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Originally Posted by Roadkill
(Post 1119019)
thx much LeineLodge, Brocc and Amish. Will read pwa again now... must have skipped that part last time while looking for reserve rules etc. ;) Was wondering where that "Savings Plan" I kept seeing mentioned was. Wish they'd use the same names that show up on the Fidelity pages, or call them "Plan A, B, C and D" or something.
All the paperwork I got from Delta says to call the Emp. Svc. Center, but I've tried them 3 times now and they can't even tell me when I'm eligible to retire! Swear to gosh, they literally could not tell me if I could retire at 52, 55, some # of active years with the company, 60, and what benefits I'd get or not get compared to going to 65. Nor where to read to find out. Nor could the HR Operations Support people in ATL. After hours and hours on the phone, they couldn't tell me what amount of make-up contributions I should look for from my prior long mil-leave, nor what account they'd go into, nor why certain amounts showed up and what was still left to pay. It's extremely painful to educate yourself on all this by working through the sources my company paperwork gives me... I see from a 1-page "plan overview" of the DPSP I just found (and now know what that is) that the company makes a 2% contribution even if you elect not to contribute to the plan. ????? --- I thought there was some "matching" plan where I needed to make a certain contribution myself and the company would match it up to some amount? But I haven't found such a beast yet... just want to at least be sure I'm not leaving $$ on the table by not contributing to one of these! Thx again (yes, I'm reading to get spun up, but you know how nice these L&G knowledge nuggets are while studying!) I haven't had a reason to call yet, but apparently we have a very good R&I specialist that you can reach through the MEC office. You will almost certainly have better luck by calling her and getting a pilot-friendly answer. It sounds like the Employee Self Service center people may be confusing you with other non-contract employees (which they also deal with.) In my limited experience with them, I've noticed they usually mean well but don't have all the details as it pertains to pilot benefits. Just to reiterate, pilots have 2 plans: DC Plan and DPSP They are both subject to tax advantages (and contribution limits) of 401k plans per the IRS. I don't think Delta will restrict your ability to retire based on age or years of service. The limits you will encounter come from the IRS, regarding: 1) how much per year can be contributed-known as the 415c limit, which is $50,000 for 2012 and includes your employee contributions as well as Delta's DC and DPSP contributions on your behalf 2) what age you can begin making catchup contributions (I think it's 50, but I'm one of the "young" guys I don't have to worry about that quite yet :D ) 3) what age you can begin taking distributions from your tax-advantaged accounts without incurring a penalty. Again, I can't remember off the top of my head what the age is, but you'll probably find the answer faster on the IRS website or by calling ALPA, than calling 800-MYDelta I hear all pilots die at 65, so you want to bail out nice and early to enjoy your golden years. 57 is a good number to shoot for. Tell your CA's the same thing :p |
I should mention also that we have a Roth option for "employee" contributions. We keep saying "pre-tax contributions" but you can also make post-tax contributions into your DPSP subject to the same limits I referred to above.
The big difference is when you withdraw your money, you won't owe any taxes as it's paid upfront. If you can work it into your budget this can be a really good way to go, if you think your personal tax rate will be higher when you retire than it is now. I keep swearing every year that I will switch over to making Roth contributions instead of pre-tax, but I can't seem to make myself bite the bullet and pay the taxes now. I'm just kicking the can down the road, and will probably pay the price for it later. |
Originally Posted by dragon
(Post 1118957)
Its really bad for commuters. If you can do LC from home but not SC then you are looking at that many more commutes and hotel/crashpad expenses.
The really lousy thing, they don't ever want to use their SC pilots. Only been called out twice in 7 months. |
Originally Posted by iceman49
(Post 1118964)
What's even better is sitting short call and the trip is given out on a green slip:confused:
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Originally Posted by acl65pilot
(Post 1119038)
Maybe in your base, but in ATL I get a short call out; less than 2 hrs to departure about once a month, and used on SC over 50% of the time I sit. I suspect they know I can get to a jet fairly quickly.
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Originally Posted by LeineLodge
(Post 1119037)
I should mention also that we have a Roth option for "employee" contributions. We keep saying "pre-tax contributions" but you can also make post-tax contributions into your DPSP subject to the same limits I referred to above.
The big difference is when you withdraw your money, you won't owe any taxes as it's paid upfront. If you can work it into your budget this can be a really good way to go, if you think your personal tax rate will be higher when you retire than it is now. I keep swearing every year that I will switch over to making Roth contributions instead of pre-tax, but I can't seem to make myself bite the bullet and pay the taxes now. I'm just kicking the can down the road, and will probably pay the price for it later. |
Originally Posted by LeineLodge
(Post 1119035)
They are both subject to tax advantages (and contribution limits) of 401k plans per the IRS. I don't think Delta will restrict your ability to retire based on age or years of service.
The limits you will encounter come from the IRS, regarding: 1) how much per year can be contributed-known as the 415c limit, which is $50,000 for 2012 and includes your employee contributions as well as Delta's DC and DPSP contributions on your behalf 2) what age you can begin making catchup contributions (I think it's 50, but I'm one of the "young" guys I don't have to worry about that quite yet :D ) 3) what age you can begin taking distributions from your tax-advantaged accounts without incurring a penalty. Again, I can't remember off the top of my head what the age is, but you'll probably find the answer faster on the IRS website or by calling ALPA, than calling 800-MYDelta That's good information... To add a couple of points: 1.) There is a maximum individual contribution as well. It's $17,000 but "catch-up contributions" are allowed for those of us 50 and older. Those add an additional $5,500 to the limit making it $22,500. 2.) The Roth account, whether it's a 401K or IRA, grows tax free as well. So you pay the taxes on the money up front but all the growth is tax free. If you believe (as I do) that taxes will go up. That is something to consider. That feature also allows you to manage your income taxes in that when you start taking withdrawals from your retirement accounts you can adjust (within some limitations) how much you withdraw from your Roth and non-Roth accounts to minimize your tax liability. |
Originally Posted by p3flteng
(Post 1119059)
I was just looking at that, it seems that if you and your wife work and that the adjusted gross income has to be less than 173-183k or you will not qualify for the Roth. Nothing like an extra marraige tax on our retirement. (single limits are 110-125k!)
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Interesting news about the Salt Lake City airport:
Salt Lake City International Airport to be bulldozed and rebuilt | ksl.com |
Originally Posted by iceman49
(Post 1118964)
What's even better is sitting short call and the trip is given out on a green slip:confused:
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