MBCBP implementation announced…
07-07-2023 | 07:43 AM
#333
Gets Weekends Off
Joined: Sep 2015
Posts: 5,599
Likes: 251
From: UNA
New NN is out. One thing that stuck out to me is the plan will no longer be using the black rock LIRKX fund, but instead will use a “collective investment trust” with similar underlying assets and a lower expense ratio.
07-07-2023 | 08:00 AM
#334
Gets Weekends Off
Joined: Jul 2010
Posts: 3,885
Likes: 137
We should’ve more time to make a decision.
07-07-2023 | 08:06 AM
#335
Line Holder
Joined: May 2022
Posts: 229
Likes: 12
They've been talking about this plan for several years. And the opt out was first communicated back in May. The 2 month window opened June 1st. Would a 3rd month of indicision make you feel better? A 4th?
07-07-2023 | 09:05 AM
#336
Gets Weekends Off
Joined: Jun 2015
Posts: 2,026
Likes: 200
Saw that too. If you don’t want to support Blackrock, this checks the box.
07-07-2023 | 09:05 AM
#337
Gets Weekends Off
Joined: Apr 2007
Posts: 5,653
Likes: 680
In service withdrawals can be made after 59 1/2, once per year at the beginning of the plan year.
The Jan 1 plan year (from NN 23-17) means a pilot born July 1st would be 60.49 yrs days before they can take the once annual in service withdrawal.
The other downside of the Jan 1 withdrawal language is that the decision is required when a pilot has the absolute LEAST amount of visibility into their end of year tax liability. It's the absolute worst day of the year to make a potentially taxable decision.
I had planned on the default of opting in and using in service withdrawals. Now I'm leaning towards out due to the mechanics of in service withdrawals.
The Jan 1 plan year (from NN 23-17) means a pilot born July 1st would be 60.49 yrs days before they can take the once annual in service withdrawal.
The other downside of the Jan 1 withdrawal language is that the decision is required when a pilot has the absolute LEAST amount of visibility into their end of year tax liability. It's the absolute worst day of the year to make a potentially taxable decision.
I had planned on the default of opting in and using in service withdrawals. Now I'm leaning towards out due to the mechanics of in service withdrawals.
Last edited by Gunfighter; 07-07-2023 at 09:22 AM.
07-07-2023 | 09:15 AM
#338
Gets Weekends Off
Joined: Apr 2007
Posts: 5,653
Likes: 680
Go with your gut, it's not a big deal either way. You decided on a 29 section contract that included the MBCBP within 30 days.
07-07-2023 | 09:17 AM
#339
Gets Weekends Off
Joined: Mar 2008
Posts: 4,107
Likes: 103
Withdrawals can be made after 59 1/2 once per year at the beginning of the plan year.
OK, but what is the plan year? July 31st decision deadline, October 1st implementation, January 1st to align with health insurance, some other date?
Assuming a Jan 1 plan year start, a pilot born July 1st would be 60.49 yrs days before they can take the once annual in service withdrawal.
OK, but what is the plan year? July 31st decision deadline, October 1st implementation, January 1st to align with health insurance, some other date?
Assuming a Jan 1 plan year start, a pilot born July 1st would be 60.49 yrs days before they can take the once annual in service withdrawal.
The MBCBP wasn't part of of the contract. It was part of LOA 20-04. C2019 simply made room to accommodate the previous agreement.
07-07-2023 | 09:30 AM
#340
Line Holder
Joined: Sep 2011
Posts: 1,098
Likes: 2
From: Hates Commuting
Other part that jumped out at me (and should do so for anyone on the fence re opting out): The one-time "irrevocable" decision is, apparently, revocable until 31 Jul. Submitting the opt-out isn't (evidently) the finality, but rather the deadline is.
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