Question About A & B Plan
#11
Retirement is the area I think is most disappointing in this deal. No improvement to the A plans means lessening of value of my future compensation. My “magic number” I wanted was a 300k cap, or a (before deduction) $150 vice 130k retirement salary. That’s 20k a year, or $1600 a month or so, before taxes, about 15 years from now. At strait pay, a 35 hour trip (typical FDA pairing) will pay $10,000-$11,500. So, if once a year, I get bumped from a trip, or pick up an extra trip, or get drafted for a 5 day pairing I can throw that money in my own investment account to offset the loss. Would I rather have FedEx just pay me more in retirement? Yes. But making 300k or so as a widebody captain or over 200 as a widebody FO gives our pilots a chance to make some pretty good money here and now, and then invest for their future as they see fit.
I have a good friend that is out on LTD and won't ever return, the A plan accrual is a major plus for him. Going out on medical is something nobody wants to think about.
I am in that seniority group that will get absolutely hammered by the company esentially freezing our retirement. There is no way to make up the loss of buying power of the A plan freeze with the B plan increase in the time I have left. I can't believe that this issue alone isn't enough to vote this T/A down. And according to Albie I should fund my own retirement with my COLA raise, is that really a solution ? Really ???? It's not an option for my friend out on LTD.
Last edited by Flybywyr; 10-13-2015 at 05:35 AM.
#12
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: Two Wheeler FrontSeat
Posts: 1,162
I have a good friend that is out on LTD and won't ever return, the A plan accrual is a major plus for him. Going out on medical is something nobody wants to think about.
I am in that seniority group that will get absolutely hammered by the company esentially freezing our retirement. There is no way to make up the loss of buying power of the A plan freeze with the B plan increase in the time I have left. I can't believe that this issue alone isn't enough to vote this T/A down. And according to Albie I should fund my own retirement with my COLA raise, is that really a solution ? Really ???? It's not an option for my friend out on LTD.
I am in that seniority group that will get absolutely hammered by the company esentially freezing our retirement. There is no way to make up the loss of buying power of the A plan freeze with the B plan increase in the time I have left. I can't believe that this issue alone isn't enough to vote this T/A down. And according to Albie I should fund my own retirement with my COLA raise, is that really a solution ? Really ???? It's not an option for my friend out on LTD.
"Originally Posted by Albief15 View Post
Retirement is the area I think is most disappointing in this deal. No improvement to the A plans means lessening of value of my future compensation. My “magic number” I wanted was a 300k cap, or a (before deduction) $150 vice 130k retirement salary. That’s 20k a year, or $1600 a month or so, before taxes, about 15 years from now. At strait pay, a 35 hour trip (typical FDA pairing) will pay $10,000-$11,500. So, if once a year, I get bumped from a trip, or pick up an extra trip, or get drafted for a 5 day pairing I can throw that money in my own investment account to offset the loss. Would I rather have FedEx just pay me more in retirement? Yes. But making 300k or so as a widebody captain or over 200 as a widebody FO gives our pilots a chance to make some pretty good money here and now, and then invest for their future as they see fit."
#13
Line Holder
Joined APC: Sep 2015
Position: B-767 Captain
Posts: 83
Anyone that is in favor of all B plan is a fool. Why does management have the A plan? Why do Congressman have the A plan? Why do Senators have the A plan? Why does Jeb Bush have the A plan?https://www.washingtonpost.com/polit...ce1_story.html
When you hear a pilot say he prefers an all B plan it explains why people say never fly with a doctor or invest with a pilot . How do you make a pilot a millionaire? Give him a Billion dollars.
When you hear a pilot say he prefers an all B plan it explains why people say never fly with a doctor or invest with a pilot . How do you make a pilot a millionaire? Give him a Billion dollars.
#14
Truth is, we should not even be having this discussion. The TA should not have been presented to us without the big cornerstone openers met, not when so much is in our favor. Moot point, it's in front of us now, and our only path forward to fighting for a Section 28 that recognizes the financial success of this company, is rejecting this TA.
All LEC's, even the NC, have admitted that our Section 28 is NO GOOD. That is one of, if not THE, biggest sections.
#15
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: Two Wheeler FrontSeat
Posts: 1,162
Unfortunately, the A plan's on its way out the door. Maybe not right now, but Fedex wants to get rid of it. The 2045 retirees will have none. Mark my words. I don't want it to, as we ALL do not. We can fight tooth and nail and we'll have to in order to keep it preserved.
#17
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: Two Wheeler FrontSeat
Posts: 1,162
Once again, as long as the crew force don't volunteeringly give it up, the only other way is in bankruptcy court, through which they have have to show financial records and much more. There is no arguement there.
#18
Gets Weekends Off
Joined APC: Nov 2006
Position: 767 FO
Posts: 8,047
Again it doesn't matter whether we give it up or not, it was 50% of a retired pilots income replacement in 2006. It is 40% of a retiring pilots income replacement in 2015. And it will be 15-20% of a retiring pilots income replacement in 2045. Another way to look at it, the average Social Security recipient gets about $18,000 a year in 2015 compared to a FDX pilots 130K pension. In 2045 the pension will still pay 130K and Social Security will pay about $55K (don't worry President Chelsea will save it).
Last edited by FDXLAG; 10-13-2015 at 10:59 AM.
#19
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: Two Wheeler FrontSeat
Posts: 1,162
Again it doesn't matter whether we give it up or not, it was 50% of a retired pilots income replacement in 2006. It is 40% of a retiring pilots income replacement in 2015. And it will be 15-20% of a retiring pilots income replacement in 2045. Another way to look at it, the average Social Security recipient gets about $18,000 a year in 2015 compared to a FDX pilots 130K pension. In 2045 the pension will still pay 130K and Social Security will pay about $55K (don't worry President Chelsea will save it).
#20
Gets Weekends Off
Joined APC: Jul 2014
Posts: 296
But wait, the company says I will have $544,928 out the door when I retire so why should I worry about retirement? Look at the WBCA retirement section with a full DSA. Am I reading this right, where all my pay raises are considered a part of my, "improved" retirement? Is the union really selling pay raises as part of retirement?
Thread
Thread Starter
Forum
Replies
Last Post