MBCBP
#21
*see fine print in plan for criteria
PSA - Update your plan befeficiaries. They do not automatically carry over from your other Fidelity plans.
#22
Gets Weekends Off
Joined APC: Oct 2014
Posts: 891
I'm scared by the word "pension" also, but MBCBP is a fully funded account outside of Delta's grasp. The only WDTTDT moment so far has been the delay in crediting funds to the account. I haven't dug into the exact math behind crediting gains to the account, but my guess is somebody is making a few $ off the float from the delayed contributions. At 59.5 *, you can roll funds out of the plan into your own account.
*see fine print in plan for criteria
PSA - Update your plan befeficiaries. They do not automatically carry over from your other Fidelity plans.
*see fine print in plan for criteria
PSA - Update your plan befeficiaries. They do not automatically carry over from your other Fidelity plans.
#23
Explanation I was given is that SAP calculates our paychecks, and they won’t display anything on the pay stub that they don’t calculate themselves. To comply with IRS rules, Fidelity calculates the contribution (which is not a simple 16/17/18%) and sends the bill to Delta to contribute. That payment is once a month, which is standard for DB plan funding, and the results posted by the subsequent 15th, however interest accruals start back to the date of contribution. So while SAP could calculate a contribution number based on a percentage, it’s not the same number that Fidelity calculates, even though the value is identical.
There are no fund allocations listed because there aren’t any. The funds are invested according the investment strategy required by the PWA. Last I read, the company chose not to invest in any specific commercial/retail funds and elected to self-manage, which if you’ve been following the NWA DB plan, they’ve got a reasonably successful track record.
There are no fund allocations listed because there aren’t any. The funds are invested according the investment strategy required by the PWA. Last I read, the company chose not to invest in any specific commercial/retail funds and elected to self-manage, which if you’ve been following the NWA DB plan, they’ve got a reasonably successful track record.
#24
Explanation I was given is that SAP calculates our paychecks, and they won’t display anything on the pay stub that they don’t calculate themselves. To comply with IRS rules, Fidelity calculates the contribution (which is not a simple 16/17/18%) and sends the bill to Delta to contribute. That payment is once a month, which is standard for DB plan funding, and the results posted by the subsequent 15th, however interest accruals start back to the date of contribution. So while SAP could calculate a contribution number based on a percentage, it’s not the same number that Fidelity calculates, even though the value is identical.
There are no fund allocations listed because there aren’t any. The funds are invested according the investment strategy required by the PWA. Last I read, the company chose not to invest in any specific commercial/retail funds and elected to self-manage, which if you’ve been following the NWA DB plan, they’ve got a reasonably successful track record.
There are no fund allocations listed because there aren’t any. The funds are invested according the investment strategy required by the PWA. Last I read, the company chose not to invest in any specific commercial/retail funds and elected to self-manage, which if you’ve been following the NWA DB plan, they’ve got a reasonably successful track record.
Last edited by higney85; 11-20-2023 at 01:11 PM. Reason: Errors
#25
Gets Weekends Off
Joined APC: Jun 2015
Posts: 1,642
Thanks for the explanations - it still leaves me unsettled that I have no way to check that the balance in my account matches the contributions that Delta gives to Fidelity. Month to month comparisons are clouded by the compounding investment returns (that I can’t reconcile either, because it’s an unpublished phantom investment). I don’t see why this can’t be clearer on a monthly statement - I thought the plan was commingled funds, but still an “individual” account.
As a data point, I added the flight pay earnings for the 10/15+10/31 checks. My MBCBP balance is $4 less than 16% of flight pay. Am I adding wrong?
As a data point, I added the flight pay earnings for the 10/15+10/31 checks. My MBCBP balance is $4 less than 16% of flight pay. Am I adding wrong?
#27
Gets Weekends Off
Joined APC: Jul 2008
Posts: 4,921
What percentage is it then? This doesn’t make sense to me. The only exception I could see is the first paycheck with overflow (some goes to 401k and rest goes to MBCBP.) After that, it should be straight forward.
#28
Gets Weekends Off
Joined APC: Jun 2015
Posts: 1,642
Thanks for the explanations - it still leaves me unsettled that I have no way to check that the balance in my account matches the contributions that Delta gives to Fidelity. Month to month comparisons are clouded by the compounding investment returns (that I can’t reconcile either, because it’s an unpublished phantom investment). I don’t see why this can’t be clearer on a monthly statement - I thought the plan was commingled funds, but still an “individual” account.
As a data point, I added the flight pay earnings for the 10/15+10/31 checks. My MBCBP balance is $4 less than 16% of flight pay. Am I adding wrong?
As a data point, I added the flight pay earnings for the 10/15+10/31 checks. My MBCBP balance is $4 less than 16% of flight pay. Am I adding wrong?
I was under the impression the current balance shown on the Fidelity site shows all company contributions AND investment returns since Oct. Guess I need to brush up on the terminology a little better.
#29
Gets Weekends Off
Joined APC: May 2022
Posts: 183
Edit: I re-read R&I 23-03 and see the “interest credits” aka the investment returns won’t appear on the Fidelity site until Dec 15. The timeline chart on page 2 clears it up some for me.
I was under the impression the current balance shown on the Fidelity site shows all company contributions AND investment returns since Oct. Guess I need to brush up on the terminology a little better.
I was under the impression the current balance shown on the Fidelity site shows all company contributions AND investment returns since Oct. Guess I need to brush up on the terminology a little better.
Since the first update on Nov 15 was a snapshot of Oct 31, which was the first deposit into the plan, there would not be interest credits earned as of the snapshot and no surprise that they aren’t displayed.
If there are no interest credits showing on the Dec 15th update, someone’s got some splaning to do. In the meantime, I’ll give some benefit of the doubt. If even half the panicked reactions and insinuations shared on this and other web boards were true, there’d be a litany of IRS, SEC, and DFR lawsuits available to harmed pilots. Something tells me they thought of that, and the plan will work as advertised. Just a hunch.
#30
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