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Originally Posted by eaglefly
(Post 1288344)
Agreed that scope and especially the codesharing abilities of AMR are most critical and seem to be the least addressed. AMR wants to outsource as much of AA as possible and seeks multiple ways to do that. First with large RJ's as "regional feed" (now a ridiculous claim) and second by using other carriers as One World codeshares. Hawaiian I can understand, but Alaska flying should be done by AA expansion. The worst offender by far is the "open" codeshare that can be 50% of our ASM's by ANYONE.
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Originally Posted by RyanP
(Post 1288163)
Fellow pilots,
This past weekend, your Negotiating Committee provided a briefing summary to your APA Board of Directors on where things currently sit in negotiations. Portions of that summary are currently in the public domain, so to prevent any misinformation, we are providing a more detailed summary for your review. While this briefing sheet is not comprehensive, it should provide a feel for the progress that has been made to date. As you can see, the main obstacle to reaching our goal of an industry standard contract is scope ― specifically as it pertains to the size and seat capacity of the larger regional jet. Thanks for the update. Does anybody have a link for this release? I can't seem to find it on the APA website, and I'd like to pass it along. From an RJ pilot, PLEASE hold the line on scope. I don't see any reason I should be doing 3hr flights. Those transcon type routes belong to you. Take them back! |
Originally Posted by ForeverFO
(Post 1288386)
Some encouraging words here, and AA guys appreciate the notes of support that so many pilots have posted here, on other forums, and face-to-face.
I am embarrassed to say I don't know how 401K matching works. For 20 years now, I've had the A and B funds, and I've been maxing out my own personal 401K. If a company contributes to a 401K, and such contributions take it over the pre-tax maximum, is the remainder taxed, but then accrues tax-free within the 401K? In other words, let's say I'm already contributing $22,500 (I'm over 50) in 2012, where would a company 14% come in? 14% of a $100,000 FO pay is $14K. Does this mean I have to reduce my own personal contribution so that the TOTAL remains below $22.5K? The company's contribution counts towards the $50k total defined contribution limit. Your contribution + company's contribution cannot exceed $50,000 for 2012. |
company contribution is separate from what you contribute, I don't know the current maximum contribution from the company but the last time I looked it up, it was 45,000 annually.
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Originally Posted by Senior Skipper
(Post 1288436)
Thanks for the update. Does anybody have a link for this release? I can't seem to find it on the APA website, and I'd like to pass it along.
Here is the News article though with all the info: Letter offers details of American Airlines-Allied Pilots Association talks | Airline Biz Blog |
Originally Posted by ForeverFO
(Post 1288386)
Some encouraging words here, and AA guys appreciate the notes of support that so many pilots have posted here, on other forums, and face-to-face.
I am embarrassed to say I don't know how 401K matching works. For 20 years now, I've had the A and B funds, and I've been maxing out my own personal 401K. If a company contributes to a 401K, and such contributions take it over the pre-tax maximum, is the remainder taxed, but then accrues tax-free within the 401K? In other words, let's say I'm already contributing $22,500 (I'm over 50) in 2012, where would a company 14% come in? 14% of a $100,000 FO pay is $14K. Does this mean I have to reduce my own personal contribution so that the TOTAL remains below $22.5K? Scope - I agree that once given away, it''s gone forever. I am afraid that the very senior (as in elderly) bulk of the APA is going to think "I'm all set seniority wise... this will screw new hires and junior captains, but not me, so I don't really care that much." :( The 401K will work within two limits. You will still have your 22.5K limit on personal contributions. The company contributions will fall under the 415C limit. That is currently 50K. The 415C limit includes your 401k Contributions. As a example you contribute 22.5K to your 401k. Your earnings are 200,000 that year so the company contributes 28K. The total is 50.5K. You will exceed the 415C limit by 500 dollars. At Delta that 500 dollar amount would be paid as taxed ordinary income. I am not 100 percent sure if the 5K over 50 Catchup is included in the 50K 415C limit but believe so. The key point is that the combined company and personal contributions can't exceed the 415C limit and be tax deferred. Hope this helps. |
Thanks RyanP.
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Thanks for the 401K advice, guys. I need to get smart on this stuff. Should have done so years ago.
For younger pilots - start your own retirement vehicle(s) NOW and MAX THEM OUT. Be disciplined. It sucks at first but then you learn to live within your means, and by starting early, your returns will be huge over the longer period of time. I relied too much on AA's retirement which is now mostly dust. By the time our B-funds are distributed, I have this sneaking suspicion the reaction is going to be "WHAT?! What happened to the share value?" It's going to be a lot less than what it was a year ago. |
Originally Posted by ForeverFO
(Post 1288804)
By the time our B-funds are distributed, I have this sneaking suspicion the reaction is going to be "WHAT?! What happened to the share value?" It's going to be a lot less than what it was a year ago.
Ding, ding, ding, we have a winner. Stock market heading south post election, same stalemate in D.C. Who thinks the market will be on the upswing as the equities in the b-fund are sold off for distribution. That 1.7 million one would have received 1 November will most likely be worth far less in May,er June, er... Remember AMR has 12 months to disolve the fund. Hope you don't need YOUR money in the mean time. |
It's 100% cash now. If the market collapses you'll look like geniuses.
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