Originally Posted by
Std Deviation
Totally get it and contribute. However, I consider that 401K to be part of the individual's assets. IMO the BPF should be an avenue of last resort after hitting the 401. I've raided mine and not asked for help when my family was sick. Likely have people with hundreds of thousands in 401K funds and they're asking for assistance to the tune of what? Thousands? I'm not in agreement with that. To me, you should have exhausted all other resources- including selling things - before asking others. Again, just the way I was raised. You don't roll up in an Escalade asking for a free turkey at Thanksgiving. I've seen too many cases of Go Fund me accounts only to see Facebook pics at Disneyland 2 weeks later. Really? To be clear I'm not saying that's the case in your example at all, but retirement should be on the table. Life happens as you say and that requires difficult and uncomfortable financial measures.
I don't think you're criticizing the BPF, but just to make it clear, they require an applicant to have committed pretty much all available resources before making an award.
I was fortunate enough to fly with a captain who was a BPF board member and learned a lot about the program and how the process works. I urge you to talk with anyone involved with the BPF and learn about how our contributions are handled.
No one is to my knowledge getting a BPF award while still driving around in a Ferrari or vacationing on the yacht, or even letting their 401k or PTO bank go untouched.
Its also up to us members to ensure we elect responsible board members who will award money fairly and allow for proper oversight of the system.