Originally Posted by
Roberto
3. Everyone will get 5 more years of pay, and at least the same, but probably more, years of captains pay.... A considerable increase in lifetime earnings will be available for all. Earned income, medical and other benefits, defined benefit pension plan, and money purchase pension plan all increase, if one so chooses.
Many if not most of us, looked forward to retiring at 60 (Maximum) --- For instance I was working to try to be done by 55. This issue puts all that in jeopardy. Worst case would be for those of us who wanted to be done by 55 now may be REQUIRED to stay 10 YEARS to 65 (depending on what shakes out of this with respect to retirements, pensions etc). In the best case, I seriously doubt if ANY option exists to retire at 55 in the future. So it's not necessarily a win for all.
But you are correct in stating that it can be an overall increase in lifetime pay -- you don't have mandatory retirement and can stay an additional 5 years. For those that want it, especially those who have already been a captain with a few numbers junior to them at their respective company, it can be a good windfall.