2026-04-03T14:38:03-04:00 2025-05-31 PwC US Tax LLP 2001 MARKET STREET SUITE 1800 PHILADELPHIA PA 19103 990 2024-06-01 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 2026-04-02 true true ANTONIO RUSSO P00858539 2673303000 2026-04-01 2024 2025-03-06 01:10:19Z DAVID SALERNO 1776 HERITAGE DRIVE 3RD FLOOR NORTH QUINCY MA 02171 40174454 false X N/A X 1978 MA THIS FEDERAL EXPRESS CORPORATION TRUST PROVIDES LONG TERM DISABILITY PAYMENTS TO ELIGIBLE EMPLOYEES. 8 8 0 0 0 0 0 0 36988230 40071247 7293 6000 95155 97207 37090678 40174454 0 0 37645324 39717011 395 370 0 0 0 208726 237238 37854445 39954619 -763767 219835 168441 213147 175129 0 -6688 213147 X THIS FEDERAL EXPRESS CORPORATION TRUST PROVIDES DISABILITY PAYMENTS TO ELIGIBLE EMPLOYEES. false false 39717011 0 40071247 EXPENSES RELATED TO THE ACCOMPLISHMENT OF THE TRUST'S PRIMARY EXEMPT PURPOSE. 39717011 false false false false false false false false false false false false false false true true 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 1776 HERITAGE DRIVE 3RD FLOOR NORTH QUINCY MA 02171 X STATE STREET GLOBAL SERVICES INSTITUTIONAL TRUSTEE 0.0 0.0 X 370 0 0 370 0 0 0 false false false 0 0 SPONSOR CONTRIBUTIONS 900099 40071247 40071247 40071247 6000 6000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RECEIVABLE FOR OVERPAYMENT 900099 97207 97207 97207 40174454 40071247 103207 0 0 0 39717011 39717011 370 0 370 0 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 237238 0 237238 0 39954619 39717011 237608 0 X 0 0 0 0 0 0 133383 177798 0 0 0 0 0 0 0 0 0 0 0 0 0 35058 35349 0 0 0 0 0 0 0 0 168441 213147 175129 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 175129 0 X -6688 213147 0 0 -6688 213147 168441 213147 219835 X X false true X true false 0 0 X 40091811 0 0 0 0 40091811 0 82643 82643 40174454 39871976 0 0 0 0 0 39871976 0 82643 82643 39954619 FORM 990, SCHEDULE D, PART X, LINE 2 TEXT OF FIN48 (ASC 740) FOOTNOTE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES REQUIRE PLAN MANAGEMENT TO EVALUATE UNCERTAIN TAX POSITIONS TAKEN BY THE PLAN. THE FINANCIAL STATEMENT EFFECTS OF A TAX POSITION ARE RECOGNIZED WHEN THE POSITION IS MORE LIKELY THAN NOT, BASED ON THE TECHNICAL MERITS, TO BE SUSTAINED UPON EXAMINATION BY THE IRS. THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2016, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN. THE PLAN HAS RECOGNIZED NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. ________ FORM 990, SCHEDULE D, PART XI, LINE 4B & PART XII, LINE 4B DETAIL OF OTHER ITEMS CHANGE IN ACCRUALS $82,643 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 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 1776 HERITAGE DRIVE, 3RD FLOOR NORTH QUINCY, MA 02171 _______ 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 ONE WELFARE BENEFIT PLAN. THIS PLAN WAS AUDITED. THE AUDIT INCLUDES THE TRUST ASSETS. ________ FORM 990, PART XII, LINE 2C COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT THE RETIREMENT PLAN INVESTMENT BOARD SERVES AS THE COMMITTEE THAT HOLDS THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE BENEFIT PLANS' FINANCIAL STATEMENTS. THERE IS ONLY ONE PLAN'S ASSETS CURRENTLY HELD IN THIS TRUST, SO THE PLAN AUDIT ESSENTIALLY COVERS ALL THE ASSETS IN THIS TRUST. FEDERAL EXPRESS CORPORATION 70 FEDEX PARKWAY 2ND FLOOR VERTICA COLLIERVILLE TN 38017 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