Accepted.
Your MEC lacked leadership. How is that my fault?
Of course not, but all employees are subjected to even distribution according to the rules of the SEC. A 18 year captain can only contribute within a certain limits relation to a part time ramper Butte, MT. making minimum wage. SkyWest discovered this error 6 years ago and the most senior pilots received checks in the mail refunding the overstated amount minus interest and was taxed. These captains had to report this on their tax returns and pay the difference. Some of these guys got 6 years of 401K money refunded. The company kept the differnce of course. Before that the company switched 401k managers and the pilots lost monies in tranfer fees. I knew one pilot who lost 80k. The 401K is pathic, you have to wait one year to get in. You only get a 2% match for the first 5 yrs. Then 4% from 5-10 and then a whopping 6% match after 10 years. The pilot group have no control over the plan. They are completely up to the whimes of management. Everyone knows that you have to contribute early and alot to have something for retirement. If the company can get a better deal somewhere else to save acouple of bucks they will transfer the 401k to a different company and there is nothing you can do about it, but pay the fees.
