Originally Posted by
DAL 88 Driver
That's an excellent question.
From my perspective, I think our retirement is fine as is. With the company 15% contribution and claim/note/equity combined with the power of the BrokerageLink within our DPSP, I should have an income in retirement that is comparable if not more than what I would have had with the pension.
I think our focus should be on increasing our W2. Remember that the company contribution is a PERCENTAGE of whatever we make. Increase our PAY, and the increase to our retirement benefit takes care of itself.
In terms of restoration... yes, we did lose a lot of "value" with the loss of the pension. I have no problem with being compensated for that but prefer for that compensation to be in the form of additional pay.
I figure between the pay cuts and the loss of pension, I've probably contributed around $100K/year for the past 10 years to Delta's recovery from its financial crisis. That's $1 million. Pretty nice "contribution" huh? And I'm not suggesting I should be repaid for that. Just fix our contribution going forward. Make it right from this point forward and I'll call it even. I think that's more than reasonable.
Denny, Scambo, DAL88, and gzsg,
Great thoughts from the group, and it's significant that "more percentage" in the 401k isn't as big a thing to the group (not that we wouldn't still like it)since the rising rates and 415c limit is a factor for a number of captains (I'd like it to be a factor for FO's too!).
With higher rates that multiply onto W2's it will do the work needed like DAL88 says. Would a 16-18%? 401k count toward the goal of "rates" restoration in the future then or not? It is another way to hide it from other employee groups, yet like Denny says it is just another line of his taxable income once the 415c limit is reached that is part of our W2's.
My math says 18.25% above 2015 to equal 2004 rates (for 7ERB).
As a purely hypothetical example let's say we somehow do something similar to C12 (but in a better way!): 6.5% early/9.5% on amendable/ 4%/4% (with no PS change) and another 2% into the 401k... That is a combined raise on the amendable date of 18.95%, or does 401k play no role in the restoration for you?
(I'm not allowed to include any PS talk in the "restoration equation", thanks 80!
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Would that meet one of your thresholds gzsg? (We need other stuff fixed, but this discussion is about Section 3 and 26)