Originally Posted by
pilot141
Yes, but preventing the change itself is still (theoretically) in your control (whic means OUR control).
The big thing for you UPS guys (and any American, FedEx or other guys with a B-Fund) is that if the retirement age goes to 65 you can kiss your B-fund good-bye.
I would expect the IRS to freeze B-fund contributions as soon as the new rule goes into effect. So the old guy getting a 5-year extension gets no penalty, but the 32-year-old new hire gets (depending on the company) over $1 million taken away from him with the "promise" being able to work 5 more years. Wow - what a ****ty deal.
This is the crux of the problem - even worse than reinstatements. If the B-funds go away because of this, it will be the biggest theft of income from one group to another in the history of the industry.
The old guys will get the benefit of their B-fund for their entire career, and then watch as it is eliminated for the young guys. Can you make up 25 years of B-fund contributions and growth with an additional 5 years (maybe) in your highest seat? I don't think so, and I'm mad as hell because of it.
Unless there is a specific provision to allow B-Funds to continue, every pilot under 50 should be opposed to this change.
Why do you have that opinion? Tens of millions of people have IRA's and 401(k)'s, with more being added every day. Many, if not most, of these people will be working well beyond 60. The only thing I can think of that age has to do with these plans is that withdrawals can be made without penalty beginning at age 59 1/2, and mandatory distributions must be made beginning at age 70 1/2.