Waffles
07-06-2021, 04:51 AM
#231
Gets Weekends Off
Joined APC: May 2006
Posts: 1,804
Originally Posted by NotMrNiceGuy
All things being equal, I’d rather treat the pilots that intentionally act like jerks as trolls rather the ones that innocently miss a detail of an extensive financial plan. But that’s just me.
Pro Tip: Have some humility.
Pro Tip: Have some humility.
however if he truly did not know we have that option it is just another example of pilots not knowing what our current retirement plan is
07-06-2021, 07:42 AM
#232
Gets Weekends Off
Joined APC: Oct 2015
Posts: 752
Originally Posted by USMCFDX
Internet sarcasm - he works here
however if he truly did not know we have that option it is just another example of pilots not knowing what our current retirement plan is
however if he truly did not know we have that option it is just another example of pilots not knowing what our current retirement plan is
07-06-2021, 09:01 AM
#233
Gets Weekends Off
Joined APC: Apr 2013
Posts: 1,622
Originally Posted by USMCFDX
Not a true statement - do we need to add you to the list of trolls that do not work at FedEx?
You can move every $$ of your B fund to the brokerage link option and buy any mutual fund, ETF or stock (except FDX) that your heart desires.
You can move every $$ of your B fund to the brokerage link option and buy any mutual fund, ETF or stock (except FDX) that your heart desires.
And yes bro, I work for FedEx. I have the PSRP link underneath my TOD in Fidelity.
But thanks for correcting me. I knew we could buy whatever but I thought that was with our money, not company money.
07-06-2021, 09:57 AM
#234
Gets Weekends Off
Joined APC: May 2006
Posts: 1,804
Originally Posted by PurpleToolBox
Are you suggesting with the brokerage link the money can go DIRECTLY into another fund outside of our plan?
And yes bro, I work for FedEx. I have the PSRP link underneath my TOD in Fidelity.
But thanks for correcting me. I knew we could buy whatever but I thought that was with our money, not company money.
And yes bro, I work for FedEx. I have the PSRP link underneath my TOD in Fidelity.
But thanks for correcting me. I knew we could buy whatever but I thought that was with our money, not company money.
The PRSP is where the Vanguard funds live. You need to set up a "Brokeragelink" and then that will appear under the PRSP.
I would make another sarcastic comment but I need to take a shower.
07-06-2021, 10:57 AM
#235
Gets Weekends Off
Joined APC: Jul 2006
Posts: 500
Originally Posted by Reese
“No chance you properly explained the waffles plan and told an advisor they have to choose between the two and a real financial advisor said he'd choose the waffles plan. You either did not properly explain the waffles plan or you did not tell him it is an either or choice but made it seem like an add on. Which it might be if you are senior, but the waffles are a replacement for an A plan for new hires.”
you’re on crack. There are plenty of advisors who say a “bird in the hand is worth more than two in the bush.”
there are also a good list of financial advisors who are happy to put you in a 60/40 portfolio of funds that are charging you 1% expense ratios on top of the 1% fee the financial advisor is charging you. So why the heck do I trust their opinion?!
so you wanna know what I say to your “financial advisor?” Go F yourself. You’re not worth the money I pay you. You’re an antiquated service that is no longer relevant, like the 1970s A plan pilots that are so stuck on a blue collar structure that apparently don’t care about trying to build generational wealth.
A plans are for the “company man.” The true “blue collar” worker. Hi! I’m mr pilot, I’m gonna break my back working hard for my company, because they’re gonna take care of me in retirement. I don’t need to save, and my children will be part of the “cog” just like me. Just slave labor happy to pay income tax while the C suite get tax advantage compensation.
screw that. I’m not a “company man.” I want MY money, in MY name. I’m not buying bread, butter, or beef from the company store, I’m wanting financial independence for myself and my heirs! Give me the opportunity to create a better future for my future generations!
you’re on crack. There are plenty of advisors who say a “bird in the hand is worth more than two in the bush.”
there are also a good list of financial advisors who are happy to put you in a 60/40 portfolio of funds that are charging you 1% expense ratios on top of the 1% fee the financial advisor is charging you. So why the heck do I trust their opinion?!
so you wanna know what I say to your “financial advisor?” Go F yourself. You’re not worth the money I pay you. You’re an antiquated service that is no longer relevant, like the 1970s A plan pilots that are so stuck on a blue collar structure that apparently don’t care about trying to build generational wealth.
A plans are for the “company man.” The true “blue collar” worker. Hi! I’m mr pilot, I’m gonna break my back working hard for my company, because they’re gonna take care of me in retirement. I don’t need to save, and my children will be part of the “cog” just like me. Just slave labor happy to pay income tax while the C suite get tax advantage compensation.
screw that. I’m not a “company man.” I want MY money, in MY name. I’m not buying bread, butter, or beef from the company store, I’m wanting financial independence for myself and my heirs! Give me the opportunity to create a better future for my future generations!
You seem to think that our current options are only an A plan to be your retirement plan. Perhaps that is not what you were intending to imply. But maybe you are unaware but we do have a 9% B fund. That is "MY money, in MY name" as you advocated. Even new hires starting right now, if we assume no new contract ever, with the 9% B fund will average about $25000 deposited every year. With a very conservative 7% annual return (using the 60/40 you hate) that means their retirement portion of "MY money, in MY name" will generate about $85,000 per year in retirement spending (using the 5% withdrawal process) after 25 years. If they fly 30 years then the B fund will generate around $125,000 per year. So from a purely numbers basis we are already somewhat balanced. If you contribute to your 401K then add that in also and your retirement accounts will be in excess of your A fund income amount annually.
The issue (or the why behind the concept) is the risk. No one is advocating for you not to save in your 401K. You should be maxing that out right into your Roth 401K. No question about it. Precisely because, as you said, that is "My money, in MY name." I can choose the amount of risk I want to take and hopefully reap the rewards down the road. However, an A fund is very LOW risk. That’s the reason to advocate increasing the annual retirement number. All the risk is borne by the company. Sure they could go out of business, but I could die tomorrow also. Prepare for the worst, but also plan for the best case. There are risks with a B fund also. You could have lousy market timing. There could be a long term economic contraction. Congress could change the laws and reduce the max B fund allowed. Congress could reduce the max 401k allowed annually (already been proposed). Global warming, Calif falls into the Pacific, etc. With the A fund buttressing your retirement planning, you can take increased risks with your B fund/401k money. Without an A fund, you will be forced back to the 60/40 planning that you hate for your personal B fund/401k. Right now the A fund can represent the 40 in the 60/40 and that's guaranteed.
The waffles plan is exactly what you hate. It will be 60/40 on steroids. It cannot even get close to 60/40. Maybe a 50/25/15/10 plan. With withdrawals beginning almost immediately and continuing to grow annually they might be forced to a larger cash position than 10%. The 15% will be risk mitigaters like re-insurance or annuities. Oh and you have no input into the level of risk you are comfortable with. Everyone get the same annual return. With many close to retirement age, the plan will have to be very conservative. An average return will be between 4.5 and 6%. Even those numbers might be too high.
07-06-2021, 11:16 AM
#236
Gets Weekends Off
Joined APC: Apr 2013
Posts: 1,622
Originally Posted by USMCFDX
I would make another sarcastic comment but I need to take a shower.
Originally Posted by kwri10s
The issue (or the why behind the concept) is the risk. No one is advocating for you not to save in your 401K. You should be maxing that out right into your Roth 401K. No question about it. Precisely because, as you said, that is "My money, in MY name." I can choose the amount of risk I want to take and hopefully reap the rewards down the road. However, an A fund is very LOW risk. That’s the reason to advocate increasing the annual retirement number. All the risk is borne by the company. Sure they could go out of business, but I could die tomorrow also. Prepare for the worst, but also plan for the best case. There are risks with a B fund also. You could have lousy market timing. There could be a long term economic contraction. Congress could change the laws and reduce the max B fund allowed. Congress could reduce the max 401k allowed annually (already been proposed). Global warming, Calif falls into the Pacific, etc. With the A fund buttressing your retirement planning, you can take increased risks with your B fund/401k money. Without an A fund, you will be forced back to the 60/40 planning that you hate for your personal B fund/401k. Right now the A fund can represent the 40 in the 60/40 and that's guaranteed.
The waffles plan is exactly what you hate. It will be 60/40 on steroids. It cannot even get close to 60/40. Maybe a 50/25/15/10 plan. With withdrawals beginning almost immediately and continuing to grow annually they might be forced to a larger cash position than 10%. The 15% will be risk mitigaters like re-insurance or annuities. Oh and you have no input into the level of risk you are comfortable with. Everyone get the same annual return. With many close to retirement age, the plan will have to be very conservative. An average return will be between 4.5 and 6%. Even those numbers might be too high.
The waffles plan is exactly what you hate. It will be 60/40 on steroids. It cannot even get close to 60/40. Maybe a 50/25/15/10 plan. With withdrawals beginning almost immediately and continuing to grow annually they might be forced to a larger cash position than 10%. The 15% will be risk mitigaters like re-insurance or annuities. Oh and you have no input into the level of risk you are comfortable with. Everyone get the same annual return. With many close to retirement age, the plan will have to be very conservative. An average return will be between 4.5 and 6%. Even those numbers might be too high.
07-06-2021, 03:31 PM
#237
Gets Weekends Off
Joined APC: Nov 2017
Posts: 2,099
Waffles
Originally Posted by PurpleToolBox
Exactly! It's good not to be first. Unfortunately UPS and most legacy's have leapfrogged us in pay rates. We are already having to play catchup.
There's a reason why the company wanted expedited negotiations. They either want us done before the legacy's get TAs ... or they have a big aircraft purchase announcement coming and they to have the uncertainty of our contract settled.
There's a reason why the company wanted expedited negotiations. They either want us done before the legacy's get TAs ... or they have a big aircraft purchase announcement coming and they to have the uncertainty of our contract settled.
I’m the least worried about pay rates. That is the easiest part to pattern bargain. Hadn’t thought of the aircraft order possibility. Haven’t looked for it but do we even have a new aircraft type pay rate language in the contract?
07-06-2021, 05:14 PM
#238
Line Holder
Joined APC: Aug 2007
Position: MD11 F/O
Posts: 53
Originally Posted by FXLAX
I’m the least worried about pay rates. That is the easiest part to pattern bargain. Hadn’t thought of the aircraft order possibility. Haven’t looked for it but do we even have a new aircraft type pay rate language in the contract?
07-06-2021, 07:41 PM
#240
Banned
Joined APC: Jun 2018
Posts: 1,838
Clear as mud. Put 20 pilots in a room and you get 20 different opinions on whats best. My point exactly with this whole retirement debate.
Once again the reason why I will support our MEC and NC. Someone has to make decisions with all the information. They volunteered to do the job and we didn’t. That means we support them, stay informed and then vote when its our turn. Simple….
Now back to siping spuds by the lake and being thankful I don't have to do the work and listen to self proclaimed financial professionals.
Once again the reason why I will support our MEC and NC. Someone has to make decisions with all the information. They volunteered to do the job and we didn’t. That means we support them, stay informed and then vote when its our turn. Simple….
Now back to siping spuds by the lake and being thankful I don't have to do the work and listen to self proclaimed financial professionals.
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