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Old 10-07-2015, 03:17 PM
  #5821  
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I have no idea where this was covered in the last 500pages but can someone explain the blue 401k contribution. Is there a percentage put in without a match?
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Old 10-07-2015, 04:29 PM
  #5822  
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Originally Posted by Flynn626 View Post
I have no idea where this was covered in the last 500pages but can someone explain the blue 401k contribution. Is there a percentage put in without a match?
Sure Ill take a stab.

If you put in 5% they match that with another 5%.

Separate from that there is a 5% "retirement plus" they put in quarterly on their own which is technically profit sharing according to the language. Which means if they don't turn a profit they technically don't have to pay it.

They also do a 3% "retirement advantage" which they put in on their own monthly.

So if you put in 5% they put in 13%.
If you put in nothing they put in 8%.

I'll edit this later if I see something wrong.
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Old 10-08-2015, 05:54 AM
  #5823  
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Originally Posted by Tom a Hawk View Post
Sure Ill take a stab.

If you put in 5% they match that with another 5%.

Separate from that there is a 5% "retirement plus" they put in quarterly on their own which is technically profit sharing according to the language. Which means if they don't turn a profit they technically don't have to pay it.

They also do a 3% "retirement advantage" which they put in on their own monthly.

So if you put in 5% they put in 13%.
If you put in nothing they put in 8%.

I'll edit this later if I see something wrong.
I think you're confusing the Retirement Plus with Profit Sharing.

100% Match up to 5%
Retirement Plus (5% of eligible earnings paid quarterly)
Retirement Advantage (3% of eligible earnings paid monthly)
Profit Sharing (basically company's discretion; no profit, nothing to share. Has been ~3% the last few years, but recently got quite a bit more.)
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Old 10-08-2015, 06:12 AM
  #5824  
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Originally Posted by BarryWhite View Post
I think you're confusing the Retirement Plus with Profit Sharing.

100% Match up to 5%
Retirement Plus (5% of eligible earnings paid quarterly)
Retirement Advantage (3% of eligible earnings paid monthly)
Profit Sharing (basically company's discretion; no profit, nothing to share. Has been ~3% the last few years, but recently got quite a bit more.)
sort of.
100% match 5%
3% Retirement plus advantage... whatever you wanna call it.
5% Profit sharing "guarantee" hence the cliff. aka 5% retirement.

so say the company gives out 7% profit share in the spring for this year. you'd see 2% because you already got 5%.

clear as mud?

it's that way on purpose.
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Old 10-08-2015, 07:05 AM
  #5825  
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Nope nope nope. Profit sharing in the spring(usually) is calculated by taking 15% of the company's profit. If that number exceeds the 5% of every employee's income that they put away as "retirement plus" then they pay out the extra as profit sharing.

Again, for 401k, they put in 8% whether you do anything or not. They will also match what you put in up to 5%.

The issue I was talking about is that they could technically not pay the "retirement plus" if they had a bad year because of how the language is written. They like to claim they would never do that, but then why have it written that way?
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Old 10-08-2015, 07:24 AM
  #5826  
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Well yes, they could technically terminate the plan or any future plan at any time. They can also sell to airline X tomorrow, or place an order for 100 planes next week. My PEA reads pretty clear, but that's just me.
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Old 10-08-2015, 07:31 AM
  #5827  
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Barry I'm not trying to be negative or anything. And in truth, the numbers are fine with me. I would just like the language cleaned up where that benefit is not tied to profit. Just a cost of doing business. So that when we're working hard trying to make this place profitable, our theoretical 65 year old self isn't losing out too.

For example what if they said you get 100 hours of PTO every year, but if we don't turn a profit we can take 50 away?
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Old 10-08-2015, 07:39 AM
  #5828  
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If PTO is earned income... as they say it is... why isn't profit sharing and retirement % attached to PTO earnings?

ah, but if it's PTS it counts...
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Old 10-08-2015, 09:54 AM
  #5829  
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Anyone recently went through new hiring training? What was the training schedule? How long was ground school and was it mon-fri. How many ftds and sims and are they scheduled right after ground school? I know this has been discussed and can't find it in the 1000s of posts. Thanks.
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Old 10-08-2015, 10:23 AM
  #5830  
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Looks like interviews are scheduled for Oct 20 and December 1. Next new hire classes scheduled are Oct 21, Nov 4 and Dec 2.

Good Luck!
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