Notice, Red could not make it through one complete sentence without misleading the entire class. Don't think I've ever commented on the horrors of our underfunded status. I've posted the numbers as part of a bigger picture, but never told you what to think about the numbers, or mentioned them specifically. If it's not too much trouble Redracer, please show the class where I have ever specifically complained about the underfunded status. I don't think I ever have. Meanwhile, we'll cover some education, while Red chases his tail, and gets acquainted with the search feature. We will try to keep it as simple and brief as possible, unless and untill questions are raised. Map-21, the legislation Red mentioned, was signed by Obama, and LOWERED the minimum contribution. This is what made possible such claims of overfunded status. "MAP-21 is primarily a transportation bill that also includes student-loan interest-rate relief. However, as a revenue-raiser, it includes pension plan provisions that: Reduce the adverse impact of historically low interest rates on the three “segment rates” (corporate-bond interest rates) used by many pension plans to calculate funding liabilities. The primary change is to smooth segment rate changes by calculating each rate based on the average of that segment rate over 25 years — a much longer period than the two-year period currently used to determine segment rates. Impose a minimum floor and maximum cap on the percentage of the 25-year average segment rate that can be used. The floor-and-cap corridor expands in future years. Create additional disclosure requirements to participants about the impact of the new rates. Provide for additional opportunities to transfer excess assets to other retiree benefits. Increase PBGC premiums, starting in 2013." https://www.mcguirewoods.com/Client...bilization-Finally-Here-under-MAP-21-Law.aspx These changes help to offset the effect of unnaturally low interest rates on the projected liabilities due under company pensions plans. Companies that utilize this reduction to the maximum allowed may run into further troubles when/if rates continue to be low. FedEx seems to be maintaining the previously planned contribution levels, thereby showing a surplus in funding. This is wise and gets no complaints from me. Again, the changes in the requirements, and the lower mandates are at play here, allowing 108.19% (adjusted) to be shown, rather than 88.1%. Now there is a good reason why I've not participated in the concern as to the level of the underfunded status. We will cover that in the next lesson. In the meantime, while Redracer comes to terms with his inability to recall who said what, we will venture into the world of the "Freight Pension", and what is a realistic and worthy of debate. Red, keep searching. The rest of the class, stay tuned.