End the Pension Now, replace it with…
11-15-2024 | 10:15 AM
#81
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Joined: Sep 2007
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From: 777 Captain in Training
Do you realize that every bit of your 130k pension is taxed by Uncle Sam.
Let's make some assumptions here. If I leave my kids 1 million and the tax rate is 50% by then, they will pocket 500k. When I die with my pension they get 0. I don't even have to ask them which amount they want.
I keep hearing that we need to make the senior guys "whole". I have been here 23 years and am whole. The pension that was promised to me when I was hired is still there. When you came here where did it say that the pension would ever increase? If you haven't been planning on a 130k pension and setting aside your own money for retirement you have been a fool. By fighting to increase the pension we are just delaying any future TA, all the while we fall further behind our peers.
Let's make some assumptions here. If I leave my kids 1 million and the tax rate is 50% by then, they will pocket 500k. When I die with my pension they get 0. I don't even have to ask them which amount they want.
I keep hearing that we need to make the senior guys "whole". I have been here 23 years and am whole. The pension that was promised to me when I was hired is still there. When you came here where did it say that the pension would ever increase? If you haven't been planning on a 130k pension and setting aside your own money for retirement you have been a fool. By fighting to increase the pension we are just delaying any future TA, all the while we fall further behind our peers.
11-15-2024 | 10:18 AM
#82
Gets Weekends Off
Joined: Sep 2007
Posts: 1,506
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From: 777 Captain in Training
The ones screaming for a pension bump have been here how long and have had how many times to say no without that bump?
Now that they are getting close to getting the pension all of a sudden the rest of us have to understand just how great the A plan is over any other plan. Keep the pension where it has been....those getting ready to leave are not getting any less then they knew all along they were getting. We need industry standard pay and B plan along with "alot" of substandard QOL issues to fix just to catch up to our peers.....i'm not even thinking industry leading anymore because we will never get there.........
Now that they are getting close to getting the pension all of a sudden the rest of us have to understand just how great the A plan is over any other plan. Keep the pension where it has been....those getting ready to leave are not getting any less then they knew all along they were getting. We need industry standard pay and B plan along with "alot" of substandard QOL issues to fix just to catch up to our peers.....i'm not even thinking industry leading anymore because we will never get there.........
11-15-2024 | 12:53 PM
#83
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Joined: Jan 2018
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I'm still waiting on a 20+ year guy to explain why they would choose the pension at 169K over $3M+ lump sum (to add to what you already have in your 401K) in a retirement account plus 18% cash over cap until they retire...
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
11-15-2024 | 01:49 PM
#84
Gets Weekends Off
Joined: Sep 2007
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From: 777 Captain in Training
I'm still waiting on a 20+ year guy to explain why they would choose the pension at 169K over $3M+ lump sum (to add to what you already have in your 401K) in a retirement account plus 18% cash over cap until they retire...
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
11-16-2024 | 03:33 AM
#85
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Joined: Aug 2023
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I'm still waiting on a 20+ year guy to explain why they would choose the pension at 169K over $3M+ lump sum (to add to what you already have in your 401K) in a retirement account plus 18% cash over cap until they retire...
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
The 30 year guy who loses the pension a month before retirement gets $4.5M. If they leave that uninvested within the 401k the break even to live is 26 years if they withdraw 169K per year.
We get it, you want to get rid of the pension. Thanks for attempting to undermine the NC in public while they try to negotiate a contract that we deserve. Nice selfish motives, or an attempt to divide?
11-16-2024 | 07:38 AM
#86
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Joined: Mar 2008
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FWIW, annuties are less expensive currently because of the relatively high interest rates. A $11k/mo annuity for someone retiring in in 2025, with some form of survivorship, will be about $2 million. This obviously ramps down the further out the retirement is, so someone who retires in 10 years it's about $1.2 million.
Taxes are going to be the big hurdle. You just can't lay $3 million in one lump on someone without the government taking a BIG slice. It's probably the most tax inefficient way to do anything.
Taxes are going to be the big hurdle. You just can't lay $3 million in one lump on someone without the government taking a BIG slice. It's probably the most tax inefficient way to do anything.
11-18-2024 | 05:30 AM
#87
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FWIW, annuties are less expensive currently because of the relatively high interest rates. A $11k/mo annuity for someone retiring in in 2025, with some form of survivorship, will be about $2 million. This obviously ramps down the further out the retirement is, so someone who retires in 10 years it's about $1.2 million.
Taxes are going to be the big hurdle. You just can't lay $3 million in one lump on someone without the government taking a BIG slice. It's probably the most tax inefficient way to do anything.
Taxes are going to be the big hurdle. You just can't lay $3 million in one lump on someone without the government taking a BIG slice. It's probably the most tax inefficient way to do anything.
11-18-2024 | 05:45 AM
#88
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Because, as it has been pointed out, the most you can get from the pension is the amount of the benefit accrued. Your $150,000 for each year is just a made up, pie in the sky number that you even say you have no idea how to make it work and that is up to someone else to figure out.
We get it, you want to get rid of the pension. Thanks for attempting to undermine the NC in public while they try to negotiate a contract that we deserve. Nice selfish motives, or an attempt to divide?
We get it, you want to get rid of the pension. Thanks for attempting to undermine the NC in public while they try to negotiate a contract that we deserve. Nice selfish motives, or an attempt to divide?
love the last paragraph. I just care about people having good ideas and talking about them and getting good ideas to the table.
Last edited by Pilotguy21; 11-18-2024 at 06:05 AM.
11-18-2024 | 12:34 PM
#90
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Joined: Jul 2023
Posts: 58
Likes: 4
Do you realize that every bit of your 130k pension is taxed by Uncle Sam.
Let's make some assumptions here. If I leave my kids 1 million and the tax rate is 50% by then, they will pocket 500k. When I die with my pension they get 0. I don't even have to ask them which amount they want.
I keep hearing that we need to make the senior guys "whole". I have been here 23 years and am whole. The pension that was promised to me when I was hired is still there. When you came here where did it say that the pension would ever increase? If you haven't been planning on a 130k pension and setting aside your own money for retirement you have been a fool. By fighting to increase the pension we are just delaying any future TA, all the while we fall further behind our peers.
Let's make some assumptions here. If I leave my kids 1 million and the tax rate is 50% by then, they will pocket 500k. When I die with my pension they get 0. I don't even have to ask them which amount they want.
I keep hearing that we need to make the senior guys "whole". I have been here 23 years and am whole. The pension that was promised to me when I was hired is still there. When you came here where did it say that the pension would ever increase? If you haven't been planning on a 130k pension and setting aside your own money for retirement you have been a fool. By fighting to increase the pension we are just delaying any future TA, all the while we fall further behind our peers.
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