Originally Posted by
Scoop
Bob,
I have also heard guys come up with some very low FAE equivalents for new hires. Some guys are actually trying to convince them that we need to return to a DB and that they will only have about 30% equivalent FAE in retirement. It seems to me most new hires are perfectly capable of planning for their financial future.
This does not mean that many deadzoners were not harmed, plenty were, but any guy on property today had about 15 years at a minimum to plan for retirement. Our mistake was approving LOA 51 which stipulated we would not contest the DB termination - at that point it was game over for our DB.
Yes the market will go up and down but I believe even with conservative estimates any 35 year old will be able to much better than 30% FAE equivalent.
Scoop
Agree 100%. If the opener had included some kind of recovery/offset to recognize the economic damage caused to the retirement security of the pilots you cite, I would have been much happier.
As a new hire in 1987 I would have killed to have the plan our new pilots have today.