Major Airline vs NetJets

[gunfyter]

Sorry, I'm a Democrat.

HEE HEE HEE :smash:

 

[Daveflier]

Flylow 22-first thank you-you motivated me to check my 401 K for 2006. This is what I found-and it runs counter to what you posted.
I contributed $15,000 to the 401K plus $5000 catch up for a total of $20,000 for year 2006. During the year the company contributed $2550.20 as a company match. (remember to go back to your transaction history and pull up January 2006-and subtract the amount of true up for 2005 included in January 2006). On January 26,2007-my account was "trued up" with an additional $4949.80. Add $2550.20 and $4949.80 and you come up with $7500 total company contribution to my 401K for 2006. The extra $5000 catch up I contributed was not matched by NJA. Now I do realize that the current contract contradicts this move by the company as it calls for a 50% match on all contributed funds. I am confident the union will/is addressing this violation by the company. As always-thanks for your hard work!

 

[gunfyter]

No match on the catch up....

 

[VVJM265]

Daveflier,

LOA 19 of the CBA addresses the "true-up" and catchups (which aren't included in the 50% match). You lose a little interest with the true-up plan; but a 50% match, even in the current incarnation, is still one of the best deals around for a 401K. No matter who I tell about our plan, pilot or not, they are amazed at it! Still in indoc, but sure am happy to be here!

Cheers,
265

 

[FLYLOW22]

The extra $5000 catch up I contributed was not matched by NJA.

Admittedly, I have not read up on the contract as it relates to "Catch up" 401K contributions... they don't apply to me.

I would encourage you to read any applicable sections of the CBA that do address this (if any).

I would further encourage you to contact a Union Steward for clarification (after reading the CBA) with the CBA in front of you so that you can get the most from your convesation.

 

[Daveflier]

Daveflier,

LOA 19 of the CBA addresses the "true-up" and catchups (which aren't included in the 50% match). You lose a little interest with the true-up plan; but a 50% match, even in the current incarnation, is still one of the best deals around for a 401K. No matter who I tell about our plan, pilot or not, they are amazed at it! Still in indoc, but sure am happy to be here!

Cheers,
265

I am in total agreement with you. The NJA 401K is excellent. I also very much appreciate the work of Flylow22 who dedicates his time as a union volunteer. As a long time former ALPA member-I can affirm that ALPA cannot match IBT 1108!!

 

[WillFlyFoCookie]

This has been a very informative thread! I'd like to just get back to the Majors vs. NetJets aspect though. I work for NetJets and have worked for a Regional prior to this. I think when it comes to compensation and benefits there is really no question that NJA is better. That's one of the big reasons I came here. But when it comes to comparing to Majors, I don't see NetJets getting quite there. For one thing, there will never ever be an Ultra Captain anywhere that makes $250K. Another thing that I think a lot of people at NetJets forget about is FO pay. This is natural because most guys here are in fact Captains that got the big pay increases with the contract and get the 20% raises for a few years around year 5. FO pay starts at "OK" and pretty much stays there. There's just no contest compared to what an FO makes at say SWA. Also guys being in the FO position at NetJets are going to be there much longer then the Captains before them. Not many are leaving off the top and upgrades are relatively few especially when you consider that most are Captains just switching equipment. I'm not complaining but that's just the way things are now and for a while into the future.

Is NetJets a career place? I think so or I wouldn't be there. Does the compensation at NetJets surpass or equal the Majors now or in the future? I don't think so. Is that necessarily a bad thing? No. Most people can make a decent living here. Do I think the NJA pilots deserve more in the future? Of course I do, and we should if our hard work is continuing to allow the company to make money like it is now.

I wouldn't discourage anyone from trying to work for NetJets. I just wanted to add my two pennies.

Thanks

 

[Twotter76]

For one thing, there will never ever be an Ultra Captain anywhere that makes $250K.

Actually my friend I just flew a tour with one. Now I will grant you he was working my a$$ off but it IS possible. For comparision a 12 year SWA Captain makes $189 an hour and presuming a 78 guarantee (I know this isnt how their system works) then you are looking at a base salary of $174,906. Compared to a 12 year NJA guy on reserve in a Cat 3 aircraft their base is $134,608. Now change that to a class 4 (yes I know there aren't many but hopefully we'll get more) and assume they have 4 years in program now we are talking about $159,050. Really the difference isn't that much.

No one will argue that SWA, UPS, and Fedex have higher monetary compensation but I would put our QOL against theirs any day. How much is that worth to you? Throw in the fact that we don't have to worry (nearly as much) about age 65, cabotage, sabotage, or price wars and I think its pretty dang close between us and them. Now if we could just get into CASS it would be perfect...

 

[theskyking]

Actually my friend I just flew a tour with one. Now I will grant you he was working my a$$ off but it IS possible.

Good for him if he's making that coin and it's not even his a$$ that he's working off.

 

[sweptwingz]

Yet Another Reason as to why people no longer ride the airlines

http://cbs2.com/national/topstories_story_046063757.html