401k and other benefits in the GA world
#12
Line Holder
Joined APC: Aug 2016
Posts: 80
Some Corporate part 91 jobs are tempting but I’m definitely concerned about LTD, 401k contributions, vacation policy, lack of union, and job security (owner dies, or company gets rid of corporate flight department, etc) and not sure if I want to be on-call all the time vs a set schedule. But I’m guessing the lifestyle of flying somewhere and chilling would be nice vs multiple legs a day. Not sure I want to lose a job or my medical in my mid-late 50s. I guess it depends how much more the corporate 91 job pays over major airline captain rates but I’m guessing those are rare could be wrong though. If the pay is major airline FO pay I don’t think the risks are worth the rewards if you have a CJO with a major airline.
#13
On Reserve
Thread Starter
Joined APC: Jun 2022
Posts: 21
Thanks for all the contributions and inputs from all of you.
Yes, the aspect of job security and other perks are hard to pass on, especially when a family and one’s age come into play.
The 300k for a corporate job was made on the assumption that this would have to be a minimum to make it somewhat attractive. Finding/getting one of these jobs is an entirely different story.
As a European expat another big downside of the 91 world is the mentioned permanent standby/no roster 2 pilot type of operation. Coming from a very stable and secure 4 pilot/rotational contract would be a drastic change for me.
The large cabin lifestyle is fantastic most days of the week.
But common sense would suggest to attempt landing a job at the majors.
Yes, the aspect of job security and other perks are hard to pass on, especially when a family and one’s age come into play.
The 300k for a corporate job was made on the assumption that this would have to be a minimum to make it somewhat attractive. Finding/getting one of these jobs is an entirely different story.
As a European expat another big downside of the 91 world is the mentioned permanent standby/no roster 2 pilot type of operation. Coming from a very stable and secure 4 pilot/rotational contract would be a drastic change for me.
The large cabin lifestyle is fantastic most days of the week.
But common sense would suggest to attempt landing a job at the majors.
#14
Gets Weekends Off
Joined APC: Oct 2021
Posts: 678
How many large-cabin PIC jobs paying $300k+ base salary exist outside of the high cost of living locales of the Bay Area, SoCal and the I95 corridor?
If one considers a 16% defined contribution (soon to be 17-18% for UAL/DAL/AAL) even at narrowbody rates vs. a 6% 401k match, it doesn't take long for the difference in retirement to be significant. Of course there's total compensation to think of when doing a comparison - health care plan coverage/premiums/copays, bonus, profit sharing, vacation, stock grants, etc.
If one considers a 16% defined contribution (soon to be 17-18% for UAL/DAL/AAL) even at narrowbody rates vs. a 6% 401k match, it doesn't take long for the difference in retirement to be significant. Of course there's total compensation to think of when doing a comparison - health care plan coverage/premiums/copays, bonus, profit sharing, vacation, stock grants, etc.
#15
Gets Weekends Off
Joined APC: Feb 2017
Posts: 1,280
Once January rolls around, 17% at min guarantee on narrowbody captain is just shy of $50k/year into your 401k. So work a bit extra and it wouldn't be too tough to hit the IRS limit. All with zero contribution from you (I know you know this; just clarifying for others).
#17
No one on his deathbed wishes they had missed more birthdays or graduations while working. Some things are hard to quantify, missed events cannot be replaced.
#18
Gets Weekends Off
Joined APC: Oct 2021
Posts: 678
I think it you looked over at PPW you would see a much more frank and open discussion about the pay/QOL disparity between corporate and airlines, certainly the legacy ones. The biggest heartburn I sense among 91 Corporate is not the retirement or health care, but the poor scheduling issues inherent in a minimally staffed flight department. Lack of knowning days off for many corporate pilots and or poor vacation allowances with issues about long term planning frustrates all, especally when compared to airline crews ability to control their off time within the limits of their senority.
No one on his deathbed wishes they had missed more birthdays or graduations while working. Some things are hard to quantify, missed events cannot be replaced.
No one on his deathbed wishes they had missed more birthdays or graduations while working. Some things are hard to quantify, missed events cannot be replaced.
It used to be a good place but it went down the toilet a few years ago.
#19
Line Holder
Joined APC: Apr 2015
Position: AA 737 FO
Posts: 65
Originally Posted by JulesWinfield;[url=tel:3716432
3716432[/url]]You’ll get a generous match of 6% at most places.
TBH my take home training pay at AA is comparable to my corporate gig because I had to kick in for my retirement then. Now I get 16% direct contribution (17% next year).
Some places are offering equity grants as a means to compete again 121 401ks. But what is forgotten are the tax implications of being granted and exercising equity. Also, you're tied to one stock (unlike a 401k). Plus, 121 401ks are immediately vested vs over 4 or 5 years. In my case, between taxes and decline in stock price, the grant wasn't worth nearly what it was advertised to be and not the retention tool they think it is.