cessnapilot

after the airline bankruptcies they changed funding requirements.

https://www.investopedia.com/article...06/ppa2006.asp

JustInFacts

Huck, you know that bankruptcy doesn't mean that the pension is gone. There is a lot more to it than that. Even if Fedex declared bankruptcy tommorrow and asked a judge to allow them to stop funding the pension, everyone of property would still get what they had earned up to that point because our pension is still fully funded. The company has only been making voluntary contributions to the pension because there hasn't been a required contribution in years.

4a2c

Wow, with all that time on your hands I guess you have been brought into the inner workings of this Company ? You sure vomit a lot of "facts" with ZERO backing. This Company operated profitably now and just fine before the USPS deal and will after. Back in 2000's FedEx saw an opportunity to pitch a one stop shop to the USPS and at the same time not have to buy any aircraft to service it, just add bodies. The day network does however affect our actual FedEx "express" network as we must adjust flight times, pick up times etc due to the day side requirements. It is without debate fact, that the execs have broadcast the fact that they wanted to increase the margin. This is an AIR FREIGHT contract, hence the pilot need for UPS, not trucking as the USPS has other means to contract line haul via ground.

Go ahead and keep spiking the ball on the 1 yard line like you and the rest of the 9-10 geniuses on the MEC, labor discord didn't drive the USPS away but it may have played a factor in the C-suite lining up the long term fight at hand so that you and your lackeys think you can wish a deal and hope in the other hand that somehow pilot staffing will cause stress and a deal....well that's gone so what is your plan now? Asking really hard and putting up mean tweets and billboards saying we are owed it because Raj gets paid ?

Good luck, we are all watching the ones holding the tiller and according to the recent messages the next 2 week MEC meeting will bring us a plan of plans, popcorn is being prepared.

ogarmyopar

Industry standard loser.

Cachaco

If Fedex earned $90.2B in any year, it would be one of the most, if not the most profitable companies in the world. Having said that, Fedex most certainly did not report earnings $90.2B in FY23. Net income for FY23 was $3.97B on $90.2B revenue, net income margin of 4.4%. You are obviously confusing revenue with income/earnings. Big difference.

And Fedex is not a $90B company, rather $67B market cap directly taken from Investor Relations site, and that’s only because the stock price recently surged. Again, don’t confuse revenue with market cap.

The USPS contract is for a minimum of 5.5 years. By the time this initial period lapses, we will be in full force retirements. Hiring extra pilots now helps us handle the extra volume today while adding bodies for peak retirements later, IOW, we won’t need to get rid of extra bodies if USPS isn’t extended in 5.5 years. And people keep throwing around 320-340 pilots, it is not! It is 170 for now, with the plan to reevaluate the need for more once the dust settles.

There are two things that are very clear at UPS. They don’t hire a single more body than they need and they protect their profitability targets very heavily, extremely shrewd company. They will be able to absorb this USPS volume by leveraging mostly existing assets, unlike Fedex when they started the USPS contract. The one article states it perfectly, this is a win-win for everyone. Fedex gets to divest a lot of their Express operation, reduce costs and their footprint, the USPS gets another large partner at a fair cost, and UPS absorbs this new revenue stream into their system with very little cost increase.

hercretired

I just can't keep up. Air Freight? not Air Freight? "USPS is changing mail to be all ground" etc etc

Glad APC is the place to come for facts

Cachaco

Indeed. And one of the reasons why Fedex is struggling with margins. Too much capacity. Good for the pilots, not so good for profitability, hence all the changes going on.

Stan446

Why would you advocate to get rid of a benefit for 22yrs? And if you don't add the pension into your planning, you are a fool.

Maddog64

lots of people say the same thing about social security

TransWorld

What I heard was 95% ground. 5% air.