FedEx Corporation Employees Pension Plan
corporate plan · FedEx Corporation · Memphis, TN
FedEx Corporation Employees Pension Plan is overfunded: 101% funding ratio — assets ($26.6B) exceed actuarial liabilities ($26.2B). Overfunded plans are unusual in U.S. pension data; most either took advantage of strong investment returns over multiple years or carry the surplus from a closed/frozen plan.
FedEx Corporation Employees Pension Plan is a corporate pension plan sponsored by FedEx Corporation — a single-employer defined-benefit plan governed by ERISA and insured by the Pension Benefit Guaranty Corporation (PBGC). Corporate plans peaked in U.S. usage in the 1980s and have been in steady decline since, mostly replaced by 401(k) plans. The plan remains active — accruing new benefits for current employees and accepting new participants. Among private-sector single-employer plans, the active status is increasingly rare as employers freeze accruals while continuing to fund existing obligations; public-sector plans are more often still actively accruing.
FedEx Corporation Employees Pension Plan is among the larger U.S. pension plans by asset base ($26.6B). The participant pool of 223,371 divides into 113,256 actives and 95,653 retirees, a mix that shapes both cash-flow profile and investment-horizon choices. Active and retired participants are roughly balanced (113,256 active, 95,653 retired). The plan is in a steady-state cash-flow phase where new accruals offset benefit payments. Annual cash flows: $1.2B in sponsor contributions versus $1.8B in benefit payments. Investment performance over the most recent year ran 6.3%, against the plan's assumed long-term return of 5.8%.
On PBGC risk classification: low — the plan's funded status and solvency trajectory are favorable enough that PBGC intervention is not on the near-term horizon. Corporate ERISA plans like FedEx Corporation Employees Pension Plan carry PBGC insurance, which guarantees retiree benefits up to a federally-set maximum even if the sponsor defaults. The guarantee is meaningful but capped — high earners may see benefit haircuts in a termination scenario.
Source: DOL EFAST2 Form 5500 filings and Boston College CRR Public Plans Database.
Funding History
What This Means for You
FedEx Corporation Employees Pension Plan is in excellent financial health at 101% funded. This means for every dollar the plan owes in future benefits, it has 101 cents in assets to cover it. This plan is also covered by the PBGC, providing an additional safety net. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2023 | $26.6B | $26.2B | 101.3% | $1.2B |
| 2022 | $25.8B | $35.3B | 73.0% | $1.2B |
| 2021 | $25.0B | $32.9B | 76.0% | $1.1B |
| 2020 | $24.2B | $34.6B | 70.0% | $1.1B |
| 2019 | $23.4B | $32.5B | 72.0% | $1.1B |
Frequently Asked Questions
FedEx Corporation Employees Pension Plan is 101% funded, meaning it has 101 cents in assets for every dollar in future benefit obligations. This is considered healthy by actuarial standards.
FedEx Corporation Employees Pension Plan has 223,371 total participants, including 113,256 active employees and 95,653 retirees currently receiving benefits.
Yes, FedEx Corporation Employees Pension Plan is covered by the Pension Benefit Guaranty Corporation (PBGC), which provides a backstop if the plan cannot pay benefits. The PBGC risk level is currently "low."
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.