Originally Posted by
80Z28Dude
There is also an Employee Stock Ownership plan (ESOP). You are automatically in and it costs you nothing. It is a federally protected retirement plan. Many argue that it’s a scam. They have their opinion and refuse to budge. I believe it has huge potential. Payments were made into ESOP accounts in 2021. For the next 5 years, the company is contractually required to make payments of $45million yearly into the accounts. For an FO, that could be $50K to $100K, Captains $100K to over $150K. Eventually, employees will own 37% of the company. If the company is sold, you are in line for a big check. The current Union negotiations put the ESOP in jeopardy unless they can get it in the CBA. Most guys don’t understand the ESOP and I’m sure some naysayers will respond. They will use United as an example. WGA is not United, but it makes for a good talking point for the uninformed.
Good thing it’s not United, good point which I hope to be true. At $45M annual requirement with a rounded up pilot group of 200 (maybe you have more, don’t know) that’s worth $225K annually just as an average into the accounts = Fantastic! How did your ESOP account look for 2021? Well on your way if truth be told - sounds like a Great Deal and it would seem like a no-brainer not to put it into jeopardy. Cargo has shown increased profit, especially in the some of the ACMI sectors it’s time to capitalize on it. If y’all can make this stick and keep it away from flesh eating lawyers at critical times the industry could benefit greatly!