Southwest Pilots 401K Ranked Number 1
#12
I think our BrokerageLink makes the Delta Pilot's plan superior. I'm guessing that's not one of the big factors they consider in this ranking?
Also, 14% company contribution (with no required individual contribution) is a pretty good deal IMO. Given that we lost our pension, I'd like to see it increased... but not at the expense of pay increases. Don't forget that pay increases automatically increase the dollar amount the company contributes.
Also, 14% company contribution (with no required individual contribution) is a pretty good deal IMO. Given that we lost our pension, I'd like to see it increased... but not at the expense of pay increases. Don't forget that pay increases automatically increase the dollar amount the company contributes.
#15
Gets Weekends Off
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Joined APC: Jun 2007
Position: CA
Posts: 1,207
"Brightscope's ranking system crunches more than 200 data points to simulate a 401(k) plan's effectiveness at getting plan participants to retirement, and its annual top 30 list serves as a cautionary reminder that all 401(k) plans are not created equal."
"For Southwest's pilots, the number-one ranking means their plan "gets average plan participants to retirement faster than any other 401(k) plan in the country," says Bryan Lorenz, Brightscope's vice president of data. "A participation rate of nearly 100 percent as well as the highest combination of company generosity and salary deferrals contributed to this outcome."
#16
I believe longevity is going to play here. I could be very wrong with this, isn't the DAL 401K plan relatively a new plan since bankruptcy? Which would account for only having an average account balance of $39,000?
I'm a relatively newbie at the company and my balance is higher than that. Something seems off.
9.3% matching is a nice benny. Kudos SWA.
I'm a relatively newbie at the company and my balance is higher than that. Something seems off.
9.3% matching is a nice benny. Kudos SWA.
#17
I believe longevity is going to play here. I could be very wrong with this, isn't the DAL 401K plan relatively a new plan since bankruptcy? Which would account for only having an average account balance of $39,000?
I'm a relatively newbie at the company and my balance is higher than that. Something seems off.
9.3% matching is a nice benny. Kudos SWA.
I'm a relatively newbie at the company and my balance is higher than that. Something seems off.
9.3% matching is a nice benny. Kudos SWA.
The DPSP (401k) has a relatively new name but has been around for a long time. It used to be the same name as the 401k for the rest of the employees. When we got the expanded BrokerageLink capabilities in 2007, the company didn't want to give the other employees that much capability in their 401k's because they were afraid that ramper Joe Sixpack would bet his entire retirement on Google or gold or something and end up losing it all. (So much for Bastian's theory that the company views the pilots as being comparable to a janitor.) So in order to give us the expanded capabilities, they broke our 401k plan off from the rest of the Delta employees and renamed it the "Delta Pilots Savings Plan" (DPSP). And now you know... "the rest of the story." [spoken with my best Paul Harvey imitation]
#18
I think our BrokerageLink makes the Delta Pilot's plan superior. I'm guessing that's not one of the big factors they consider in this ranking?
Also, 14% company contribution (with no required individual contribution) is a pretty good deal IMO. Given that we lost our pension, I'd like to see it increased... but not at the expense of pay increases. Don't forget that pay increases automatically increase the dollar amount the company contributes.
Also, 14% company contribution (with no required individual contribution) is a pretty good deal IMO. Given that we lost our pension, I'd like to see it increased... but not at the expense of pay increases. Don't forget that pay increases automatically increase the dollar amount the company contributes.
#20
Gets Weekends Off
Joined APC: Jun 2010
Position: DOWNGRADE COMPLETE: Thanks Gary. Thanks SWAPA.
Posts: 6,543
This is fantastic news! It's going to make me forget about my impending downgrade into the canyon blue right seat completely............ Damn it. Where's that emoticon for the little face rolling it's eyes?
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