Profit Sharing Predictions
01-19-2017 | 09:20 AM
#131
Gets Weekends Off
Joined: May 2009
Posts: 3,076
Likes: 3
From: The GF of FUPM
01-19-2017 | 10:05 AM
#132
Guppy reserve EWR
Joined: Feb 2013
Posts: 501
Likes: 0
From: 737 FO
My apologies to you and others who have been here at UAL and went thru 10 years of bankruptcy at reduced wages regarding my careless post. I didn't mean to come across entitled, but I should of worded it differently. I respect the fact that you and others made major sacrifices here after 9/11 and happy that You all have paved a way to have a nice career at UAL.
My background just so you know my story. I'm not a Millennial. I grew up in a "real" non scab EAL family so I'm very familiar with the plight of this industry 1970s-80's. I was hired at UAL at age 49. It took me 25 plus years to finally land a job at a Legacy carrier. I spent 6 years at 2 different regionals in the early 90's. My first regional job was $900/mo salary. Left there after a year due to the horrible pay. The second ALPA represented regional I made no more than $30k/yr for 4 years then furloughed in 1994 due to Mesa Airlines purchase of aircraft assets. I continued paying ALPA dues as a non-active participant for the next 18 years because I believe in Union protection even though I left 121 flying for corporate to make a liveable wage as a pilot. Corporate Aviation wasn't much better and I never made much more than 80-90K and that was the last few years prior to taking this job. The benefits and retirement were non existent.
Currently, I have 2 daughters in college and paying for my 88 year old mother who has Alzheimer's in assisted living.
My intention was...I could really use the profit sharing money to help out.
Again, my apologies for my post.
My background just so you know my story. I'm not a Millennial. I grew up in a "real" non scab EAL family so I'm very familiar with the plight of this industry 1970s-80's. I was hired at UAL at age 49. It took me 25 plus years to finally land a job at a Legacy carrier. I spent 6 years at 2 different regionals in the early 90's. My first regional job was $900/mo salary. Left there after a year due to the horrible pay. The second ALPA represented regional I made no more than $30k/yr for 4 years then furloughed in 1994 due to Mesa Airlines purchase of aircraft assets. I continued paying ALPA dues as a non-active participant for the next 18 years because I believe in Union protection even though I left 121 flying for corporate to make a liveable wage as a pilot. Corporate Aviation wasn't much better and I never made much more than 80-90K and that was the last few years prior to taking this job. The benefits and retirement were non existent.
Currently, I have 2 daughters in college and paying for my 88 year old mother who has Alzheimer's in assisted living.
My intention was...I could really use the profit sharing money to help out.
Again, my apologies for my post.
Sent from my iPhone using Tapatalk[/QUOTE]
Pretty good realization here with new hires... I myself am a 48 yr old military guy who has spent a fair share of time on deployments both before and after 9/11. We all choose the best paths we can.
While unbelievably grateful, I can still see room for improvement. As well as each of us can. Although as easy as it can be to talk about flying up hill both ways to TK and back, fighting off the company with our sliderules, we need to instead make recommendations HOW to improve things. Leading up to this last TA, I saw only a few posts of what needs to be fixed. I might add, the posts that I did see, we're very insightful.
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01-19-2017 | 10:27 AM
#133
Gets Weekends Off
Joined: Apr 2008
Posts: 5,738
Likes: 5
From: Sleeping in the black swan’s nest.
My apologies to you and others who have been here at UAL and went thru 10 years of bankruptcy at reduced wages regarding my careless post. I didn't mean to come across entitled, but I should of worded it differently. I respect the fact that you and others made major sacrifices here after 9/11 and happy that You all have paved a way to have a nice career at UAL.
My background just so you know my story. I'm not a Millennial. I grew up in a "real" non scab EAL family so I'm very familiar with the plight of this industry 1970s-80's. I was hired at UAL at age 49. It took me 25 plus years to finally land a job at a Legacy carrier. I spent 6 years at 2 different regionals in the early 90's. My first regional job was $900/mo salary. Left there after a year due to the horrible pay. The second ALPA represented regional I made no more than $30k/yr for 4 years then furloughed in 1994 due to Mesa Airlines purchase of aircraft assets. I continued paying ALPA dues as a non-active participant for the next 18 years because I believe in Union protection even though I left 121 flying for corporate to make a liveable wage as a pilot. Corporate Aviation wasn't much better and I never made much more than 80-90K and that was the last few years prior to taking this job. The benefits and retirement were non existent.
Currently, I have 2 daughters in college and paying for my 88 year old mother who has Alzheimer's in assisted living.
My intention was...I could really use the profit sharing money to help out.
Again, my apologies for my post.
My background just so you know my story. I'm not a Millennial. I grew up in a "real" non scab EAL family so I'm very familiar with the plight of this industry 1970s-80's. I was hired at UAL at age 49. It took me 25 plus years to finally land a job at a Legacy carrier. I spent 6 years at 2 different regionals in the early 90's. My first regional job was $900/mo salary. Left there after a year due to the horrible pay. The second ALPA represented regional I made no more than $30k/yr for 4 years then furloughed in 1994 due to Mesa Airlines purchase of aircraft assets. I continued paying ALPA dues as a non-active participant for the next 18 years because I believe in Union protection even though I left 121 flying for corporate to make a liveable wage as a pilot. Corporate Aviation wasn't much better and I never made much more than 80-90K and that was the last few years prior to taking this job. The benefits and retirement were non existent.
Currently, I have 2 daughters in college and paying for my 88 year old mother who has Alzheimer's in assisted living.
My intention was...I could really use the profit sharing money to help out.
Again, my apologies for my post.
Sent from my iPhone using Tapatalk[/QUOTE]
And my apology for my snarky reply.
01-19-2017 | 04:22 PM
#135
Line Holder
Joined: Nov 2015
Posts: 41
Likes: 0
From: B737 CA
It has a lot to say when an employer is able to put said profit sharing into a deferred compensation plan such as a 401k, and when such payouts may be tax deductible by the company. That's why the company and team of tax attorneys structure and approve the rules of each plan. The most common method is a requirement of 12 months of service or a minimun number of hours worked, as explained to me by my friend who is a Tax Attorney. But maybe he pulled that out of his Ass???
01-19-2017 | 04:49 PM
#137
Gets Weekends Off
Joined: Nov 2009
Posts: 5,508
Likes: 109
It's already been published by the company at 11.9%.
It's not tax deferred, 25% is lopped right off the top as it's a bonus payment. Even if you put 100% into the PRAP before taxes.
It has a lot to say when an employer is able to put said profit sharing into a deferred compensation plan such as a 401k, and when such payouts may be tax deductible by the company. That's why the company and team of tax attorneys structure and approve the rules of each plan. The most common method is a requirement of 12 months of service or a minimun number of hours worked, as explained to me by my friend who is a Tax Attorney. But maybe he pulled that out of his Ass???
01-19-2017 | 05:09 PM
#139
Gets Weekends Off
Joined: Apr 2008
Posts: 5,738
Likes: 5
From: Sleeping in the black swan’s nest.
01-19-2017 | 05:13 PM
#140
Line Holder
Joined: Nov 2015
Posts: 41
Likes: 0
From: B737 CA
Because you are putting it into a qualified plan that falls under IRS guidlines. (Regardless of if they take a chunk now or later) If you want to scare yourself, read a little about how much control the government can legally exercise over your 401k, it's disturbing 😱 Some Democrats have floated seizing all 401k money to balance the budget and doling it out to you as they see fit. Profit Sharing can be paid in cash, paid into a deferred compensation only, such as our B fund type plan or a combination of both. Some employers only allow profit sharing into retirement funds, thus the IRS oversight, again I'm no CPA, explained by a non pilot friend of mine...
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