FedEx Retirement Data
12-15-2010, 07:42 PM
#41
On Reserve
Joined APC: Jul 2010
Position: MD-11 F/O
Posts: 24
I agree with golfandfly. A change to the age 60 retirement eligibility (without penalty) would probably doom the next contract to failure. I wouldn't vote for it. But....I didn't vote for the LOA or the last contract and both were ratified.
12-16-2010, 08:46 AM
#42
Gets Weekends Off
Joined APC: Sep 2006
Posts: 1,338
The contract has nothing to do with it. There are laws which protect an employee from having the rules changed mid stream regarding their defined benefit plan. We are vested in an age 60 retirement plan. Any changes made in our contract would only effect future earnings from the date of signing.
Normal Retirement Date Your normal retirement date is the first day of the month coincident with or next
following the date on which you attain age 60, after:
• Completing five years of credited service for vesting, or
• Reaching your fifth anniversary of Plan participation.
How anyone could get a job with a company that offers a defined benefit program and not know when they are vested is beyond me. It bothers me because such an apathy about his or her own career does not bode well for us as a pilot group. I'd be willing to bet, the individual is vested if in fact they are a FedEx pilot.
12-16-2010, 11:53 AM
#43
Gets Weekends Off
Joined APC: Sep 2006
Position: MD11 FO
Posts: 1,124
Walrus.....My comment about reading the contract had to do with the fact that the individual did not know when he or she was vested. The amazing thing is since we haven't hired in quite a while, this isn't some newhire asking the question. In fact, while refering to ERISA law, Section 28 of our CBA refers the reader to the PBB (Pilot Benefit Book) which really becomes a part of the contract.....just like the CFM actually includes many documents. If you were to read the PBB......it specifically says:
Normal Retirement Date Your normal retirement date is the first day of the month coincident with or next
following the date on which you attain age 60, after:
• Completing five years of credited service for vesting, or
• Reaching your fifth anniversary of Plan participation.
How anyone could get a job with a company that offers a defined benefit program and not know when they are vested is beyond me. It bothers me because such an apathy about his or her own career does not bode well for us as a pilot group. I'd be willing to bet, the individual is vested if in fact they are a FedEx pilot.
Normal Retirement Date Your normal retirement date is the first day of the month coincident with or next
following the date on which you attain age 60, after:
• Completing five years of credited service for vesting, or
• Reaching your fifth anniversary of Plan participation.
How anyone could get a job with a company that offers a defined benefit program and not know when they are vested is beyond me. It bothers me because such an apathy about his or her own career does not bode well for us as a pilot group. I'd be willing to bet, the individual is vested if in fact they are a FedEx pilot.
12-16-2010, 01:39 PM
#44
Banned
Joined APC: Nov 2010
Position: 727
Posts: 78
It's a great point and it's one of our biggest problems - most of our crew force don't know the CBA thoroughly, don't read the union emails and as such are pretty much ignorant about the issues. This is why we get a substandard FDA LOA among other things - we need unity but we also need engagement.
12-16-2010, 03:14 PM
#46
Gets Weekends Off
Joined APC: Sep 2006
Position: Retired
Posts: 3,717
you don't understand how badly people want to get on our seniority list. there are 20,000 people at the commuters who would kill their grrandmother to get a fedex seniority nubmer. what does that mean? It means YOU don't understand how good our contract is vrsus the contracts taht Delta and Untied pilots are flying under, and all those people who are 50+years old and still at commuter airlines. Thats not an attack, but just a point towards you.
I wouldn't bet one single quarter on what that idiot puts out! he's a nice guy,flown with him, but clueless. he's clueless for a raeson: they treat him like a mushroom, feed him cow exctrement and keep him in the dark.
watch the economy. it is improving rapidly. I think we will hire about 80-100 people next year, and several hundred the following years.
watch the economy. it is improving rapidly. I think we will hire about 80-100 people next year, and several hundred the following years.
Meaning no disrespect, but DAMN! And then there's that thing about people living in glass houses not throwing stones.
JJ
12-16-2010, 03:17 PM
#47
Gets Weekends Off
Joined APC: Apr 2006
Position: MD-11 Captain
Posts: 4,304
12-16-2010, 03:37 PM
#48
Banned
Joined APC: Nov 2010
Position: 727
Posts: 78
if a few stones get thrown now, perhaps there won't be any broken glass later. good post.
12-16-2010, 05:39 PM
#50
Gets Weekends Off
Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,199
Keeping the A fund is depedent upon ERISA laws, and ALPA's collective willingness to amend that part of our CBA. The company can NOT just terminate it or freeze it outside of the ERISA laws. Legacy carriers/steel companies etc were in bankruptcy & persuaded the judges to allow a distress termination iaw ERISA.
We are our own threat here (unless FDX goes BK). Anytime you meet a pilot that says they would trade the A fund for a bigger B fund, tell them to google immediate annuity, select the first entry (Immediate Annuities - Instant Annuity Quote Calculator.) and type in how much he'd like to have at rretirement. If this pilot is not approaching this sum in his B fund, he better reconsider his thoughts.
To have 100k annual retirement income at age 60 he'll have to have $1.44M in his B fund. I don't think many FDX pilots have that, nor do I believe the company will contribute enough to our B funds to reach this sum by retirement age.
We are our own threat here (unless FDX goes BK). Anytime you meet a pilot that says they would trade the A fund for a bigger B fund, tell them to google immediate annuity, select the first entry (Immediate Annuities - Instant Annuity Quote Calculator.) and type in how much he'd like to have at rretirement. If this pilot is not approaching this sum in his B fund, he better reconsider his thoughts.
To have 100k annual retirement income at age 60 he'll have to have $1.44M in his B fund. I don't think many FDX pilots have that, nor do I believe the company will contribute enough to our B funds to reach this sum by retirement age.
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