Jetblue's Problem

[aewanabe]

Annually.

 

[Blue Dude]

It ought to be monthly. As it is, the company keeps it for up to 15 months and then it's a crap shoot whether you can buy high or low for that year.

 

[Smarta$$]

Annually.

YUCK! Not good.

 

[Lake Alice]

Factor in compound interest and it gets even worse.

 

[fifty30retard]

Annually.

and in April, 4 months time late.

 

[B6Busdriver]

YUCK! Not good.

Yep. And they used to play games with 401k contributions until they got caught. The feds spanked jb so now they do the right thing. Doing the right thing to Bluejet is following the law.

 

[Smarta$$]

Yep. And they used to play games with 401k contributions until they got caught. The feds spanked jb so now they do the right thing. Doing the right thing to Bluejet is following the law.

I am curious about the details on that one?

 

[Lake Alice]

I'm trying to find the article but Federal law states the employer has to send the 401k plan assets to the plan trustee no later than 15 business days after the end of the month in which the money is deducted. This may seem like a long time, especially if your paycheck comes at the beginning of the month, but you should keep in mind that this is not a "deadline" per se, but an outer limit. The Department of Labor (DOL) regulations that govern 401k plans actually require your employer to put assets destined for the plan into the plan as soon as possible.

Jebtlue was, in many cases, exceeding this outer limit. Add to this Jetblue deposits the money into an STIF which earns interest off your contributions.

I believe the DOL was contacted however I'm not sure if Jebtlue was fined.

 

[B6Busdriver]

I am curious about the details on that one?

The direct relationship at work. Arrogant incompetence at its best.

 

[shadesofBS]

I don't think we've even discussed the original question in this thread:

How do you have a direct relationship when your pilots don't trust you?

Here's my thought:

The pilots who vote against representation and for the DR don't really care about trust or even expect much in the way of "prosperity" (an oldie but a goody) because they're all afraid of their own shadows.