Age 60 and the B-Fund
09-27-2006, 06:27 PM
#11
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This just might be one of those rare occasions where George is right. Defined contribution plans aren't just for pilots. But they are approved and controlled by the IRS.
What the IRS giveth, the IRS can taketh away. The B Plan was designed to act as a bridge between the required age 60 retirement and S.S. kicking in. When the gap narrows sufficiently or disappears all together, the IRS can rule that the B plan is no longer needed and simply take it away. And I think they'll do exactly that. And don't think for a minute that the companies won't be whispering in their ear.
And don't forget that our friend George is a big advocate of eliminating age 60.
What the IRS giveth, the IRS can taketh away. The B Plan was designed to act as a bridge between the required age 60 retirement and S.S. kicking in. When the gap narrows sufficiently or disappears all together, the IRS can rule that the B plan is no longer needed and simply take it away. And I think they'll do exactly that. And don't think for a minute that the companies won't be whispering in their ear.
And don't forget that our friend George is a big advocate of eliminating age 60.
09-27-2006, 06:38 PM
#12
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Posts: 2,838
[QUOTE=Ranger;64601]This just might be one of those rare occasions where George is right. Defined contribution plans aren't just for pilots. But they are approved and controlled by the IRS. QUOTE]
Actually I think George was saying that B plans are like all Defined Contribution plans for other employees groups. That isn't so.......in other words he thinks there is nothing to worry about.
Actually I think George was saying that B plans are like all Defined Contribution plans for other employees groups. That isn't so.......in other words he thinks there is nothing to worry about.
09-28-2006, 05:54 AM
#16
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Joined APC: Jul 2006
Posts: 63
Originally Posted by FoxHunter
No, the changing the age 60 rule will have no impact on the B plans but it is great fodder to throw out to those inclined to have the mindset of a SCAB. 
09-28-2006, 06:16 AM
#17
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Originally Posted by Ranger
This just might be one of those rare occasions where George is right. Defined contribution plans aren't just for pilots. But they are approved and controlled by the IRS.
What the IRS giveth, the IRS can taketh away. The B Plan was designed to act as a bridge between the required age 60 retirement and S.S. kicking in. When the gap narrows sufficiently or disappears all together, the IRS can rule that the B plan is no longer needed and simply take it away. And I think they'll do exactly that. And don't think for a minute that the companies won't be whispering in their ear.
And don't forget that our friend George is a big advocate of eliminating age 60.
What the IRS giveth, the IRS can taketh away. The B Plan was designed to act as a bridge between the required age 60 retirement and S.S. kicking in. When the gap narrows sufficiently or disappears all together, the IRS can rule that the B plan is no longer needed and simply take it away. And I think they'll do exactly that. And don't think for a minute that the companies won't be whispering in their ear.
And don't forget that our friend George is a big advocate of eliminating age 60.
To be sure if pilots are forced to have thier B-plans attacked by the IRS because of an oversight when ALPA changed thier political position on age 60, ALPA better find a way to protect our money or there will be plenty of consternation amongst the ranks.
09-28-2006, 06:36 AM
#18
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Originally Posted by MAWK90
Well, if that's the case then the entity behind changing the retirement age to 65 - ALPA - better make sure that my B-plan is protected accordingly. Is that not why we pay dues?
To be sure if pilots are forced to have thier B-plans attacked by the IRS because of an oversight when ALPA changed thier political position on age 60, ALPA better find a way to protect our money or there will be plenty of consternation amongst the ranks.
To be sure if pilots are forced to have thier B-plans attacked by the IRS because of an oversight when ALPA changed thier political position on age 60, ALPA better find a way to protect our money or there will be plenty of consternation amongst the ranks.
And if the IRS changes TAX codes and LAWs that will also be ALPA's fault.
ALPA is the entity behind changing the retirment AGE?
I suppose 9/11 was ALPA's fault and so on.........
09-28-2006, 06:48 AM
#19
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Position: A300 Captain
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The argument can remain the same. B Funds were originally to bridge the 60 to 65 gap. Now that the post 1960 born don't receive benefits until 67 the argument can remain the same, that a B Fund is needed to bridge the gap. And, as it comes closer to $0 congress will probably raise the age higher.
09-28-2006, 07:02 AM
#20
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Originally Posted by Bitme
The argument can remain the same. B Funds were originally to bridge the 60 to 65 gap. Now that the post 1960 born don't receive benefits until 67 the argument can remain the same, that a B Fund is needed to bridge the gap. And, as it comes closer to $0 congress will probably raise the age higher.
"Wholesale Changes" when talking about the proposed age change.
The Change in AGE will probably happen, just a matter of time......although being an election year nothing much gets done in Washington.
