TIN:
SCHEDULE O
(Form 990)
Department of the Treasury
Internal Revenue Service
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Inspection
Name of the organization
FEDERAL EXPRESS CORPORATION
WELFARE BENEFITS TRUST
WELFARE BENEFITS TRUST
Employer identification number
36-3282351
36-3282351
| Return Reference | Explanation |
|---|---|
| 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. ________ |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2021
Additional Data
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