Continental's B plan

[BengalsFan]

Can someone out there explain to me what type of B plan Continental utilizes? Is it fully company funded, or is it a match style investment plan like a 401k? And since the A plan has been frozen have they implemented a profit sharing plan, or a stock purchase plan, or anything else to take the place of a retirement fund?

Thanks

 

[xjlifer]

Did you use the words retirement and airline in the same sentence?

I don't think you can do that anymore.

 

[BengalsFan]

hahahhaaa

Thanks for wasting our time with that post. You do realize, that the one good thing about 401k, 402b and other types of these new retirement investments, is that you get to keep them even if the company goes out of business... so if you work for Continental for 10 years, but they go under or simply furlough you... you get to keep the investment account... so is there anyone else out there who will please answer my question.

Thanks

 

[Hutchman]

The B fund is................

till mid year 7.5%
till mid 2007 10%
mid 08 12.5%

I don't have the contract, but it is something like that.

 

[RocketRob]

As I understand it, and I am by no means an expert, it works just like an independent 401k. Both are managed thru charles schwab. The company currently puts in 6.75% of our gross into this account monthly. It is then invested into basically any fund or stock (with restrictions of course) that we want. Like the 401k, this is our money with no way (that I know of) for the company to somehow screw us out of it in the future (they can just stop contributing to it). This June the 6.75% jumps to 10%, then next year is stops at 12.75%. If you've got some years ahead of you and invest it somewhat wisely you should make out well.

 

[NavinRJohnson]

Rocketbob (or any CAL pilot):

When you say 'we' choose where the money gets invested, is it the individual that chooses the equities the money goes into, or the pilots group, or who? I was under the impression that the individual pilot does not directly control asset allocation. Correct me if I'm wrong...

Thx,

Navin

 

[Tonto]

The pilot chooses what he wants to do with his own account. It is like a 401k that someone else puts money into for you.