Age 67?
03-01-2015 | 07:48 PM
#131
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From: Retired
I believe the $260,000 limit was put in with the first contract signed in 1998. If you adjust that $260,000 for inflation it would have to be $372,784.17 today.
03-01-2015 | 08:12 PM
#132
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And much better to change the multiple, not the limit. That way everyone gets a better retirement, not just the widebody captains working double time!
03-01-2015 | 08:58 PM
#133
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From: leaning to the left
When we get the hourly rates that we deserve...All widebody Captains, which are about 40% of our crew force, will easily reach 260K/year, without working extra.
03-01-2015 | 09:15 PM
#134
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It's just that we are becoming an increasingly narrow body airline, with all the 757s coming on board. There is incredibly slow progression, particularly since we are losing Airbus and MD-11 aircraft. It could be virtually impossible for some people to ever make widebody capt, particularly if they were hired after a career in the military, or with other airlines. It would be great if the hourly rates were increased significantly, but even better would be if all Captains, both narrowbody and widebody, could make that 260K/yr without working till they drop.
03-04-2015 | 11:25 AM
#135
Slainge Var'
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From: Zeppelin Tail Gunner
[QUOTE=Viper446;1834806]
It's not. Up until last year, the IRS limit was under 260K every year. That was the "qualified" part. The difference between the 260K (contract limit) and the IRS limit was "unqualified"money but still paid. If your FAV is/was over 260K, you have 25+ years and you are covered by the multiplier in the contract, you can exceed 130K with this unqualified money. The whole purpose of the qualifier was to reward those "older" pilots that didn't have enough time left to benefit from the increased B fund. When you look at the matrix, remember that age 60 was still in effect. When you go to, or listen to, the union retirement seminar, it all gets explained.
You are mostly right. Some can exceed 130K, but not by a whole lot.
Additional Benefit Percentage based on Age/Service
Years of Vesting Service as of Date of Signing *
* * * * * * * * * 59 or older
* * * * * * * * *
I thought 130K was the max based on IRS limits? Is that not true?
Additional Benefit Percentage based on Age/Service
Years of Vesting Service as of Date of Signing *
* * * * * * * * * 59 or older
* * * * * * * * *
I thought 130K was the max based on IRS limits? Is that not true?
03-04-2015 | 03:57 PM
#136
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Absolutely, I would much rather see the multiplier changed. I don't have a problem with $260,000, just the percentage we get. Maybe 60%?
03-04-2015 | 04:57 PM
#137
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[QUOTE=AerisArmis;1836880]
It's not. Up until last year, the IRS limit was under 260K every year. That was the "qualified" part. The difference between the 260K (contract limit) and the IRS limit was "unqualified"money but still paid. If your FAV is/was over 260K, you have 25+ years and you are covered by the multiplier in the contract, you can exceed 130K with this unqualified money. The whole purpose of the qualifier was to reward those "older" pilots that didn't have enough time left to benefit from the increased B fund. When you look at the matrix, remember that age 60 was still in effect. When you go to, or listen to, the union retirement seminar, it all gets explained.
I'm trying to understand your chart. What is my multiplier if I have 27yrs of service, which I'll have at 60 and 32yrs at 65? And is this multiplier based on my FAV above 260K or at 260K?
It's not. Up until last year, the IRS limit was under 260K every year. That was the "qualified" part. The difference between the 260K (contract limit) and the IRS limit was "unqualified"money but still paid. If your FAV is/was over 260K, you have 25+ years and you are covered by the multiplier in the contract, you can exceed 130K with this unqualified money. The whole purpose of the qualifier was to reward those "older" pilots that didn't have enough time left to benefit from the increased B fund. When you look at the matrix, remember that age 60 was still in effect. When you go to, or listen to, the union retirement seminar, it all gets explained.
03-04-2015 | 05:14 PM
#138
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From: B-777
[QUOTE=Viper446;1837173]He means instead of 2% x 25 years if you raise the multiplier it could be 2.2% x 25 years. So instead of 50% of 260K you get 55% of 260K. I can live with that.
03-04-2015 | 05:43 PM
#139
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From: Retired
[QUOTE=trashhauler;1837188]That is nice but $260,000 in 1998 is $372,784 today. Looks to me FDX pilots have been taking a cut in their pension every year since 1998. The fact you can live with this is troubling.
03-04-2015 | 06:28 PM
#140
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From: Dispersing Green House Gasses on a Global Basis
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