Reality check

Autothrust Blue said:
I'm going to assume aforementioned aggrieved mainline pilot was on about something else, and that their bag of gold bars was too heavy or something. :)
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Sportbitching is the Human Condition. Pilots, mechanics, plumbers, nurses, computer programmers, Amtrak employees (one of my childhood friends has a pretty decent career going there) all indulge with gusto and proficiency. This is not to diminish legitimate workplace issues, but when the beers are on the table and “Work Work Work the company Work Work Work Work” starts flowing I always take it with not so much a grain as a large chunk of salt.
 
Roger Roger said:
Sportbitching is the Human Condition. Pilots, mechanics, plumbers, nurses, computer programmers, Amtrak employees (one of my childhood friends has a pretty decent career going there) all indulge with gusto and proficiency. This is not to diminish legitimate workplace issues, but when the beers are on the table and “Work Work Work the company Work Work Work Work” starts flowing I always take it with not so much a grain as a large chunk of salt.
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I myself am quite guilty of being unable to occasionally see the forest for the trees.

(also guilty of questionably splitting infinitives)
 
A friend on reserve texted me yesterday with a screenshot of his 3 day that credits.... 4 hours [emoji14]




Sent from my Moto Z (2) using Tapatalk
 
skatergeek said:
You’d be amazed with some of the guys I fly with. They have planned horribly or are completely out of touch with money...or both... Last dude I #triggered was allllllll about full pension restoration. “I figure I’ll need about ~18k a month to retire comfortably”. Really dude?
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So true.

Generally the "bring back the pension" crowd are members of a political persuasion of a group that is anti-labor/anti-pension that instead of saving in their youth and taking advantage of TVM, did entirely idiotic crap and want the next generation to pay for AND PROTECT their pensions.

Anyone that has one today that thinks it's going to be around in 30 years is hilarious.
 
Derg said:
So true.

Generally the "bring back the pension" crowd are members of a political persuasion of a group that is anti-labor/anti-pension that instead of saving in their youth and taking advantage of TVM, did entirely idiotic crap and want the next generation to pay for AND PROTECT their pensions.

Anyone that has one today that thinks it's going to be around in 30 years is hilarious.
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So... Baby boomers then?

Sent from my Moto Z (2) using Tapatalk
 
Derg said:
So true.

Generally the "bring back the pension" crowd are members of a political persuasion of a group that is anti-labor/anti-pension that instead of saving in their youth and taking advantage of TVM, did entirely idiotic crap and want the next generation to pay for AND PROTECT their pensions.

Anyone that has one today that thinks it's going to be around in 30 years is hilarious.
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Do NOT get me started. BTW every SJI dude you better fill out the R and I survey!!
 
Derg said:
Generally the "bring back the pension" crowd are members of a political persuasion of a group that is anti-labor/anti-pension that instead of saving in their youth and taking advantage of TVM, did entirely idiotic crap and want the next generation to pay for AND PROTECT their pensions.
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I mean...gonna pay one way or the other, here, when you get right down to it; the failure of "that" generation to save, well, anything at all, for their damn retirement is going to have consequences.

(Not like I have a front row seat to it)
 
Derg said:
So true.

Generally the "bring back the pension" crowd are members of a political persuasion of a group that is anti-labor/anti-pension that instead of saving in their youth and taking advantage of TVM, did entirely idiotic crap and want the next generation to pay for AND PROTECT their pensions.

Anyone that has one today that thinks it's going to be around in 30 years is hilarious.
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To be fair, the current 401k system is pretty much useless for any Legacy Airline (or Air Line) captain. The 415c limits get you long before you've gotten your full due from the Company. And while cash over cap (that's an SJI or YoNited phrase... can't remember which one) is nice you are still losing any and all tax advantages.

FedEx had this "problem" before anybody else did so they are a bit ahead of the curve in finding solutions. They seem to be settling on a variable rate pension plan, with a hurdle rate at the bottom. It probably will take a little bit of tweaking but I think there are some real possibilities with it as it's not limited by 415c or 401a.
 
BobDDuck said:
To be fair, the current 401k system is pretty much useless for any Legacy Airline (or Air Line) captain. The 415c limits get you long before you've gotten your full due from the Company. And while cash over cap (that's an SJI or YoNited phrase... can't remember which one) is nice you are still losing any and all tax advantages.

FedEx had this "problem" before anybody else did so they are a bit ahead of the curve in finding solutions. They seem to be settling on a variable rate pension plan, with a hurdle rate at the bottom. It probably will take a little bit of tweaking but I think there are some real possibilities with it as it's not limited by 415c or 401a.
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I wouldn’t say useless. Retirement 401k using (c) limits with compound interest, only 6% interest and a zero funded 401 to start:

50 year old: 1,356,989.04
45 year old: 2,144,599.97
40 year old: 3,198,601.05
 
AAPalmTree said:
I wouldn’t say useless. Retirement 401k using (c) limits with compound interest, only 6% interest and a zero funded 401 to start:

50 year old: 1,356,989.04
45 year old: 2,144,599.97
40 year old: 3,198,601.05
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I meant for continued growth of wages. I would guess that most legacy properties won't be focusing on wages for the next contract cycle because a) you are losing 30% to 40% of them to taxes and b) you don't get any benefit for a 401K because they are all over the 401a limits already. I agree that the as a base line a 401k is a great thing but it's pretty much maxed out it's benefit at this point and a senior captain is losing $6000+ a year in tax savings due to the caps.
 
BobDDuck said:
I meant for continued growth of wages. I would guess that most legacy properties won't be focusing on wages for the next contract cycle because a) you are losing 30% to 40% of them to taxes and b) you don't get any benefit for a 401K because they are all over the 401a limits already. I agree that the as a base line a 401k is a great thing but it's pretty much maxed out it's benefit at this point and a senior captain is losing $6000+ a year in tax savings due to the caps.
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100% agree. Next contract: Pay me in cash in the parking lot.

But not like that side job I had when I was a turboprop FO.
 
BobDDuck said:
To be fair, the current 401k system is pretty much useless for any Legacy Airline (or Air Line) captain. The 415c limits get you long before you've gotten your full due from the Company. And while cash over cap (that's an SJI or YoNited phrase... can't remember which one) is nice you are still losing any and all tax advantages.

FedEx had this "problem" before anybody else did so they are a bit ahead of the curve in finding solutions. They seem to be settling on a variable rate pension plan, with a hurdle rate at the bottom. It probably will take a little bit of tweaking but I think there are some real possibilities with it as it's not limited by 415c or 401a.
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DL pays the overages, ours gets put in an RHA which is for medical expenses for self and dependents after retirement. Can be used by spouse and dependents after I expire too.
 
bLizZuE said:
DL pays the overages, ours gets put in an RHA which is for medical expenses for self and dependents after retirement. Can be used by spouse and dependents after I expire too.
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What happens to that VEBA cash if you quit or retire early?
 
bLizZuE said:
First world problems “I don’t get enough tax savings with my 401k because I hit the cap in six months!”
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I had a guy the whole flight over to SF once go off on the pickup over vacation and elsewhere and getting 115 hrs credit for a $30 grand month. We land and the guy has no dollar bill for tipping the van driver. Surprise. So he asks me and I lend him one. The next day I asked him to cover my $1 tip to make up. Ordinarily I would let a $1 go, but not when you gloat about your $30 grand month. Pay the eff up.
 
The only proper response to someone bragging about their credit/paycheck is “that’s it?”

(Just like the only answer to “is it in yet?” Is “I don’t know.”)
 
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