Fractionals retirement plans

[ashaman]

NetJets 401(k) is 50% up to the legal limit of employee contribution. In 2005, that was $14000. The 15% doesn't apply anymore. I just got my "true-up" match taking it to $7000.

The one thing you must remember about the Flex vs NetJets plan is that I own mine once I'm fully vested. A defined benefit plan like Flex offers with their 1% can be taken away at any time. Look at all the un-funded plans in existance in the airline business if you have any doubts.

Griz, am I understanding you correctly? Are you saying that NetJets will match 50% of my 401k contribution without limit up to the federal contribution limit (no 15% limit)?

I thought they only matched 50% of the first 15% of contribution and that the rest goes unmatched.

Thanks!

 

[gunfyter]

Yes you got Griz right.

 

[Swaayze]

How long to vest at NJA, and does the company match start right away?

You are crazy if you're at (or headed to) Flex and counting on the defined benefit plan IMO....

 

[LostComm]

Never mind.

 

[Grizz]

6 years completed service to be fully vested.

 

[be-400xpdriver]

So 1% x $100,000 x 30 years= $30,000 per year until you die.

.

1% x crappy pay x 30years of crapy treatment = really crappy way to spend your life at flex!

 

[vixin]

Just answering a simple question there 400x. No need to quote me on it. I am all for new hires not coming here. I dont think anyone should come work for Flex. I agree with what you said though.

 

[flexpilot]

1% x Final average earnings( lets say $100,000) x years of service= amount of yearly retirement.

So 1% x $100,000 x 30 years= $30,000 per year until you die.

They also match 20% on stock purchased through the employee stock purchase plan. You buy $100 worth they buy $20 for you and put it into your account. You can elect 0-20% of your paycheck for stock.

Hey Vixin why not say 1% X 200,000 x 30 years of service? That would give you $60,000 till you die. Better yet 1% X 1 million X 30 years of service, that would give you $300,000 till you die.

How about a dose of reality. Only a very few flexjet pilots are making $100,000 at retirement. Only a very few will make it to 30 years.

Today the average starting age at Flexjet is probably 35+. Most won't hang around for more than two years. If you quit early..... you only take your 401K and Bombardier stock.


Now a real question. Tell me what a pilot would get if he started at FLexJet on day one in 1995 and retired today after 11 years?

Lets talk about reality, not fantasy!

 

[vixin]

It was an example you moron, just that nothing else. So just relax. That is reality, that is what the plan is TODAY!! Many would like to see the pension gone and more towards the 401k. Once again though for those that are to slow to understand. I answered a simple question AND THATS IT. He asked I ANSWERED. He can ask me anything esle. I will do my best to answer it honestly. Here is some reality I think flex missed the boat on the comp package.

My guess would be $8000-10,000 per year.

 

[Wyatt]

"Fractional Retirement Plans"?

Are you kidding? They dont intend to retire us. Their intent is to work us till we are totally used up then discard us like old shoes. They make money on the "if you dont want the job, we have thousands who want your seat" theory.

The rich get richer and we slave to make it so...

BA HA HA HA HA HA ! :laugh: