Originally Posted by
Funk
This one topic: the MBCBP, is why I’ve asked my LEC reps about details of what was actually proposed to the company. I support the four pillars for contract improvements, but I don’t want something like this, on which they won’t openly discuss the cost, nor will they discuss why it hasn’t been specifically polled amongst the pilot group (“we polled on retirement issues”) holding the rest of the contract negotiations hostage. I’m not happy with the reported behavior of the company either: no openers on some of the most substantial sections, no counters to our openers in those sections, and a big say vs do gap, ie “we ran too lean this last summer and we won’t do that again” vs pace of onboarding looks a lot like preparation for an instant replay of staffing levels of last summer (with the possibility that some within the company think they’ll have things better balanced between categories, so it’ll be OK).
The pilot group writ large is being treated like mushrooms, kept in the dark and fed a lot of . . . You get the idea.
I would recommend you talk to your reps. We need more than just a higher DC percentage. It’s because we make a lot. So the MBCBP allows us high earners to have a secondary tax haven to protect our money. There are rules and the MBCBP is that vehicle. It’s naive to read where some of you say you want the money and you’ll do what you want. That’s fiscally irresponsible and ignorant. You’ll not be able to outpace the taxes and return that the MBCBP will provide.
And the way this this country is going, I expect our 401k max contributions will someday soon be lowered to something around 40k from the current 58k due to our esteemed Reps in the DC swamp thinking we make too much and they enact a tax on the rich. That’s us. That hidden tax will lower our tax savings under current 401k rules. Most of America won’t care because they don’t get close to their limits.
When that hat happens our MBCBP will absorb our money above the new lower limit and protect us from our own swamp rats that are trying to hose us in DC.
The MBCBP is a great vehicle for those who are smart and get it.