Mandatory Retirement

[Hugh Johnson]

At a recent interview with a Fortune 50 company, they offered retirement @ 60. Mandatory was 65, but if you took it at 60 you essentially received 3yrs of full pay after accepting "Retirement". The director told me that in the last 12yrs he has not seen anyone turn it down (yet).

Depends on how they structure the taxes. Lump sum or bonus taxes are usually around 40%. You would have more takehome by working. What about the 401(k) contribution, etc. The cash looks attractive, but....

 

[Gulfstream 200]

Depends on how they structure the taxes. Lump sum or bonus taxes are usually around 40%. You would have more takehome by working. What about the 401(k) contribution, etc. The cash looks attractive, but....

Some I have seen just keep paying you as normal....no lump sum. Basically get paid and dont come to work. Also have seen lump sum.

I only know ONE single individual who ever declined a package like this.

FWIW the terms are usually confidential....not that everyone in the department does not know within 2-3 days max, lol.

 

[semperfido]

how bout his one:
1.Mandatory out at 60, with pension and 401K
2. company bridge of Soc Sec to age 62
3. plus add 1 yr for every 5 yrs of longevity to pension which is paid as lump, kinda a going away thank you bonus, usually about 125K
4. Company medical insurance plan

not bad eh?

 

[CorpCaptain]

how bout his one:
1.Mandatory out at 60, with pension and 401K
2. company bridge of Soc Sec to age 62
3. plus add 1 yr for every 5 yrs of longevity to pension which is paid as lump, kinda a going away thank you bonus, usually about 125K
4. Company medical insurance plan

not bad eh?

That's one helluva thank you. Where do I send my resume. LOL.

 

[semperfido]

That's one helluva thank you. Where do I send my resume. LOL.

Change of CEO. All pilots retired or laid off and aircraft sold. It was a good deal that many pilots enjoyed for a lot of years.

 

[gulfstreameric]

Eu

How about Europe, a FAA crew based in Europe? Can you fly P91 with two guys over 65 ? What is the retirement age for P91 crews there ?

 

[Jetdriver69]

We are 65 and used to have a "pilot" retirement if you retired before 65. But now it is 65 and you are gone. And good luck suing any multibizillion dollar cap company, especially in Texas.

 

[minitour]

I have no intentioned working past 55, let alone 65. There is too much booze to be consumed on too many beaches with too many beautiful women.

 

[jet2work]

I have no intentioned working past 55, let alone 65. There is too much booze to be consumed on too many beaches with too many beautiful women.

Yes, because we all know how hot women are attracted to older, chronically drunk former pilots. imp:

 

[SansPlane]

Yes, because we all know how hot women are attracted to older, chronically drunk former pilots. imp:

In minitour's defense, he did mention booze before women. So with a few drinks and dementia setting in at 55, his "beautiful women" standard may be different than ours... ;-)