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Originally Posted by Timbo
(Post 1739747)
I can't understand how anyone was 'made whole', unless they were very junior at the time and had very little vested in their DB plan.
I know the 6 guys in my new hire class who left just prior to bankruptcy to protect 50% of their DB money got around $700,000 each, depending on which equipment they were on, FAE, and all of that. If 50% of their DB was $700K, 10 years ago, then 100% was 1.4Million, 10 years ago. Now, take that $1.4M, add in 10 more years of growth, and what would it be today? The guys at American with that much time in service have roughly $3Million today in their retirement plans. I'll never have anywhere near that with 15% contributions from the company! |
Originally Posted by sailingfun
(Post 1739758)
Tim, every Delta pilot was provided with a statement when the plan was frozen detailing what they had in the plan. It's not hard to run numbers from there. I know you said you spent all the money on booze and hookers however I suspect that's not quite the case.
Putting 4 kids through college after a 42% pay cut did a number on my Note/claim money, and being out on LTD (at 50%) for 9mo. from that little bug I picked up in Kuwait City sure didn't help my cash flow or DC plan contributions. :rolleyes: I wonder if some numbers guru could figure out how much money you'd need to have saved up and invested, and at what rate of return, to net you what the 60% of FAE did, on a per year basis. I'm guessing investing 15%/yr. of our bankruptcy pay today isn't going to come close to what we expected when we were hired with a 60% FAE DB plan. :rolleyes: |
Originally Posted by Timbo
(Post 1739780)
Well, I would have had a lot more fun spending it on booze and hookers, no doubt!
Putting 4 kids through college after a 42% pay cut did a number on my Note/claim money, and being out on LTD (at 50%) for 9mo. from that little bug I picked up in Kuwait City sure didn't help my cash flow or DC plan contributions. :rolleyes: I wonder if some numbers guru could figure out how much money you'd need to have saved up and invested, and at what rate of return, to net you what the 60% of FAE did, on a per year basis. I'm guessing investing 15%/yr. of our bankruptcy pay today isn't going to come close to what we expected when we were hired with a 60% FAE DB plan. :rolleyes: There is no "one" strategy that is bullet proof just as the DB plan was not without risk, but taking a very long look at the market and the effects of compounding are truly amazing. Think compound interest. Think what you pay in interest on a 30 year note with a DECREASING principal. Now think what 4 to 5 percent does on 250k over 20 years with an increasing principal. For what it is worth, it is a very, very easy read.....and don't let the name fool you, it is not a get rich quick book. Hopefully I am not violating TOS... DRIP (Dividend Reinvestment Plan) Calculator Get Rich with Dividends: A Proven System for Earning Double-Digit Returns: Marc Lichtenfeld: 9781118217818: Amazon.com: Books |
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. |
Originally Posted by gzsg
(Post 1739851)
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. Gutting of sick leave, now I don't doubt that at all... |
Originally Posted by gzsg
(Post 1739851)
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. Jerry, are you an operative from the CPO? :D The only place I've been hearing any of this BS is from chief pilots and/or line check guys...they're called trial balloons. The best thing we can do at this exact moment is fill out our surveys indicating our insistence that none of the above be included in C2015. Then ping your reps regularly with the same message. Btw the survey closes at 1800 today - don't be left out. |
Originally Posted by gzsg
(Post 1739851)
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. If you didn't limit yourself to three sentence fragments per paragraph we might have a clearer idea of what you are saying. |
Originally Posted by Carl Spackler
(Post 1739397)
Decertification of ALPA will have no affect on my personal life. I want a real union instead of ALPA. You accuse me of making stuff up and you write this? It's completely wrong. This is indeed an anonymous blog yet you speak of me like we know each other. I've never met or spoken to you. Carl We all want a "real union". Unfortunately the ideal principle ceases to exist after the union matures and grows over time. They all end up the same as the ALPA we have now or they fade away with no power to wield. ALPA is not perfect by any means. That being said constantly trying to improve it and keep it as honest as possible does a lot for us as a pilot group nationally, more than any other pilot union in our country. Throwing it away to replace it with some new one with a new name.....it will end up like all the others over time but now with many lost years of weak performance and change due to minimal resources as it grows. |
Originally Posted by gzsg
(Post 1739851)
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. |
Originally Posted by gzsg
(Post 1739851)
Lots of talk about gutting our sick time. Monthly minimum. And mandatory captain upgrade.
You really hope our MEC understands making concessions is no longer necessary. None of the concessions we made in C2012 were necessary. Let's not keep making the same mistakes. Imagine the Wall Street Journal headline "Delta pilots reject TA on C2015" We have all the leverage we need. |
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