I do not know how many of you noticed this little gem on the FedEx Corporate website last week.
FedEx has decided to start using this method of reporting for the retirement system. From what I was able to figure out it is a way to AVOID reporting expenses from our legacy retirement system "the traditional defined benefit" What I think is going on here is that FedEx does not want to show that they are still 8 years after freezing our pension that they still have to put money into it. Yes they said that our pension was fully funded, while always pointing out the funding pitfalls of the union pension plans, but what this is looking more and more like is that Enron was not the only company out there that was lying to it's employees about it's pension health.
FedEx has decided to start using this method of reporting for the retirement system. From what I was able to figure out it is a way to AVOID reporting expenses from our legacy retirement system "the traditional defined benefit" What I think is going on here is that FedEx does not want to show that they are still 8 years after freezing our pension that they still have to put money into it. Yes they said that our pension was fully funded, while always pointing out the funding pitfalls of the union pension plans, but what this is looking more and more like is that Enron was not the only company out there that was lying to it's employees about it's pension health.
