AGE 60 passes Senate today..

[doylehargraves]

Thanks geezers. You've slowed seniority progression and kept furloughees at AMR on the street for even longer. Not to mention the loss in career earnings that most pilots will suffer because of this. Selfish bastards....

This has to be the funniest thing I've ever read on here. I LOVE IT!! Who in the hell would want to work for AMR anyway? 15 year upgrade and barely making $100k??? not my cup of tea..........

However, this just allowed YOU to work an extra 5 years at the top of the payscale too! But, I do agree with the "selfish bastards" comment!

 

[PCL_128]

However, this just allowed YOU to work an extra 5 years at the top of the payscale too!

Do the math, my friend. There is no five years "extra" for those of us that aren't already in the left seat. We get the same number of years in the left seat, but we have to wait five years longer to get there. The only ones getting any "extra" years in the left seat are those that are already sitting in it.

Example: 35 year old copilot expecting to upgrade this year, now has to wait five more years:

With age 60 unchanged - pilot upgrades this year and retires at 60, having spent 25 years in the left seat.

With new age 65 limit - pilot has to wait five more years while the geezers continue to sit in the seat. He now upgrades at age 40 instead. Guess what? Still 25 years in the left seat!!! He gets the same amount of time in the seat, but has to wait five addition years to get there. If he still wants to retire at age-60, which is what he originally planned, then he'll lose 5 years in the seat and all of the compounding interest he would have had from his 401k and B-fund contributions for those 5 years. In other words, the only ones to win are the selfish geezers that are already in their left seats.

 

[ironspud]

....Selfish bastards....

right back at ya, PFT sca...uh, scum

 

[Beetle007]

2. No new medical standards, except that age 60+ pilots must maintain a 1st class medical with an examination every 6 months. No letting it lapse to 2nd class privileges if you're a copilot.

I read it a little differently. The FAA can create new medical standards. But, the amendment says they have to apply the SAME medical standards to all pilots regardles of age. So, if/when the FAA increases the medical standards, they have to apply it uniformly to all pilots regardless of age. A 35 year old pilot will be under the same scrutiny as a 64 year old.



"``(1) MEDICAL EXAMINATIONS AND STANDARDS.--Except as provided by paragraph (2), a person serving as a pilot for an air carrier engaged in covered operations shall not be subject to different medical standards, or different, greater, or more frequent medical examinations, on account of age unless the Secretary determines (based on data received or studies published after the date of enactment of the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008) that different medical standards, or different, greater, or more frequent medical examinations, are needed to ensure an adequate level of safety in flight.

``(2) DURATION OF FIRST-CLASS MEDICAL CERTIFICATE.--No person who has attained 60 years of age may serve as a pilot of an air carrier engaged in covered operations unless the person has a first-class medical certificate. Such a certificate shall expire on the last day of the 6-month period following the date of examination shown on the certificate."

 

[atpcliff]

Hi!

If you don't upgrade earlier (which you will, due to increased retirements between age 60-65-medical, etc.), you will gain 5 years of FO pay, which is worth a lot, relative to worlwide incomes, and may be worth a lot, period, such as if you're at a major and you're making $50-$100+ per year as an FO.

C U!

cliff
GRB

PS-I think it's wrong they made an age limit. They should've done away with a limit alltogether.

 

[jke406]

B fund consequences?

question for someone with more knowledge than I:

I was under the impression that the "B" fund existed as a means of compensating pilots for not being able to work all the way to retirement age (65), i.e., the B fund payments over a career would make up for five years' less income with mandatory retirement at age 60.

is that the case, and if so, now what?

 

[PCL_128]

If you don't upgrade earlier (which you will, due to increased retirements between age 60-65-medical, etc.), you will gain 5 years of FO pay, which is worth a lot, relative to worlwide incomes, and may be worth a lot, period, such as if you're at a major and you're making $50-$100+ per year as an FO.

That's not a gain, that's a loss. Run the numbers and figure out how much you'll have lost in career earnings due to the loss of compound interest if you choose to retire at the reasonable age of 60. For most pilots, the number is between $250-$500k.

And if you think that $50-$100k per year is a lot of money, then you've been drinking from the pilotyip kool aid pitcher for far too long.

 

[DiamondZ]

you will gain 5 years of FO pay, which is worth a lot, relative to worlwide incomes

Yippee!!! I make more than a McDeez burger flipper.

 

[m80drvr]

Hi!

If you don't upgrade earlier (which you will, due to increased retirements between age 60-65-medical, etc.), you will gain 5 years of FO pay, which is worth a lot, relative to worlwide incomes, and may be worth a lot, period, such as if you're at a major and you're making $50-$100+ per year as an FO.

C U!

cliff
GRB

PS-I think it's wrong they made an age limit. They should've done away with a limit alltogether.

You, my friend, are an IDIOT!

 

[PCL_128]

question for someone with more knowledge than I:

I was under the impression that the "B" fund existed as a means of compensating pilots for not being able to work all the way to retirement age (65), i.e., the B fund payments over a career would make up for five years' less income with mandatory retirement at age 60.

is that the case, and if so, now what?

A B-Fund is just a type of pension plan. An A-Fund is the tradition pension that people think of, in that it's a defined benefit plan that provides a fixed amount of income per year after retirement. A B-Fun is a defined contribution plan. In other words, the company merely provides a set amount of money towards your own account that will accrue interest until you retire and start withdrawing. I you have to wait an additional five years until breaking the six-figure mark and still retire at the same age, then you've lost lots of compound interest in your B-Fund over that time.