401k and other benefits in the GA world
10-27-2023, 09:55 AM
#1
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Joined APC: Jun 2022
Posts: 21
401k and other benefits in the GA world
Hi,
I‘m a corporate jockey abroad with the potential of moving to the US in 12-18 month and are trying to get a feel for the industry in the States.
While details are available for the airline industry I was wondering what is being offered in the corporate/private world, especially on the large cabin segment (Gulfstream/Global).
What (if at all) is the average 401k matching percentage that is being offered by the bigger management companies?
Are medical/dental plans the norm?
Appreciate any thoughts and comments on the topic.
I‘m a corporate jockey abroad with the potential of moving to the US in 12-18 month and are trying to get a feel for the industry in the States.
While details are available for the airline industry I was wondering what is being offered in the corporate/private world, especially on the large cabin segment (Gulfstream/Global).
What (if at all) is the average 401k matching percentage that is being offered by the bigger management companies?
Are medical/dental plans the norm?
Appreciate any thoughts and comments on the topic.
10-27-2023, 03:55 PM
#2
Gets Weekends Off
Joined APC: Jan 2018
Posts: 2,240
Originally Posted by upandaway89
Hi,
I‘m a corporate jockey abroad with the potential of moving to the US in 12-18 month and are trying to get a feel for the industry in the States.
While details are available for the airline industry I was wondering what is being offered in the corporate/private world, especially on the large cabin segment (Gulfstream/Global).
What (if at all) is the average 401k matching percentage that is being offered by the bigger management companies?
Are medical/dental plans the norm?
Appreciate any thoughts and comments on the topic.
I‘m a corporate jockey abroad with the potential of moving to the US in 12-18 month and are trying to get a feel for the industry in the States.
While details are available for the airline industry I was wondering what is being offered in the corporate/private world, especially on the large cabin segment (Gulfstream/Global).
What (if at all) is the average 401k matching percentage that is being offered by the bigger management companies?
Are medical/dental plans the norm?
Appreciate any thoughts and comments on the topic.
10-28-2023, 02:32 AM
#5
Gets Weekends Off
Joined APC: Sep 2022
Posts: 856
Originally Posted by upandaway89
Thanks for the replies so far.
6% are shocking.
As much as I like the GA lifestyle, I do see why many pilots leave for the airlines.
6% are shocking.
As much as I like the GA lifestyle, I do see why many pilots leave for the airlines.
10-28-2023, 03:19 AM
#6
The NeverEnding Story
Joined APC: Sep 2005
Posts: 7,512
IMO a lack of retirement contribution is the single biggest issue with talent retention within Part 91 flight departments.
A select few operators I'm aware of have stepped up in the last few years and delivered double-digit percentage 401k contributions, but that's definitely the exception instead of the norm.
A select few operators I'm aware of have stepped up in the last few years and delivered double-digit percentage 401k contributions, but that's definitely the exception instead of the norm.
10-28-2023, 06:10 AM
#7
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Posts: 21
Originally Posted by Brickfire
It’s worse than you think. It’s a match to your contribution. You put zero, you get zero.
So not going to a reputable airline means that one is basically leaving 30-40k on the table - per year! (Including the higher out of pocket medical costs)
I love my airline miles and Bonvoy points, but one starts to wonder…
Originally Posted by BoilerUP
IMO a lack of retirement contribution is the single biggest issue with talent retention within Part 91 flight departments.
A select few operators I'm aware of have stepped up in the last few years and delivered double-digit percentage 401k contributions, but that's definitely the exception instead of the norm.
A select few operators I'm aware of have stepped up in the last few years and delivered double-digit percentage 401k contributions, but that's definitely the exception instead of the norm.
Handing out ratings in a Part 91 revolving talent door ops must certainly be more expensive than a proper 401k contribution.
One can only hope that the trend continues and more operators are willing to step up their game.
Last edited by upandaway89; 10-28-2023 at 06:12 AM. Reason: Edit
10-28-2023, 07:35 AM
#8
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Joined APC: Oct 2021
Posts: 678
Originally Posted by upandaway89
Thanks .
So not going to a reputable airline means that one is basically leaving 30-40k on the table - per year! (Including the higher out of pocket medical costs)
I love my airline miles and Bonvoy points, but one starts to wonder…
I can see your point with this.
Handing out ratings in a Part 91 revolving talent door ops must certainly be more expensive than a proper 401k contribution.
One can only hope that the trend continues and more operators are willing to step up their game.
So not going to a reputable airline means that one is basically leaving 30-40k on the table - per year! (Including the higher out of pocket medical costs)
I love my airline miles and Bonvoy points, but one starts to wonder…
I can see your point with this.
Handing out ratings in a Part 91 revolving talent door ops must certainly be more expensive than a proper 401k contribution.
One can only hope that the trend continues and more operators are willing to step up their game.
10-28-2023, 09:22 AM
#9
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Joined APC: Jun 2022
Posts: 21
Originally Posted by Pilot4000
You’re probably missing more than that. I have a friend that is in his early 40’s, and is leaving a fairly high paying 91 job to go to a legacy, and his rough math is that the airline career will be worth about $3 million more than if he stayed in corporate.
I did run numbers on various options at the majors (FO/CP sh for 20 years or FO/CP/FO longhaul and so on) with min guarantee & 401k DC vs 300k-350k over 25-30 years as large cabin PIC with 6% and the difference is marginal and in some cases the private route is slightly ahead by less than 500k. But overall very close. Unless my calculations are all wrong of course.
But I do agree that there is more money in the airline once you start to factor in actual paid hours/overtime.
10-28-2023, 09:38 AM
#10
The NeverEnding Story
Joined APC: Sep 2005
Posts: 7,512
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.
