FEDEX VEBA question on new contract

[fbandit327]

So what the heck does VEBA stand for? Inquiring minds want to know.

 

[jtmpilot]

only thing i care about is, if i fund this VEBA thing, that when i hit 60 its still there or i get the amount i contributed back to fund my medical insurance

 

[Pecan]

jtmpilot,

....and do you think that social security will be there when you retire as well??? uh huh, right...

Anyway..VEBA stands for Voluntary Employees Beneficiary Association. I had to dig into Sec. 27 to find it, and still don't fully understand it.

 

[jdec141]

"my negotiating comittee speaks for me"

Did you even read Albie's post???

 

[Fox-Tree]

jtmpilot,

....and do you think that social security will be there when you retire as well??? uh huh, right...

Anyway..VEBA stands for Voluntary Employees Beneficiary Association. I had to dig into Sec. 27 to find it, and still don't fully understand it.

So...... if it's voluntary, does that mean we don't have to participate if we don't want to?

 

[PastV1]

The company ponied up 40 million to start the fund. We're just helping it along.

Babylon,

Nothing was "snuck" into the contract. If you didn't know about it you should have read more of the TA before we voted.

Past.....

 

[Babylon]

As far as being stuck - yes you're right I should have read it more closely. Of course it's in legal ease for the most part and 20 year FEDEX Captains can't fully explain parts of the contract - hence the reason we have things such as road shows and Q&A. It is a noteworthy change and it was never mentioned on the road show I attended or any of the on line Q&A. Yes, I do believe it was snuck in there. Much like the change in training scheduled was in there and never mentioned. Once you went thru it, it was very obvious that this was a company plus and a negative to the crew force and I'm sure the negotiating committee knew about it but they were more concerned with "closing the deal" at that point. Yes they did a pretty good job but I find it disturbing that we didn't just have someone say these are the changes that will affect you - the pluses for the company and the pluses for us.

Stop with the "my negotiating committee speaks for me". That is purely something to use an "us vs them" - there should be discourse among the crew.

My point on this subject was not to engender a discussion on the quality of the negotiating committee but more to ask a question and see if others had read this and knew more about it - as in mabye I am missing the big picture here and don't realize how this affects us.

From what I can tell you won't get any of it back when you retire.

VEBA - nothing voluntary about it. The verbiage uses such terms as "the company will contribute $.50/CH taken from the pilots" or something like that.


I'm still wondering whatever happened to the wet lease funds - are those mentioned in the contract? I can't find it anywhere.

USMC - sorry, you're correct about the website. I'd move it there but it's a bit late.

 

[USMCFDX]

I'm still wondering whatever happened to the wet lease funds - are those mentioned in the contract? I can't find it anywhere.

.

Have you called or e-mailed your block rep. Just call the union office and ask.

 

[Ninerfan]

Health Care

Health care is gonna be the 800 pound gorilla for all of us we age and will seriously reduce our available retirement income.....costs have been skyrocketing. Anything we can do now to put $ away (thru both company and individual contributions) for later I support. It was forward thinking by our Union bubbas and the company fought it tooth and nail during negotiations.