End the Pension Now, replace it with…

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10-29-2024 | 12:53 PM

#21

Moneybags

On Reserve

Joined: Mar 2024

Posts: 84

Likes: 0

Quote:

Originally Posted by Pilotguy21

I'm less concerned about being fair down to the dollar. More concerned about who votes yes vs no. Can't find many ages who would vote no and that's why I'm surprised it hasn't been thrown around much.

It’s not thrown around because it’s not an economically viable idea without adjusting the dollars to their present value, as I’ve shown.

Last edited by Moneybags; 10-29-2024 at 01:08 PM.

10-29-2024 | 12:56 PM

#22

FXLAX

Gets Weekends Off

Joined: Nov 2017

Posts: 2,174

Likes: 1

Quote:

Originally Posted by UnusualAttitude

Can they just lump sum contribute into your 401k beyond traditional IRS limits? Legitimate question. Not sure that is possible.

Quote:

Originally Posted by rickair7777

Con: Big tax hit immediately, you can't just dump all of that into a 401k, pre-tax IRA, or even a Roth. Annual contribution limits would apply and also taxes.

Need to get more creative on the distribution.

The previous NC introduced a concept to convert the current accrued benefit in the Pension plan as a pre-funded lump sum balance in the MBCBP. So maybe it can be done?

10-29-2024 | 01:28 PM

#23

Viper25

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Joined: Jul 2008

Posts: 1,480

Likes: 330

Quote:

Originally Posted by rickair7777

During legacy bankruptcies, it was negotiated with the IRS to deposit one-time lump sums into 401Ks way over the standard limits.

10-29-2024 | 01:52 PM

#24

JustInFacts

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Joined: Aug 2023

Posts: 703

Likes: 56

Quote:

Originally Posted by Viper25

During legacy bankruptcies, it was negotiated with the IRS to deposit one-time lump sums into 401Ks way over the standard limits.

Which legacy and what was the amount. Any supporting documentation, or just a memory?

10-29-2024 | 01:56 PM

#25

JustInFacts

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Joined: Aug 2023

Posts: 703

Likes: 56

Quote:

Originally Posted by FXLAX

The previous NC introduced a concept to convert the current accrued benefit in the Pension plan as a pre-funded lump sum balance in the MBCBP. So maybe it can be done?

Please provide the reference you are talking about. The NC presented a TA that did not include that. There is also a difference in changing defined benefit plans, which the MBCBP is/was and terminating the DB plan and converting it to a DC plan.

Everyone should try reading the NC message from today. That seems like a much better idea than what is being floated here.

10-29-2024 | 01:58 PM

#26

Merle Haggard

Aspiring PSA Captain

Joined: Sep 2020

Posts: 1,137

Likes: 193

Quote:

Originally Posted by Viper25

During legacy bankruptcies, it was negotiated with the IRS to deposit one-time lump sums into 401Ks way over the standard limits.

FDX isn't bankrupt - they're just behaving that way. I'm pretty sure the IRS would laugh their highly profitable A$$es right out the door.

10-29-2024 | 02:00 PM

#27

JustInFacts

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Joined: Aug 2023

Posts: 703

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Quote:

Originally Posted by Pilotguy21

So you don't care if it is fair, then why not let the junior guy take the hit. Maybe it isn't being thrown around because it isn't feasible the way you envision it. Why not ask the people involved? Wouldn't they have the answers over random anonymous people on the internet?

Maybe your intention is to torpedo the NC!

10-29-2024 | 02:01 PM

#28

Pilotguy21

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Quote:

Originally Posted by JustInFacts

just curious how many years have you been on property? And how many do you have left. Need those data points to understand your perspective. PM me if easier

Last edited by Pilotguy21; 10-29-2024 at 02:29 PM.

10-29-2024 | 02:03 PM

#29

Pilotguy21

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Joined: Jan 2018

Posts: 219

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Quote:

Originally Posted by JustInFacts

Excited to see how the NCs proposal plays out. Not trying to torpedo anything . Sounds complicated with pilots potentially on 3 plans during the next few contracts.

10-29-2024 | 02:54 PM

#30

Viper25

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Joined: Jul 2008

Posts: 1,480

Likes: 330

Quote:

Originally Posted by JustInFacts

Which legacy and what was the amount. Any supporting documentation, or just a memory?

Delta was granted permission to do this when pensions were terminated, and the amount varied by the individual, as I understand it. Will have to ask a senior Delta guy for more details.