2024-04-12T20:04:42-05:00 2023-05-31 PwC US Tax LLP 1075 Peachtree Street Suite 2600 Atlanta GA 30309 990 2022-06-01 363282351 FEDERAL EXPRESS CORPORATION WELFARE BENEFITS TRUST % DAVID SALERNO FEDE 6176622133 70 FEDEX PARKWAY 2ND FLOOR VERTICAL COLLIERVILLE TN 38017 DAVID SALERNO TRUST OFFICER 7209565487 2024-04-12 true DAVID SALERNO 999009999 ROBERT PURSER P01976682 6784191000 2 2022 2023-04-26 12:10:37Z DAVID SALERNO 1200 CROWN COLONY DRIVE QUINCY MA 02169 93928205 false X N/A X 1978 MA THIS FEDERAL EXPRESS CORPORATION TRUST PROVIDES SHORT AND LONG TERM DISABILITY PAYMENTS TO ELIGIBLE EMPLOYEES. 8 8 0 0 0 0 0 0 82139232 92861456 728 7289 796792 1059460 82936752 93928205 0 0 82475978 85824373 435 1015 0 0 0 6283288 6309451 88759701 92134839 -5822949 1793366 1372581 2295570 2408868 1538491 -1036287 757079 THIS FEDERAL EXPRESS CORPORATION TRUST PROVIDES DISABILITY PAYMENTS TO ELIGIBLE EMPLOYEES. false false 85824373 0 92861456 EXPENSES RELATED TO THE ACCOMPLISHMENT OF THE TRUST'S PRIMARY EXEMPT PURPOSE. 85824373 false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true false false true 0 0 true 0 false false false false false false false false X 8 8 false true false false false false false false false true false true false false false false false false X DAVID SALERNO 6176222133 1200 CROWN COLONY DRIVE QUINCY MA 02169 X STATE STREET GLOBAL SERVICES INSTITUTIONAL TRUSTEE 0.0 0.0 X 1015 0 0 1015 0 0 0 false false false 0 0 SPONSOR CONTRIBUTIONS 900099 92861456 92861456 92861456 7289 7289 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RECEIVABLE FOR OVERPAYMENT 900099 1059460 1059460 1059460 93928205 92861456 0 1066749 0 0 0 85824373 85824373 1015 0 1015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ADMINISTRATIVE EXPENSES 6309451 6309451 92134839 85824373 6310466 X 0 0 0 0 0 0 1221994 1286300 0 0 0 0 0 0 0 0 0 0 0 0 150587 1009270 0 0 0 0 0 0 0 0 1372581 2295570 2408868 1538491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2408868 1538491 X -1036287 757079 0 0 -1036287 757079 1372581 2295570 1793366 X X false false false FORM 990, PART VI, SECTION A, LINE 1A AND LINE 3 DESCRIPTION OF MANAGEMENT ARRANGEMENT THE FEDERAL EXPRESS CORPORATION WELFARE BENEFITS TRUST (THE "TRUST") OPERATES FOR THE EXCLUSIVE PURPOSE OF PROVIDING A SHORT AND LONG TERM DISABILITY PROGRAM FOR ELIGIBLE EMPLOYEES. THE TRUST DOES NOT OPERATE INDEPENDENTLY WITH RESPECT TO CONDUCTING BUSINESS AND, AS SUCH, DOES NOT HOLD BOARD MEETINGS. OVERALL RESPONSIBILITY FOR ALL ADMINISTRATIVE ACTIVITIES INVOLVED WITH RESPECT TO THE TRUST RESIDES WITH THE FEDEX CORPORATION RETIREMENT PLAN INVESTMENT BOARD. THE INVESTMENT BOARD HAS DELEGATED RESPONSIBILITY FOR DAY-TO-DAY ADMINISTRATIVE ACTIVITIES AND VENDOR MANAGEMENT TO THE BENEFIT PLANNING AND ANALYSIS/DISABILITY GROUP OF FEDEX CORPORATION. STATE STREET, AS TRUSTEE, HAS BEEN GRANTED AUTHORITY TO MAKE PAYMENTS FROM THE PLAN ASSETS AS DIRECTED BY THE RETIREMENT PLANS INVESTMENT BOARD. ________ FORM 990, PART VI, SECTION A, LINE 9 TRUSTEE MAILING ADDRESS STATE STREET GLOBAL SERVICES SERVES AS TRUSTEE AND IS LOCATED AT ITS HOME OFFICE, WHOSE ADDRESS IS: STATE STREET GLOBAL SERVICES 1200 CROWN COLONY DRIVE QUINCY, MA 02169 _______ FORM 990, PART VI, SECTION B, LINE 11 REVIEW OF FORM 990 THE GOVERNING BODY HAS AUTHORIZED FEDEX STAFF AND/OR THE TRUSTEE TO PERFORM THE REVIEW OF THE FORM 990. ________ FORM 990, PART VI,SECTION A, LINE 8 & SECTION B, LINES 12-15 GOVERNANCE POLICIES THE TRUST IS A VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION PURSUANT TO IRC SECTION 501(C)(9). ITS TRUSTEE, STATE STREET, HAS A FIDUCIARY DUTY TO MANAGE INVESTMENTS IN THE BEST INTEREST OF THE BENEFICIARIES AND OPERATE PURSUANT TO A STRINGENT CODE OF CONDUCT. SINCE THE TRUST DOES NOT MAINTAIN EMPLOYEES, THERE ARE NO PROCESSSES IN PLACE RELATED TO EMPLOYEES COMPENSATION. FEDERAL EXPRESS CORPORATION, THE PLAN SPONSOR, HAS WRITTEN GOVERNANCE POLICIES RELATING TO CONFLICTS OF INTEREST, RECORDS RETENTION AND A "WHISTLEBLOWER" POLICY THAT APPLY TO MEMBERS OF THE GOVERNING BODY." ________ FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ALL DOCUMENTS ARE AVAILABLE UPON REQUEST. ________ FORM 990, PART VII, SECTION A COMPENSATION INFORMATION MEMBERS OF THE GOVERNING BODY ARE EMPLOYEES OF FEDERAL EXPRESS CORPORATION. THEY RECEIVE COMPENSATION FROM FEDERAL EXPRESS CORPORATION. THEY DO NOT RECEIVE ANY COMPENSATION FROM THIS VEBA TRUST. THEY ARE NOT OFFICERS OF THE TRUST AND, THEREFORE, ARE NOT REPORTED HERE. ________ FORM 990, PART VII, SECTION A, LINE 1A INDIRECT COMPENSATION STATE STREET RECEIVES ADDITIONAL INDIRECT COMPENSATION FOR ITS SERVICES AS TRUSTEE. STATE STREET HAS PROVIDED ALL THE REQUIRED DISCLOSURES PURSUANT TO ERISA SECTION 408(B)(2). ________ FORM 990, PART VII, LINE 1A(1), COL B AVERAGE HOURS INFORMATION STATE STREET COMPANY PROVIDES VARIOUS ADMINISTRATIVE SERVICES TO THE TRUST, SUCH AS ACTING AS ITS INVESTMENT MANAGER. THESE SERVICES REQUIRE THE INVOLVEMENT OF NUMEROUS INDIVIDUAL BANK EMPLOYEES IN THE ACTIVITIES OF THE ORGANIZATION AND THUS CAN NOT BE QUANTIFIED ON AN HOURLY BASIS, BUT INSTEAD ARE CALCULATED BASED UPON FACTORS SUCH AS THE MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH STATE STREET'S AGREEMENT WITH FEDEX CORPORATION. FORM 990, PART IV, LINE 12 & PART XII, LINE 2B DETAIL OF AUDITED FINANCIAL STATEMENTS THE TRUST IS COMPRISED OF THE ASSETS OF THREE WELFARE BENEFIT PLANS. THESE PLANS WERE AUDITED. THESE AUDITS INCLUDE THE TRUST ASSETS. ________ FEDERAL EXPRESS CORPORATION 3630 HACKS CROSS ROAD BLDG C 3RD F MEMPHIS TN 381258800 710427007 AIR TRANSPORT TN NA C CORP false false false true false false false false false false false false false false true true false false false true