Comair retirement question

[KingAirKiddo]

Just wondering if someone could post the retirement portion from the Comair contract. It's my understanding that they offer some type of "real" retirement in addition to 401(K). Just wanted to take a look at the specifics.

 

[DoinTime]

SECTION 27 - RETIREMENT

A. 401(k) Savings and Investment Plan

1. A pilot may participate in the 401(k) portion of the Comair Savings and Investment Plan (the
“Plan”) in effect on the date of signing of this Agreement, subject to the terms and
conditions of the Plan. Subject to Internal Revenue Service limitations and the terms and
conditions of the Plan, a pilot may contribute up to 15% of his eligible earnings to the Plan.

2. Effective January 1, 2001, the Company will match 50% of the pilot’s contribution to his
401(k) account of up to 5% of his eligible earnings.

3. If the Company makes a “brokerage option” available to other employee groups, the same
“brokerage option” will be made available to pilots. “Other employee groups” as used in this
paragraph does not include Company or subordinate officials.

B. Retirement Plan

1. Effective January 1, 2001, a pilot will be enrolled in the Company’s Retirement Plan subject
to the terms and conditions of the plan.

2. The Company will make an annual contribution to each pilot’s account in the Retirement
Plan account based on the pilot’s length of active service with the Company and eligible
earnings for the previous calendar year in accordance with the following:

Active Service Company Contribution
0-4 Years 2% of eligible earnings
5-9 Years 4% of eligible earnings
10-14 Years 6% of eligible earnings
15-19 Years 8% of eligible earnings
20 Years and thereafter 10% of eligible earnings

3. A pilot will be vested in the Company’s contributions to his account in the Retirement Plan
based on his length of active service with the Company in accordance with the following:

Active Service Vesting
0-4 Years 0%
5 Years and thereafter 100%

4. Company contributions to the Retirement Plan for the previous calendar year will be made
no later than March 1 of each year.

5. A pilot will be enrolled in the Retirement Plan on his date of hire and must be actively
employed by the Company as of December 31 of a year in order to be eligible for the
Company contribution to the Retirement Plan for that year. However, in accordance with
paragraph B.2., above, the Company will make a contribution on behalf of a pilot in a year
that he reaches the FAA – mandated age of retirement prior to December 31.

6. The Company will supply the Retirement Plan document to the MEC Chairman or his
designee.

 

[KingAirKiddo]

Thanks Doin' Time.