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Healthcare Provider Update: FedEx's healthcare provider is primarily Cigna, which partners with the company to offer health insurance solutions to its employees through a range of plans, including High Deductible Health Plans paired with Health Savings Accounts. In 2026, FedEx employees may face significant healthcare cost increases, mirroring a broader trend across the nation. With the expected elimination of enhanced ACA premium subsidies, some workers could see their out-of-pocket premium costs surge by over 75%. Coupled with the anticipated double-digit rate hikes from major insurers and rising medical expenses, the financial burden on employees is poised to escalate sharply, potentially impacting their overall healthcare affordability. Click here to learn more
For FedEx employees approaching retirement, understanding all of the employee benefits available allows them to make sound decisions about their financial future - especially when it comes to retirement and other perks, said Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.
When retirement gets closer, FedEx employees should review their benefits, from medical and life insurance to retirement plans, to see if they are maximizing their assets for a secure financial future, says Brent Wolf of The Retirement Group, a division of Wealth Enhancement Group.
In this article, we will discuss:
1. Know the types of employee benefits - medical, dental, vision and life insurance.
2. Explore 401(k) and IRA plans for employees approaching retirement.
3. Check out other perks like paid time off, family leave and financial assistance programs.
Employee benefits go beyond a salary. For those approaching retirement - FedEx workers and current retirees - understanding employee benefits is critical. We discuss employee benefits, their types and additional perks to enhance your employee experience.
Employee benefits are benefits received by team members beyond their regular salary. The most common are medical insurance, dental and vision coverage, life insurance and retirement planning but employers can provide many other types of benefits and perks for their employees. And many of these benefits may be available to full-time employees at FedEx.
Essential employee benefits include medical coverage. This includes cost of annual check-ups, doctor visits, emergency room visits and other medical procedures. Dental insurance is usually included in medical benefits but can be an independent entity. Dental plans typically cover exams, cleanings, X-rays and certain root canals, fillings and oral surgery procedures. Vision insurance also works independently and includes eye exams, prescription lenses, ocular procedures and regular checkups for good eye health.
Life insurance policies protect employees and their families. Employers like FedEx often offer group-term life insurance plans that insure all staff for a set period of time. Such policies are generally good for so long as an employee is with the company. The group-term plans are usually less expensive than individual insurance policies, giving employees peace of mind and financial security.
Prescription and pharmacy benefits are included in many plans and may include lowering co-pays for medications or providing them for free. They usually include a plan formulary, list of available medications under the prescription plan and tiered pricing to accommodate different drug categories. By using these benefits, employees can get essential medications for chronic and acute conditions at low prices.
Specific specialist services form part of comprehensive employee benefits programmes. They include referrals from primary care physicians and non-routine specialist exams and procedures. So whether those are dermatological health, sleep specialists, or other specialized care - having those services covered means getting the best healthcare professionals for your health condition.
And another important employee benefit is mental health coverage that has recently become more popular. Some plans now include appointments with mental health practitioners, therapy, counseling for grief, divorce and family issues and prescription coverage for mental conditions.
Retirement planning is a critical benefit for FedEx employees approaching retirement age. Most employers provide some type of retirement plan - typically 401(k) and IRA plans, simplified employee pension (SEP) plans - or nonprofit organizations may provide 403(b) plans. These plans help employees save for a comfortable retirement with recurring contributions and possible employer matches.
PTO allows employees to take personal days off. PTO hours accumulate over pay periods and accrual rate varies among employers depending on tenure. An alternative to PTO, vacation time permits employees to work a set amount of hours per pay period on vacation. Many employers match vacation allowances with paid sick leave for comprehensive time off benefits.
Extended leave benefits go to employees who need extended leave for medical reasons. These typically include paying the employee salary during absences exceeding 15 days. Usually, prior notification and documentation of medical procedures qualify for extended leave benefits.
Family leave is also one of the key employee benefits - it recognizes people need time off for family reasons. Examples include maternal and paternal leave including extended absences to care for newborns. Up to 12 weeks of leave may be available to employees to spend with their families during life events - depending on the employer.
Disability benefits provide a safety net should injury or illness keep employees from working. Occasionally, employers offer temporary disability insurance plans to help employees injured or ill outside of work. The exact coverage varies between employers, but short-term disability coverage is common in the case of on-the-job injuries.
Workers' compensation is a standard benefit for employees and covers injuries, illnesses or accidents at the job. Such benefits are valid for up to 100 weeks under most plans.
Some companies pay living stipends to employees moving for work. They cover moving costs, home office setup, utility coverage and rent.
And student loan repayment benefits are becoming more common - giving employees with outstanding student loans money to repay. Some employers match the employee's monthly student loan payments to help with the debt.
Other employers pay for student loan repayment and may include grant or scholarship money to help employees get a college degree or get another degree. These vary in terms of amount provided, sponsorship and eligibility requirements for employees seeking educational and career advancement.
Paid training and development programs are popular employee perks. Most companies cover training and professional development costs for their employees. This benefit lets employees learn without using personal time off or vacation days.
Sometimes continuing education allowances accompany paid professional development. The employee is rewarded for obtaining continuing education credit hours while staying abreast of industry trends, developments and regulations. That benefit enables people to grow professionally without sacrificing personal time off or vacation allowances.
Employees who travel for work are often covered by employers for travel and spending expenses. These include travel, lodging, meals and transportation so employees do not pay for business travel.
And company gear is another tempting perk - especially for roles and industries where certain tools are required. Employers provide computer, cellphone and tablet equipment so employees can do their job. This benefit is generally for the duration of the employment.
Some offer company transport - especially in trade industries - where employees use personal vehicles to commute to work and then use company vehicles for work. This perk saves employees gas and wear and tear on their personal autos.
Some companies offer remote work flexibility as a perk. It lets folks work from home on designated days or even set flexible working hours. Employers that offer remote work balance work and personal lives while ensuring productivity and job satisfaction.
Many corporate bodies also provide investment opportunities in company stocks, shares or profit-growing ventures. A stake in the company could provide a financial gain, making it appealing to employees wanting to build their net worth.
Conclusion - employee benefits go well beyond medical coverage and retirement planning. The employers recognize the importance of providing a full benefits package to lure and keep top employees. Understanding full benefits means FedEx workers approaching retirement and current retirees can make educated decisions about employment. Whether it's healthcare services, retirement plans, paid time off, remote work flexibility or investment opportunities - the benefits package ensures a complete employee experience and a smooth transition into retirement.
In recent news, financial services firm Fidelity Investments applied to the U.S. Securities and Exchange Commission for a Bitcoin exchange-traded fund (ETF). The change was first reported by Bloomberg on 29 June 2023 and may change the game for investors - particularly for 60-year-olds trying to diversify their retirement funds. If approved, the Bitcoin ETF would offer investors a regulated and easily accessible way to get exposure to the cryptocurrency market - and perhaps a new avenue for long-term growth and asset allocation. As the digital asset market evolves, knowing about emerging investment opportunities like Bitcoin ETFs can help FedEx workers and retirees make educated decisions about their retirement savings.
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It's like walking into a marketplace where Fidelity is now offering Bitcoin investments. Imagine yourself in a foreign bazaar with lots of investment options - like a seasoned traveler. Fidelity's filing for a Bitcoin exchange-traded fund (ETF) was like a new vendor opening shop in the cryptocurrency market. As savvy shoppers select their purchases, 60-year-old FedEx workers and retirees can now consider adding Bitcoin to their investment portfolio. As the market gets crowded, knowing about new opportunities like Fidelity's Bitcoin ETF can help people make better decisions - like savvy shoppers picking out the best deals in a crowded market.
Sources:
1. U.S. Department of Labor. Retirement Plans Benefits and Savings . U.S. Department of Labor, accessed 27 Feb. 2025.
2. 'Fidelity Joins Spot-Bitcoin ETF Race With Fresh SEC Filing.' Bloomberg , 29 June 2023.
3. Defense Civilian Personnel Advisory Service (DCPAS). Retiree Benefits Overview . U.S. Department of Defense, accessed 27 Feb. 2025.
4. Employees Retirement System of Texas (ERS). Health Benefits for Retirees . ERS, accessed 27 Feb. 2025.
5. 'The Pros and Cons of Offering Employees Retirement Benefits.' Wolters Kluwer , 15 Oct. 2020.
What are the implications of the Funding Target Attainment Percentage for FedEx Corporation employees, and how does it impact the security of the pension benefits offered by FedEx Corporation? This question seeks to explore the nuances of the funding target attainment percentage as reported in the annual funding notice, examining how this metric not only reflects the financial health of FedEx Corporation's pension plan but also how it affects employee confidence in future benefit payments and retirement planning.
Funding Target Attainment Percentage: The Funding Target Attainment Percentage for FedEx Corporation indicates the degree to which the pension plan is funded. A percentage of 101.33% for 2022 suggests that the plan has sufficient assets to cover its liabilities, providing security for employees' pension benefits. This high percentage likely increases employee confidence in the stability and reliability of their future pension payouts, essential for long-term retirement planning.
How does the merger of the FedEx Freight Pension Plan into the FedEx Corporate Employees’ Pension Plan influence the benefits currently available to FedEx Corporation employees? This question aims to delve into the practical changes that may arise due to this merger, assessing whether it aligns with employee expectations regarding their pension benefits and how the transition process is managed by FedEx Corporation.
Merger of Pension Plans: The merger of the FedEx Freight Pension Plan into the FedEx Corporate Employees’ Pension Plan appears to have been strategically managed to maintain benefit stability. Despite increasing liabilities by 5.3%, the merger was structured to ensure no negative impact on the benefit amounts payable to participants from either plan, preserving the expected pension benefits for all affected FedEx Corporation employees.
In terms of investment strategies, what measures does FedEx Corporation implement to ensure that its pension plan investments align with the long-term liabilities expected to be paid out to retirees? This question encourages an exploration of the investment policies in place, examining the asset allocations and risk management strategies that FedEx Corporation employs to ensure sustainable funding for its pension obligations, which could potentially include detailed analyses of stocks, debts, and alternative investments.
Investment Strategies: FedEx Corporation employs a diversified investment strategy across equities, fixed income, and alternative investments, aiming to meet long-term pension liabilities. This approach, which includes both active management strategies and the limited use of derivatives, is designed to generate returns that exceed market indices, thus ensuring adequate funding of pension obligations.
What options do employees of FedEx Corporation have for accessing their pension plan statements, and how frequently are these statements generated? The focus here is to understand the communication strategies employed by FedEx Corporation regarding pension benefit statements, including technological access points and the importance of these documents for employee financial planning.
Pension Plan Statements: FedEx Corporation provides annual pension plan statements through their Retirement Service Center, available electronically each fall. Employees can access their statements online or request them if notifications are not received, ensuring transparency and aiding in personal financial planning.
How are contributions to the FedEx Corporation Employees’ Pension Plan determined, and what role do excess contributions play in the plan's overall funding strategy? This question aims to educate employees about how the company balances mandatory contribution levels with potential excess contributions, exploring how these factors interact to influence the plan's solvency and employee benefits.
Contributions to the Pension Plan: Contributions to the FedEx Corporation Employees' Pension Plan are calculated to meet at least the minimum legal requirement and potentially include voluntary excess contributions. These excess contributions can help manage the plan's funding level and ensure its solvency, benefiting overall pension security for employees.
What types of benefits are guaranteed under the Pension Benefit Guaranty Corporation (PBGC) for FedEx Corporation employees, and what limitations exist that employees should be aware of? By focusing on the guaranteed benefits, this question prompts a discussion on the security of specific benefits provided by FedEx Corporation and highlights limitations, allowing employees to understand their rights fully.
PBGC Guarantee: The Pension Benefit Guaranty Corporation guarantees certain types of benefits for FedEx Corporation employees, such as pension benefits at normal retirement age and most early retirement benefits. However, there are limitations, such as exclusions for benefits without vested rights and recently increased benefits, which employees should be aware of to fully understand their pension security.
In what ways does the FedEx Corporation plan to adjust its pension funding strategy in light of changing federal laws that impact pension obligations? Employees are encouraged to consider how legislative changes influence corporate policies surrounding retirement benefits and the proactive strategies FedEx Corporation might take to remain compliant while ensuring the security of employee pensions.
Adjustments to Funding Strategy: FedEx Corporation is likely to adjust its pension funding strategy in response to legislative changes affecting pension obligations, such as those introduced by recent acts adjusting how pension liabilities are calculated. This proactive approach aims to ensure compliance with new laws while continuing to secure the financial health of the pension plan.
What are the steps that FedEx Corporation employees must take if they are considering retirement, particularly in how to navigate the pension plan and gain access to their benefits? This question aims to provide clarity on the retirement process, ensuring that employees are equipped with the necessary information regarding required documentation, timelines, and points of contact within FedEx Corporation.
Steps for Retirement Planning: Employees considering retirement should contact the FedEx Retirement Service Center to navigate their pension plan benefits. This process involves understanding necessary documentation, timelines, and available support, facilitating a smooth transition into retirement.
How does FedEx Corporation plan to manage potential funding shortfalls in the pension plan, and what mechanisms are in place for notifying plan participants should such an event occur? Employees would need to understand the proactive measures put in place by FedEx Corporation to address funding-related challenges while also knowing what this means for their benefits.
Managing Funding Shortfalls: In the event of potential funding shortfalls, FedEx Corporation has policies in place to manage such situations, including strategic contributions to mitigate shortfalls. The company maintains transparency with plan participants about funding levels and any significant changes affecting the pension plan.
For those seeking more information about their pensions and retirement options, how can FedEx Corporation employees contact relevant departments, and what resources are available for assistance? This question provides an opportunity for employees to familiarize themselves with contact points such as the FedEx Retirement Service Center, emphasizing the importance of open communication channels for addressing inquiries related to their pensions. Feel free to consult the provided document for more in-depth exploration of these topics.
Contacting for Pension Information: FedEx Corporation employees seeking more information about their pensions or retirement options can contact the FedEx Retirement Service Center. This center provides essential resources and support, ensuring employees have access to all necessary information regarding their retirement planning.
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