Fdxlag2

First I don’t disagree with most of what you wrote. But I don’t think this statement is correct. Any negotiation on this would certainly be part of Section 6 negotiations. I think it is good we are trying to get the company to engage early on a potential change to our next contract.

I, like you, don’t necessarilly agree with the MEC direction. I would prefer we know more about what our position is before we go to the company. Whenever I have brought up how it would be nice to know what we are asking for, the standard response is, that would require negotiating with ourselves.

As you point out we have diverse goals when it comes to the changing the retirement. I think the over 25 and under 10 crowd probably have different expectations than those of us over 10 who will never see 25. There are probably 20 more subgroups that would like to see 50 more options. It may be that the only way to make a majority happy is to end up with 2 or 3 options. But that scares the hell out of some people too.

There are reasons UPS has a better pay rate than FDX. Perhaps one reason is they are more unified than we are. But it is also likely that FDX pays more to fund our retirement than any other company pays to fund their pilots retirement and we currently get more out of ours. But if nothing changes that won’t always be the case. FDX could be paying more to fund a retirement that doesn’t give its pilots more.

Fdxlag2

Thank God you are here, if you weren’t here, none of us FDX pilots would be talking about this.

StarClipper

LOL, I see you do have a sense of humor.

FlybyKnite

Sent this paper to my financial advisor who said she'd never seen anything like it and that most [non-airline] companies will freeze their pension plans and be more generous with the 401k match or other deferred compensation. She also said to retire before this takes effect .

FDX1

Care to share who your "financial advisor" is? I want to make certain I never hire them!

How could an advisor who has no clue about Variable Plans in general or any of the specifics that may end up being in the plan under consideration pass such a judgment? They have no idea of the plan specifics because there isn't a plan document to reference. The document which would explain such things as the pension formula, investment policy, etc. What are they basing that opinion on? That brochure? Hope you're not paying for that service.

Deferred Comp? Ugh you've got to be kidding. That's a promise to pay my friend and if that's what they are selling as compared to a Defined Benefit, you are so screwed.

Your FA has a fiduciary duty to protect your financial interests, but I guess they are all for those great 401K fees? No fees for them in the variable plan which is a form of a Defined Benefit.

Fire your financial advisor, find an accountant, they may understand the difference. Good luck!

DLax85

Please ask our MEC about the new pension formula --- I think it will be defined and funded quite differently than the current A plan

Please ask how the transition will occur

Please ask how the "current plan benefits freeze" will work

That alone will affect many people much differently (unless you've already maxed it)

Plan investment policy?... Hopefully, it has an approximate asset allocation similar to all large stable, secure pension funds. We know the current asset allocation for FedEx, and the liabilities FedEx incurs if there's a shortfall

Fees? I'm confident the 3rd party entity who would manage this new Variable Benefit Plan will be collecting significant management fees

....and I'm confident they are advising our MEC on the benefits of switching

StarClipper

The Union is already doing a sales job on the new pension plan. Talking about how impressed the crew force will be when they compare the numbers. Why don’t the share the details with the pilots first before approaching the company? In just a few months they’ve found the solution to an issue that’s been there for years? Uhhh I’m not buying what they selling. They haven’t even gotten a 2nd or 3rd opinion from other financial groups. Buyers beware

FDX1

You claim the Union is doing a sales job. Then you say why don't they share the details with the pilots? Hmmm?

A few months? I just read they have been working on this for almost 20 months. ???

Tell me exactly what it is you aren't buying? I'm not buying you don't have an ax to grind.

How do you know they haven't received more than one opinion? Let me guess, you have friends in the "know".

Let me sum up your post like this: "I don't really know what the union is doing, but I'm going to assume that its horrible and I don't want to do anything to improve my retirement!! Look at me full of bluster and no facts!" More accurate?

How can we ever expect to deal with any real issue as a Union when we have such SH$&*Y support? Saddens me.

Thanks for the reminder of why I stopped reading the non-sense here. Back to reality. See ya!

TonyC

What I hear from the Association is it's better to negotiate this outside of Section Six.

So much for "certainly."






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pinseeker

Starclipper isn't a real FedEx pilot, but he/she likes to play one on the internet.