Tuesday, June 3, 2008

From The FedEx Mechnics Blog ...

Dear AMTs, GSEs, VTs, ASAs, Instructors, and other members of our craft and class:

On June 1st, many of us lost hundreds of thousands of dollars out of our retirement plan and our chance at having a secure retirement!

On June 1st, FedEx froze our current traditional pension benefit and switched to a "cash balance" plan which FedEx calls a Portable Pension Account. Under our, now former, traditional pension plan we could count on receiving 50% of our highest five years of earnings for life in the form of a monthly annuity. But under the new PPA plan the Company contribution is capped at 2008 dollars and the combination of compensation credits and interest credits are not enough to equal the benefits that many of us would have received in the old plan--and not enough to provide for a secure retirement.

This unilateral reduction of our pension benefits is an outrage given our dedication, loyalty and hard work. Last year we helped FedEx make $2 billion in profits on $35 billion in revenue yet they reward our successful effort by reducing our pension benefits!

We have an urgent need to protect our benefits. Now is the time to finish what we have started and form a union working with the Teamsters. We need you to join our effort - not just by signing a card but by helping us create a network of all of our co-workers. Please call 877-463-9783 so we can get you involved.

For more info open up the attached flyer or go to www.fedxmx.com.

FedEx Organizing Committee For Change

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