FDX- Earnings and Cost Control Measures
#32
They all had an A plan-like, defined benefit retirement program until about 18 months ago, and then it was frozen and replaced with a beefed-up 401K. Now with the company forcasting positive earnings (albeit reduced earnings) for the next year, they are going to suspend the company's contribution? I'd be some PO'ed.
What you are talking about, the Cash Balance Plan, replaced the non-pilot A-plan many years ago. The 401K plan was changed 1-2 years ago, and is the plan referenced in todays news. FDX matches the 1st 1% and half the next 5% of salary that a non-pilot employee contributes. As long as an employee contributes at least 6% of their salary, Fred was matching 3.5%. That is what the average employee loses. Using my SO as an example, that's about $1800 year, plus the 5% salary cut and no merit raise this year.
SO = second officer, or significant other?
#33
We need a stand alone pay rate for the 777! Even if it's a dollar then we can fix it later, but if we lump it in with the WB rates we are done. You are being very short sighted. As young as you are think 20 years from now. The cargo industry is supposed double in 20 years. We are going to be OK, no one is going to get furloughed.
I'll trade Fred checks any day. His pay is about 1/100th of his income. Put the glass of cool-aid down.
I'll trade Fred checks any day. His pay is about 1/100th of his income. Put the glass of cool-aid down.
Rog on all that.
#34
Gets Weekends Off
Joined APC: Jul 2006
Position: 767 Cap
Posts: 1,306
And SO = the wife
#35
Banned
Joined APC: Sep 2008
Position: MD-11 CA
Posts: 174
Great, another old guy telling all the young bucks that everything is going to be fine - all the while he's bending you over the table.
The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.
What a shame.
The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.
What a shame.
#36
Gets Weekends Off
Joined APC: Mar 2006
Posts: 3,333
Great, another old guy telling all the young bucks that everything is going to be fine - all the while he's bending you over the table.
The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.
What a shame.
The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.
What a shame.
I'm not a proponent or a defender of the age 65 rule or the way it was introduced however since there's nothing we can do why even bring it up?
#37
Banned
Joined APC: Sep 2008
Position: MD-11 CA
Posts: 174
My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
#38
Gets Weekends Off
Joined APC: Mar 2006
Posts: 3,333
My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
#39
The 401K was beefed up - raising the company's contribution from a max of $500/yr to a max of 3.5% of eligible earnings, and the defined benefit Pension Plan was frozen. You are correct that all employees now also receive benefits under the defined contribution Portable Pension Account, which was an optional plan instituted in '03. Company contributions to the PPA run from 5% to 8% of eligible earnings depending on longevity.
What was suspended was the 3.5% 401k contribution, so the hourly and salaried employees have lost 30-40% of their retirement benefits (assuming a 6% or greater 401K withholding) at least until 2010. There now was that precise enough?
My main point though was that this is all happening while the company's current qtr earnings are in line with the past year's, and projections for the rest of the fiscal year, although reduced, are still positive. The bottom line is that there are going to be some unhappy folks on the property.
What was suspended was the 3.5% 401k contribution, so the hourly and salaried employees have lost 30-40% of their retirement benefits (assuming a 6% or greater 401K withholding) at least until 2010. There now was that precise enough?
My main point though was that this is all happening while the company's current qtr earnings are in line with the past year's, and projections for the rest of the fiscal year, although reduced, are still positive. The bottom line is that there are going to be some unhappy folks on the property.
#40
Gets Weekends Off
Joined APC: Jul 2006
Position: 767 Cap
Posts: 1,306
Sarcasm light on
Nahh, the problem seems to be all those widebody captains. They seem to think they can get in that seat and just camp out forever. They should all be forced to retire after five years in the seat, no matter what age they are, 35 or 65. They have their high five. Get out of the way of all the junior guys.
Sarcasm light off
My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.
It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.
So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.
Nahh, the problem seems to be all those widebody captains. They seem to think they can get in that seat and just camp out forever. They should all be forced to retire after five years in the seat, no matter what age they are, 35 or 65. They have their high five. Get out of the way of all the junior guys.
Sarcasm light off