Jetblue Counts Profit Sharing TWICE in Pay Review

[linepilot]

 

[B6Busdriver]

JetBlue lies.

 

[Smarta$$]

Hard to take you serious without any specifics or details.

 

[Dizel8]

It's a bit of a convoluted tale.

 

[J32driver]

Hard to take you serious without any specifics or details.

Not if you are paying attention!

We've decided that industry average retirement is a 13% 401k (with no required input from employee), and then profit sharing on top of the 401k.

Bluejet says you are only 3% behind your peers because you get a 5% match plus 5% profit sharing for a total of 10%. (For those of you that are math challenged, that makes us 30% short of our peers... not 3%).

Ok... so if we get 10% 401k, we have ZERO profit sharing. Bluejet says... oh no, we give you 5% guarenteed profit sharing!

Which is it?
10% 401k with ZERO profit sharing
or
5% 401k with 5% profit sharing.

The bluejet is playing "3 card Monty" and wants you to believe that you get a 401k that is only 3% behind your peers, AND that you get GUARANTEED (is that in writing?) profit sharing of 5% too!

The Bluejet isn't being truthful!

 

[Smarta$$]

What does that have to do with the pay review per the original post?

Your 3% vs. 30% is misleading. If we currently get a 10% match, are we actually getting a 100% match by your logic?

The original post is still useless without more NEW information. The 3 card Monte game is well known and if anyone falls for it, they are to stupid to vote or have an opinion. Yes, some pilots are that stupid.

 

[airbaker]

What does that have to do with the pay review per the original post?

Your 3% vs. 30% is misleading. If we currently get a 10% match, are we actually getting a 100% match by your logic?

The original post is still useless without more NEW information. The 3 card Monte game is well known and if anyone falls for it, they are to stupid to vote or have an opinion. Yes, some pilots are that stupid.

No, you're logic is off. You can't simply shift a decimal point to prove your point. Using your logic train it would work out to 3% vs 30% equals peer set average match of 13% vs 130%. 100% match - 130% match still equals 30%.

Or you could simply divide 13/10....what does your calculator say? Subtract that by 1.0. Take that and multiply by 100. That's your answer. We are 30% behind our peers in retirement.

Put it this way, if your 4.0% mortgage just reset and doubled to 8.0%, would you say, "no biggie, my mortgage only went up 4%" Or would you say, "#$%!, my mortgage just doubled (200%)!! Now I can't afford my payment!"

BTW, I get what you're trying to say with the 3% vs 30% argument, but sematics are important when we try to articulate how gaping our retirement shortfall is compared to our "peers"...especially if you project that shortfall out a couple of decades. A healthy 6-figure shortfall is nothing to sneeze at.

 

[Lake Alice]

Actually BDO stated industry average is 18%.

Jetblue stated they never agreed to 18% so industry average to them is 13%.

Once again thank you 1193.

 

[Smarta$$]

No, you're logic is off. You can't simply shift a decimal point to prove your point. Using your logic train it would work out to 3% vs 30% equals peer set average match of 13% vs 130%. 100% match - 130% match still equals 30%.

Or you could simply divide 13/10....what does your calculator say? Subtract that by 1.0. Take that and multiply by 100. That's your answer. We are 30% behind our peers in retirement.

Put it this way, if your 4.0% mortgage just reset and doubled to 8.0%, would you say, "no biggie, my mortgage only went up 4%" Or would you say, "#$%!, my mortgage just doubled (200%)!! Now I can't afford my payment!"

BTW, I get what you're trying to say with the 3% vs 30% argument, but sematics are important when we try to articulate how gaping our retirement shortfall is compared to our "peers"...especially if you project that shortfall out a couple of decades. A healthy 6-figure shortfall is nothing to sneeze at.

Sorry. When the company says that we are behind in company match by 3%, and you say we are behind by 30%, then you must be saying that to match industry standard we would need to take our current 10% and add an additional 30% salary match to it. 10%+30% for a total of 40%.

Don't get me wrong, sounds good to me.. we might be slightly above our peers though. Otherwise, you are intermingling two different methods of looking at the numbers.

Is 13% 30% higher than 10%? Yes. But the 3% number is clearly in reference to a 3% salary match....

You still haven't answered the important part. What is new with the pay review that shows a double counting...

I'm sure its there, but want to see it...

 

[Smarta$$]

Actually BDO stated industry average is 18%.

Jetblue stated they never agreed to 18% so industry average to them is 13%.

Once again thank you 1193.

On this, I agree 100%.