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Old 07-24-2017, 06:48 PM   #101
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Originally Posted by Fdxlag2 View Post
Here is a good annuity calculator:

Annuity Calculator - CNNMoney

$2,000,000 gets a 65 year old man $10,900 a month income for life, a 60 year old $9,700.
What does the spouse get if he drops the day after buying the annuity?
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Old 07-24-2017, 07:04 PM   #102
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Default Bingo, Shack, Right-On

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How does ALPA acting as "the administrator" relieve FedEx of funding requirements? It's still FedEx money that makes the pension work - so.....wouldn't they still need to pay into the plan as normal?

We "relieved" FedEx of a BUNCH of stuff we shouldn't have with this last contract. My desire to "relieve" them of further responsibilities is minuscule at this point.

P.S. My initial gut reaction (which has a pretty good track record) is NF Way. I have ZERO or even NEGATIVE (if that's possible) trust in our MEC's ability to negotiate something like this. After the BS sell job they did on the POS 2015 contract which continues to fail us monthly and isn't even fully implemented almost 2 years after ratification, why would I have any hope for a positive outcome on this. I just ran across BS (nice initials BTW) from the famed video sales pitch series and it was all I could do to simply be civil and bite my tongue to avoid calling him out.
+1 infinity
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Old 07-24-2017, 07:07 PM   #103
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What does the spouse get if he drops the day after buying the annuity?
It depends of course. She can get the remainder of the $2 million for about 800 a month. you can structure the deal a lot of ways, just like our current annuity.
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Old 07-24-2017, 07:14 PM   #104
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Originally Posted by HIFLYR View Post
I totally agree the old saying comes to mind
"if it sounds too good to be true it probably is"
Couple of things to think about:

how many times has a union messed up or flat out stolen from a retirement fund.

How many times have we been out lawyer-ed by the company in our contracts? The current lay flat seating issue comes to mind. No way ALPA can say they did not see that one coming as it was specifically asked during road shows and input was given to simply add a statement like. under no circumstances will it be less than first class etc. but no our Lawyers have vetted it and this will never be a problem. Just do a simple statistical look at the grievance record and then look at the supposed wins and ask yourself if they were really wins.

How about simply removing the 265ish limit on the Bfund and get cash over cap to full earnings etc. with a percentage increase "yes some tax implications but that can be factored in to the percentage increase etc"

I am glad we have a Union and support the effort and am a volunteer, I am not throwing stones just pointing out our past shortcomings. This comes to mind also "Those who cannot remember the past are condemned to repeat it."
Nailed it!
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Old 07-24-2017, 08:30 PM   #105
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I wrote this....

"If we are successful in increasing the A fund FAE limit, I think we should tie it to other portions of our contract rates.

Perhaps, WB Capt or NB Capt x 1,000 hours --- then fill in the missing value with B fund enhancements

I don't think the company will agree to an A fund cap that captures our highest earners, and all the extra hours & various payments they may strive for in their final years --- that era won't return"



Then Tony responded with this...

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...I think it's fair to correlate the benefit to that which a 25-year Wide-body Captain would earn in a year of Bid Line Guarantee. That works out to 884 CH for 52 weeks. I'd settle for 1,000 CH. Maybe we should start the bidding at 1,200.
.
So, assuming we were able to negotiate a raise to the cap, what should the limit be?

Should it be tied to a rate & set credit hours like suggested above?

Should it be retroactive?
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Old 07-24-2017, 10:00 PM   #106
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Originally Posted by DLax85 View Post

I wrote this....

"If we are successful in increasing the A fund FAE limit, I think we should tie it to other portions of our contract rates.

Perhaps, WB Capt or NB Capt x 1,000 hours --- then fill in the missing value with B fund enhancements

I don't think the company will agree to an A fund cap that captures our highest earners, and all the extra hours & various payments they may strive for in their final years --- that era won't return"



Then Tony responded with this...



So, assuming we were able to negotiate a raise to the cap, what should the limit be?

Should it be tied to a rate & set credit hours like suggested above?

Should it be retroactive?

Another approach would be to set the FAE cap at twice the IRS limit. The 50% retirement benefit (25 YOS x 2%/yr) would equal the IRS limit.

A still higher FAE cap might benefit an older pilot reaching retirement age before reaching 25 YOS. In other words, if a pilot never gets to 50%, but he's accumulated some really good years, he might be able to reach the IRS limit with a higher FAE cap. For example, if he gets 23 years in with an FAE of $280K, he could wring out a $128.8K benefit. That's close to what a guy can get with the current formula, current FAE cap, and 25 YOS. How many pilots do we have who would fit that niche, and how willing would we be to negotiate a niche benefit for them? I'm guessing it wouldn't be a priority, but it's an example of another thought process which might be used to establish a new FAE cap.



As with any negotiation, you don't start the bidding with what you really want to achieve -- you stretch, and compromise. Shoot for the stars, but I don't think we should be satisfied until everyone with 25 years of service can expect to replace 50% of their regular income (BLG at straight time) with the defined benefit. Any FAE cap that impairs that ability is too low.






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Old 07-24-2017, 10:07 PM   #107
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Default Troll Alert

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Know who else benefits from an enhanced B Plan option, anyone approaching or over 25 YOS. Whenever you have ALPA involved extra money for the seniors at the expense of the juniors is always an issue. FedEx likely spends more per pilot per year towards retirement than any other corporation. It never should hurt to talk about improvements. I am willing to listen.
You can go back to your cubicle now and work on your end of year bonus calculations.....
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Old 07-24-2017, 10:12 PM   #108
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Red face Everybody's selfish, so why shouldn't I be?

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I can't think of a single thing in the progress of mankind that hasn't been the result of someone being selfish. Even Mother Theresa likely thought what she was doing was for the good of her eternal soul.

Keep telling yourself that. It probably helps when you have to look at yourself in the mirror to shave.






.
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Old 07-24-2017, 10:16 PM   #109
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Troll Alert

Quote:
Originally Posted by Fdxlag2 View Post

Know who else benefits from an enhanced B Plan option, anyone approaching or over 25 YOS. Whenever you have ALPA involved extra money for the seniors at the expense of the juniors is always an issue. FedEx likely spends more per pilot per year towards retirement than any other corporation. It never should hurt to talk about improvements. I am willing to listen.

You can go back to your cubicle now and work on your end of year bonus calculations.....

I can vouch that he's not a troll, not a cubicle commando -- he's one of us.


Just an odd one of us.






.
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Old 07-25-2017, 03:30 AM   #110
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Keep telling yourself that. It probably helps when you have to look at yourself in the mirror to shave.


.
That's right, I forgot, we join labor unions so we can make the world a better place.
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