Let's say his 5 yr average was $45k. After 10 years he'd get $9k a year for the rest of his life starting at 60 under the old plan. Under the new plan as a new hire in his 20's he'd get 3% a year added to his account, maybe 5% near the end of the 10 years. So leaving after 10 years he might have around $15k in a lump sum. See the difference? The new plan is weighted towards the back end of an employees career, and to have anything that employee will have to work until his late 60's. And with inflation that money won't have the value it had when he started. The only real plus to the plan is if an employee is close to 50, having started in his 20's, and finds a better job opportunity, he can take his lump sum then and leave. Of course he could have done that sooner, but it takes time for that lump sum to amount to anything. Again, because you got the max contribution on higher top out pay, you think it's swell and don't know why people complain other than they're "miserable." But FedEx held their pay down for most of the last two decades, so they were getting smaller percentage contributions on much lower pay. So what you say, it's free money! You topped out in less than two years while they struggled to make ends meet for 10, 12, 15 or more years and are still a long way from top pay. That's why they're complaining. And don't tell them they should just leave after investing so much time in the prime of their lives in a company who kept saying they'll get rewarded if they just hang in there. Thank goodness these 20somethings don't stick around to be screwed or FedEx would have never come up with a better plan. Now let's see if it is better or if the liars in Memphis are just trying to screw people in a different way.