Mr. Irrelevant
Well-known member
- Joined
- Nov 26, 2001
- Posts
- 562
Fellas,
Since I was a little bored at work and curious about the possibilities of this pension, I put together some rough numbers on what I think the pension could be worth for a 30 year pilot.
I used the contribution percentages V-1 provided and assumed an upgrade to Captain in year 5. I really didn't know much about the salary structure so I started at 52k in year 5 for a Captain (I know, probably too low) and rose that to 102k in year 18 by adding 3-4k per year to the yearly earnings. Although I've heard the contract only goes to 18 years, given there will be more raises over time I just kept adding 3-4k per year after that to top out at 141k in year 30. As I said, these numbers are probably too low but being conservative I thought was better than being liberal in regard to this issue.
The company I work for provides for a 5% annual return on the pension we receive so I assumed a 5% return. Simplicity.
After 30 years, the nominal dollar number in that pension using the assumptions listed above was $367,737. Adjusting for 2.5% inflation, those dollars in 2002 terms would have the buying power that $175,315 would have today.
If someone wants to list or private message me what they believe a likely salary progression is at Comair, I'd be glad to plug them into the spreadsheet and see what the result is. If someone has the 401k match, I'll do a spreadsheet for that as well. Much higher annual return on the 401k though.
Mr. I.
Since I was a little bored at work and curious about the possibilities of this pension, I put together some rough numbers on what I think the pension could be worth for a 30 year pilot.
I used the contribution percentages V-1 provided and assumed an upgrade to Captain in year 5. I really didn't know much about the salary structure so I started at 52k in year 5 for a Captain (I know, probably too low) and rose that to 102k in year 18 by adding 3-4k per year to the yearly earnings. Although I've heard the contract only goes to 18 years, given there will be more raises over time I just kept adding 3-4k per year after that to top out at 141k in year 30. As I said, these numbers are probably too low but being conservative I thought was better than being liberal in regard to this issue.
The company I work for provides for a 5% annual return on the pension we receive so I assumed a 5% return. Simplicity.
After 30 years, the nominal dollar number in that pension using the assumptions listed above was $367,737. Adjusting for 2.5% inflation, those dollars in 2002 terms would have the buying power that $175,315 would have today.
If someone wants to list or private message me what they believe a likely salary progression is at Comair, I'd be glad to plug them into the spreadsheet and see what the result is. If someone has the 401k match, I'll do a spreadsheet for that as well. Much higher annual return on the 401k though.
Mr. I.