Okay, if the Teamster DB plans are such a great idea, why hasn't the industry gone in that direction?
Why hasn't ALPA convinced the Legacy masses that it's a better idea than a 401k contribution? The core issue is trust. (At least with the 401k, I can hold the idiot in charge accountable.) Nobody would trust management with their retirement anymore, and I doubt you'll find a huge groundswell willing to turn it over to the Teamsters, either. But I'm willing to listen to a cogent argument, although perhaps you might have more impact on the 1224 forum so we know who's talking.
Originally Posted by 742Dash
(Post 1779382)
My point is that pilots are very, very poor at financial planning.
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Originally Posted by captainv
(Post 1779534)
...But I should listen to you? :D
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Originally Posted by captainv
(Post 1779534)
Okay, if the Teamster DB plans are such a great idea, why hasn't the industry gone in that direction?
Why hasn't ALPA convinced the Legacy masses that it's a better idea than a 401k contribution? The core issue is trust. (At least with the 401k, I can hold the idiot in charge accountable.) Nobody would trust management with their retirement anymore, and I doubt you'll find a huge groundswell willing to turn it over to the Teamsters, either. But I'm willing to listen to a cogent argument, although perhaps you might have more impact on the 1224 forum so we know who's talking. But I should listen to you? :D The Teamsters don't run or control the plans. They are run by independent actuaries and the IBT has no control over them at all. What idiot will you hold responsible for the 401k? |
Originally Posted by ATCsaidDoWhat
(Post 1779325)
Tell us what you know about the IBT retirements...
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Originally Posted by Globemaster2827
(Post 1779876)
It's not a 401K controlled by me so I don't want it. Given the history of the Teamsters do you really trust them more than yourself to manage your retirement?
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Originally Posted by boiler07
(Post 1779162)
So, about that hiring...
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Originally Posted by ATCsaidDoWhat
(Post 1779820)
What idiot will you hold responsible for the 401k?
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Originally Posted by DoomedTX
(Post 1779321)
I interviewed last Wednesday and got the good news email this morning! I hope the other 11 are reading the same email right now!
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Originally Posted by JerrySpringer
(Post 1779945)
Class of 4, 3 showed. There's a spot for you.
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Originally Posted by Globemaster2827
(Post 1779876)
It's not a 401K controlled by me so I don't want it. Given the history of the Teamsters do you really trust them more than yourself to manage your retirement?
If you did, you'd understand how locked down they are on finances and how they have no attachment or access to the retirement plans. In other words, they have no plans to run. Members can vote to join outside, independently run, professionally managed plans. Or you can vote to have a 401 (k). You vote, you decide. 401(k)'s are great until the market hiccups or collapses. A defined plan takes the money, invests it and then when you retire, takes it and buys an annuity in your name and controlled by you that pays a nice dividend monthly, never touching your principal. Further, given the vesting schedule, it allows you to retire earlier, if you choose, with a full retirement. A 401 (k) is a nice add on, but not something I'd bet my long term retirement on. |
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