any time on the tax, distribution, investments allowed, and contribution. The pension is leverage, if we give it up for an hourly rate increase we'll be back in the same boat, albeit 9 years later based on current precedent.
11-05-2024 | 08:21 PM
#210
Line Holder
Joined: Sep 2006
Posts: 1,209
Likes: 12
From: MD11 FO
NC and MEC have said there is zero discussion of closing DB plan so any possible savings one might believe Company can get from that, it's not going to happen. But hey, we are going to get it all because now we are asking for it all. Negotiating so simple.
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