Major Airline vs NetJets

[wolfpackpilot]

What does NJ contribute as far as retirement goes?

50% match of your contribution to the IRS limit, (currently $15,500/yr).

 

[RCA]

I've heard you can contribute 15,500 plus the company match. Is the IRS limit is how much you can conribute?

 

[Twotter76]

I've heard you can contribute 15,500 plus the company match. Is the IRS limit is how much you can conribute?

Yes the 15.5k is the maximum you are allowed to defer from your paychecks. I believe if you are over 50 there is also a 401k catch-up which is something like another 5k that you can add (one of you old guys can chime in here). The company will match 50% of the 15.5k for a total of $23,250 if you max it out.

 

[Cavpilot]

. The company will match 50% of the 15.5k for a total of $23,250 if you max it out.

23,250 is damn near double what I made the first year at a regional. God bless NJA.

 

[nerdpilot]

Who is CAL????

 

[jonjuan]

Yes the 15.5k is the maximum you are allowed to defer from your paychecks. I believe if you are over 50 there is also a 401k catch-up which is something like another 5k that you can add (one of you old guys can chime in here). The company will match 50% of the 15.5k for a total of $23,250 if you max it out.

Says who? You can contribute $15.5K this year. The company then matches 50% of 15% of your salary. If you make 75K, for example, the company will give you $5,625. This totals $21,125, not $23,250.

 

[Cavpilot]

If you make 75K, for example, the company will give you $5,625. This totals $21,125, not $23,250.

Explain to me why this is a bad thing. Unless you don't want a $5,625 match.

 

[208starcheck]

Says who? You can contribute $15.5K this year. The company then matches 50% of 15% of your salary. If you make 75K, for example, the company will give you $5,625. This totals $21,125, not $23,250.

Sorry but the 15% number is no longer correct. The new contract says nothing about 15%. The company will match 50% of what you put in (which is limited by the IRS at $15,500) I do 19% because I'm an FO and will not hit the $15,500 limit.

 

[Fozzy]

You may not see all of the match till after the end of the year. It is late and I am tired, but the company does not want people front loading. So they match 50% of 15%, and don't match anything over 15% till the begining of the following year, then they true up. I guess they don't want short timers, maxing out in the first 6 months, taking the company match and bailing.
I am sure someone will correct me and tell me I am all wrong. Anyways, I max (gov allowed) every year now.

 

[FLYLOW22]

Says who? You can contribute $15.5K this year. The company then matches 50% of 15% of your salary. If you make 75K, for example, the company will give you $5,625. This totals $21,125, not $23,250.

Still... $21,125/$23,669...

Twice as much as my 1st full year at a regional.

And it IS 50% match of whatever you contribute.

 

[Floyd94]

It just depends guys.

There aren't many Class 4-5 planes paying those slaries at NJA. Hopefully that changes but that's up to RTS to order the rigs.

Most pilots here are CLass 1-3. You can make well into the 100s in a CLass 1-3, especially if you are willing to fly the Reserve Sched.

?

At the same time, compared to the amount of pilots at CAL, there aren't that many 77/76 Captains making $186 an hour either. Most are on the 73.

And for the stock ticker challenged, "CAL" = Continental Airlines.

 

[SteelerMan]

Thanks for the info guys. Speaking only about retirement, at CAL, the company will contribute 12.75% of your salary(effective this summer). What NJ contributes is good, don't get me wrong, but in year two pay at CAL, the company will contribute more to your retirement (yr two is about 8000) than NJ ever will (Per year contribution) and over a 30 year career, these amounts are significantly different. After upgrade, CAL's contribution would be 20,000+ per year. So I think this is the main reason a person would make this move.

 

[Fozzy]

Steeler,
Not that I am interested in going to CAL, but I like to see what other have in order to further what we might go after down the road.
First, you are talking about 401K contributions, correct?
It looks like the company just puts that money in your 401K, but does it require you to put anything in for them to match?

20K per year after upgrade is a nugget, add in your 15.5K+ and that is a serious deposit. What is the max gov allowed from the employer anyways? That must be getting close to the cut off. And how long before you upgrade?

Just make sure when they come crying that they need cutbacks, you tell them to get bent.:bomb:

 

[jonjuan]

Still... $21,125/$23,669...

Twice as much as my 1st full year at a regional.

And it IS 50% match of whatever you contribute.

Gotcha. Different than how most companies 401Ks are set up.

 

[FLYLOW22]

Gotcha. Different than how most companies 401Ks are set up.

15% as a limitation is mandated by the fed, not company imposed.

An employee may elect to set aside up to 15% of their total earnings per paycheck into a 401K.

What an empoyer matches is completely up to and between the employer/employee. They could match at a premium of 200% I'd imagine as part of some exorbinent retirement plan (see CEO pay).