It IS "semi-worthless" compared to a traditional pension. For the first 4 years I was with this company I was part time, then went full time for 4 more years before the traditional pension was frozen, it has been just over 11 years since the pension was frozen, I have been full time for those 11 years. So close to twice as long with the portable full time for all of it, and it is still less than the traditional that I was part time for half of it....Yeh, that's semi worthless, its a pension only in name so that the company can say, LOOK at us we still have a pension, but IT'S Not and only a suck up such as yourself would try to defend the company.
It's interesting that Smith penned an opinion in a paper last week stating that only the top 20% of American households have recovered from the 2007-2008 recession, the reason is clear for me, as I have had to divert a very high percentage of my pay into maxing out my 401k in order to make up the shortfall of the portable pension. Like you I also have a true traditional pension from a separate source other than FedEx, I KNOW WHAT A PENSION IS LIKE, the portable is just a simple cash balance plan.