Originally Posted by
Dorn
Ill be honest, Im very much against any pension due to the fears many have previously posted. Ill bite though and ask those of you who believe we should get one, please explain what exactly you would like to see, how you would to see it rolled out, and what would you be willing to sacrifice for it? Im only assuming that if this passed the company would remove our 401K DC and make it at best a "typical 401K" and have some kind of basic % match.
Im honestly trying to see what bullet points (preferably more comprehensive) you all have in favor of such an idea. Its easy in my opinion to complain about what were leaving on the table but I and Im sure others would like to hear specifics. The devil is in the details and the details matter.
Hopefully the MEC understands how divisive a"pension" would be. I don't think they are talking about a DB as that is off the table due to PBGC laws(my understanding)
What I would like to see is an increase to the DC
if
any excess (above 415C) can be used to avoid taxes ie. an annuity comes to mind. Otherwise an increase in DC helps the less senior more than the more senior because the DC excess comes in the form of straight pay and taxes take 45%(min) of the "benefit"....39% federal, 2% ALPA dues, 4% Obamacare tax above 200k, now tack on state tax of 10% and you are at 55% lost due to transaction fees. Whereas the young guys can choose to shield all of the income from taxes an get $1 benefit for $1 negotiated