Changes to retirement funding
05-03-2018 | 01:45 PM
#41
seeing the country...
Joined: Oct 2006
Posts: 4,002
Likes: 32
From: 73N A
I thinks it’s time we all blow up our Reps phones & emails. This stupidity needs to be nipped in the bud. The R&I Committee needs to be directed to cease & desist any spending of dues money researching a DB plan (or the latest feel good made up name for it) and the Negotiating Comittee given direction to not waste an ounce of negotiating muscle pursuing this mental masterbation. The ONLY thing that will come of this is dragging out Sec 6 and if we do get ANY sort of DB, it will be self funded through lower raises or a decreased dc contribution...you know, the one that’s vested in your name every 15 days???
If the Reps won’t direct the above...then they can be sent packing.
Do not screw with the DC in any way, shape or form.
If the Reps won’t direct the above...then they can be sent packing.
Do not screw with the DC in any way, shape or form.
Money earmarked for a DB, even if its additional to DC, is money they could have paid us either straight cash or somewhere else more efficiently in the contract like health insurance premiums, work rules, training pay, etc.
05-03-2018 | 02:13 PM
#42
Line Holder
Joined: Jun 2015
Posts: 1,995
Likes: 176
There's hundreds of articles just like this. This was first one to populate from google using "forbes variable annuities".
https://www.forbes.com/sites/jrose/2015/03/28/5-reasons-why-you-should-never-buy-a-variable-annuity/amp/&ved=2ahUKEwj-kYLRx-raAhVmx1kKHZ9_DvQQFjAAegQIARAB&usg=AOvVaw3NtuZWWr9 bbIkaFKSXvPey&cf=1
https://www.forbes.com/sites/jrose/2015/03/28/5-reasons-why-you-should-never-buy-a-variable-annuity/amp/&ved=2ahUKEwj-kYLRx-raAhVmx1kKHZ9_DvQQFjAAegQIARAB&usg=AOvVaw3NtuZWWr9 bbIkaFKSXvPey&cf=1
05-03-2018 | 02:22 PM
#43
Line Holder
Joined: Jun 2015
Posts: 1,995
Likes: 176
Here's another variable annuity article with tax explanation. Red flag upon red flag.
https://www.forbes.com/sites/baldwin...ral-worth/amp/
https://www.forbes.com/sites/baldwin...ral-worth/amp/
05-03-2018 | 02:23 PM
#44
Gets Weekends Off
Joined: Nov 2017
Posts: 350
Likes: 0
Yup. What are the guarantees that it will still be there in the same form in 30 years? Same with SS. Retiree health seems like delayed comp for folks not getting it for 30-35 years.
05-03-2018 | 04:15 PM
#45
Underboob King
Joined: May 2005
Posts: 4,412
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From: Guppy Commander
05-03-2018 | 04:24 PM
#46
Gets Weekends Off
Joined: May 2011
Posts: 275
Likes: 0
Does anyone think it's possible that Fidelity could go bankrupt?
How much of your investments are insured? Up to what dollar amount?
By who?
Your money is in your name but does that make it 100% safe?
Can you name any Brokerage house(s) that have gone chapter 7?
Have you ever heard of "Black Monday, Tuesday, or Friday? Notice the choices are singular, meaning one bad day. Not numerous consecutive days, weeks, months, years.
Does anyone remember the bank bailout years ago? Any Idea what would have happened to money market funds and other supposed low risk funds had that bailout not happened?
Many things that make you go hmmmm...
How much of your investments are insured? Up to what dollar amount?
By who?
Your money is in your name but does that make it 100% safe?
Can you name any Brokerage house(s) that have gone chapter 7?
Have you ever heard of "Black Monday, Tuesday, or Friday? Notice the choices are singular, meaning one bad day. Not numerous consecutive days, weeks, months, years.
Does anyone remember the bank bailout years ago? Any Idea what would have happened to money market funds and other supposed low risk funds had that bailout not happened?
Many things that make you go hmmmm...
05-03-2018 | 04:33 PM
#47
Gets Weekends Off
Joined: Feb 2008
Posts: 20,869
Likes: 187
Does anyone think it's possible that Fidelity could go bankrupt?
How much of your investments are insured? Up to what dollar amount?
By who?
Your money is in your name but does that make it 100% safe?
Can you name any Brokerage house(s) that have gone chapter 7?
Have you ever heard of "Black Monday, Tuesday, or Friday? Notice the choices are singular, meaning one bad day. Not numerous consecutive days, weeks, months, years.
Does anyone remember the bank bailout years ago? Any Idea what would have happened to money market funds and other supposed low risk funds had that bailout not happened?
Many things that make you go hmmmm...
How much of your investments are insured? Up to what dollar amount?
By who?
Your money is in your name but does that make it 100% safe?
Can you name any Brokerage house(s) that have gone chapter 7?
Have you ever heard of "Black Monday, Tuesday, or Friday? Notice the choices are singular, meaning one bad day. Not numerous consecutive days, weeks, months, years.
Does anyone remember the bank bailout years ago? Any Idea what would have happened to money market funds and other supposed low risk funds had that bailout not happened?
Many things that make you go hmmmm...
05-03-2018 | 04:51 PM
#48
Gets Weekends Off
Joined: Mar 2015
Posts: 13,223
Likes: 668
From: ir.delta.com
I don't think this will work. The VEBA was blasted for union control and not being MEMRAT. If there's a choice (or individual election) for options with ADDITIONAL funds from the company, maybe. Otherwise forget it, nobody manages my risk or returns but me. Every swindle or Ponzi scheme starts with misplaced trust.
05-04-2018 | 06:40 AM
#49
Optimized
Joined: Oct 2017
Posts: 447
Likes: 27
I recommend everyone speak to a union rep. I did During one of their many visits to crew bases. If you talk to them you will see that they aren’t going in as crazy as we are painting them here. They know it’s unlikely to get another DB plan, but they have to look in to it and what new options are available.
I was told that they want to increase DC to increase the percentage of pilots who max out every year but also find other tax free ways to get us our money once we hit the max. Such as putting it into our HSA or other vehicles to use in retirement.
They also want to drastically reduce our medical costs but in a way that everyone gets the benefit. The option mentioned to me was a insurance premium credit, paid out to the highest priced medical plan (DPMP) and you can either have your premiums paid for or take the credit as pay if you have your medical insurance.
As some others have said, we would vilify them if they didn’t look and subsequently miss a great deal because we were scared of getting burned.
I was told that they want to increase DC to increase the percentage of pilots who max out every year but also find other tax free ways to get us our money once we hit the max. Such as putting it into our HSA or other vehicles to use in retirement.
They also want to drastically reduce our medical costs but in a way that everyone gets the benefit. The option mentioned to me was a insurance premium credit, paid out to the highest priced medical plan (DPMP) and you can either have your premiums paid for or take the credit as pay if you have your medical insurance.
As some others have said, we would vilify them if they didn’t look and subsequently miss a great deal because we were scared of getting burned.
05-04-2018 | 06:53 AM
#50
Gets Weekends Off
Joined: May 2015
Posts: 7,292
Likes: 0
From: A350 Both
I recommend everyone speak to a union rep. I did During one of their many visits to crew bases. If you talk to them you will see that they aren’t going in as crazy as we are painting them here. They know it’s unlikely to get another DB plan, but they have to look in to it and what new options are available.
I was told that they want to increase DC to increase the percentage of pilots who max out every year but also find other tax free ways to get us our money once we hit the max. Such as putting it into our HSA or other vehicles to use in retirement.
They also want to drastically reduce our medical costs but in a way that everyone gets the benefit. The option mentioned to me was a insurance premium credit, paid out to the highest priced medical plan (DPMP) and you can either have your premiums paid for or take the credit as pay if you have your medical insurance.
As some others have said, we would vilify them if they didn’t look and subsequently miss a great deal because we were scared of getting burned.
I was told that they want to increase DC to increase the percentage of pilots who max out every year but also find other tax free ways to get us our money once we hit the max. Such as putting it into our HSA or other vehicles to use in retirement.
They also want to drastically reduce our medical costs but in a way that everyone gets the benefit. The option mentioned to me was a insurance premium credit, paid out to the highest priced medical plan (DPMP) and you can either have your premiums paid for or take the credit as pay if you have your medical insurance.
As some others have said, we would vilify them if they didn’t look and subsequently miss a great deal because we were scared of getting burned.
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