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<blockquote data-quote="MrFedEx" data-source="post: 1120382" data-attributes="member: 12508"><p>Yep, he totally gutted our pensions....totally without cause. This is the kind of "businessman" Fred is. FedEx sent out the talking heads to tell us stupid employees that Fred was killing the pension <strong>in order to save it.</strong> "You see, those pesky ERISA laws are forcing us to fully fund our pension plans, so in order to do that we need to kill the Traditional Plan". All BS. FedEx could have easily afforded to keep the Traditional Plan, which was hardly generous, but much better than the Pretend Pension Plan (PPP) we have now.</p><p></p><p>Fred saved himself a bundle, by playing-off the pension mess the passenger airlines were experiencing at this time (remember, we're an "airline" too). They were losing money, while FedEx was raking it in big time. About this same time, Fred was buying-up companies. Hey, what a great place to both save and obtain some cash....The First National Employee Pension Plan Bank. He kills two birds with one stone, eliminating the retirement plan and freeing-up additional investment capital at the same time.</p><p></p><p>I still remember the required videos telling us that eliminating the pension was <strong>for us. </strong>God, what huge brass balls that one took, and yet, the believers still believed.</p><p></p><p>Fred, what a guy.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 1120382, member: 12508"] Yep, he totally gutted our pensions....totally without cause. This is the kind of "businessman" Fred is. FedEx sent out the talking heads to tell us stupid employees that Fred was killing the pension [B]in order to save it.[/B] "You see, those pesky ERISA laws are forcing us to fully fund our pension plans, so in order to do that we need to kill the Traditional Plan". All BS. FedEx could have easily afforded to keep the Traditional Plan, which was hardly generous, but much better than the Pretend Pension Plan (PPP) we have now. Fred saved himself a bundle, by playing-off the pension mess the passenger airlines were experiencing at this time (remember, we're an "airline" too). They were losing money, while FedEx was raking it in big time. About this same time, Fred was buying-up companies. Hey, what a great place to both save and obtain some cash....The First National Employee Pension Plan Bank. He kills two birds with one stone, eliminating the retirement plan and freeing-up additional investment capital at the same time. I still remember the required videos telling us that eliminating the pension was [B]for us. [/B]God, what huge brass balls that one took, and yet, the believers still believed. Fred, what a guy. [/QUOTE]
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