Netjets 1st year pay

[pilot772]

Of course it helps that you are on a busy fleet like the Citation X fleet in terms of getting OT. The XL/XLS and Sovereign fleets are also very busy I am told. Compare that to the Encore/Ultra or Beechjet fleets where you will be lucky to get any OT at all. I have a friend on the Encore fleet out of TEB and he sits around a lot of the time - he's planning to bid Sovereign FO when he gets a chance in order to get more OT. Your fleet type matters if OT is important to you.

Agree 100% I'm on the U-boat and the last three tours have only actually flown: 2 of 5 days, 4 of 7, and am about to go into day 3 of a 5 day tour and haven't left the hotel. Don't even have a captain or airplane assigned to me. At least I am out over good Friday and Easter, should be the easiest $1000 i have ever made:beer:

Oh and my first and last days have been an average of a noon show and off by 1400.

 

[IDEtoNJA]

An FO on the 18day will start at about 100k in year 2013...year one. just an FYI.

So, this can be a very rewarding job even at year 2 provided you get a few lucky OT and past midnight returns. Not sure about how others are doing but since this new IBB they seem to be working us more on last day so, you have a better chance of getting home late or busting the 14hr rule. Works for me..

flyipilot,

What numbers are you looking at? Assuming the Company decides to extend the duration of the 2007 CBA, and, assuming a CPI-U of 5%, the first year First Officer 18 Day Fixed Schedule base wage in 2013 will be $72647.

As far as pay beyond base pay is concerned, it depends on a number of factors -- Fleet, Base, Schedule Type, etc. Personally, I have yet to have had an after-midnight return this year. Year to Date, I have accumulated 56 quarters in overtime pay -- this number equates to less then 5% of the base pay.

I would recommend planning on 7.5% - 10% additional pay beyond base pay to be on the conservative side.

Please keep in mind, I am not complaining. I enjoy not having early shows and not having to fly on an airline on day one.

IDEtoNJA

 

[T-1GUY]

OK, Let me set you straight on the 401K as a new guy. I was hired in 11/06. I was making 39K a year. I have the option of withholding as much out of my paycheck as I want, but cannot exceed the IRS max of $15,500 for the year. If you withhold only 15% of your paycheck, the company will max out their match of 7.5% per paycheck. You cannot contribute to the 401K until 90 days on property. Just to simplify, if you are available for the full year, you would contribute $5850 for the year (assuming a salary of 39K and 15% withheld and contributing for all 12 months of the year). The company would provide a match of $2925 for the year.

HERE IS THE CATCH...

Our contract allows for a yearly "True Up"(Not catch up, that is for age 50 and beyond). The way this works, is after the plan year, the company must review your total contributions to the 401k. The company must match 50% of your total contributions up to the IRS limit of $15,500. If they have not done this thru paycheck matching for the year, a "True-up" payment will be made on your behalf.

This comes into play for new guys because you would never reach the IRS max for the year by withholding only 15% due to our low starting salaries or if you contributed for less than the full 12 months. (ie 39K * .15% only equals $5,850.)

My own personal example is as follows: I was making 39K a year. I started taking 15% out of my paycheck so I could get the full 7.5% match. I wasn't allowed to start this until about February. I didnt know about the "True up" provision in the contract because I was new. About July I discovered this. I had payroll withhold 62% of my paycheck for the rest of the year. Remember, the company will only contribute 7.5% thru out the year. By the end of Nov, I had contributed the full $15,500 IRS max. The company had only matched about $3,000 at that point. The company reviewed my account per the "True up" provision on or about 1 Feb 08. They saw that I contributed the full $15,500 IRS Max, and that they had contributed about $3,000. They "True Upped" my account by cutting me a check for $4,750.

The end result, was that I contributed the IRS max of $15,500. The company contributed 50% of this in the form of contributions thru the year of $3,000 plus a $4,750 true up for a total contribution of $7,750.

I know it is confusing as hell, but the bottom line is you are giving free money away, if you do not withhold the 401K IRS maximum for the year...

The deal gets even better for those age 50+. The IRS max for these guys is $20,500 due to the $5,000 "Catch up" they are allowed. The "true up" applies to the full $20,500. The end result is the company will contribute $10,250 to your 401k if you contribute the full $20,500.

The "True up" provision is written to match 50% of the IRS LIMIT. This can change in the future. The current limit is the $15,500 and $5,000 catch up.

I would love to see congress raise these amounts. It would mean a raise in the corresponding matching amounts....

 

[skiandsurf]

For the 1st year guys/gals, what is your average "take home" pay in the first year. I know this will vary depending 401k/dependents/etc...I assume you get a normal check, then another check with per diem and extras

Thanks!

3rd yr. 18 day sched. You can see the weeks that had overtime. These are net, with 15% 401k. Biweekly.

2400.00
2010.00
1960.00
1994.00
2510.00

 

[Ultra Grump]

old*art - T-1Guy has it exactly right.

 

[flyipilot]

Of course it helps that you are on a busy fleet like the Citation X fleet in terms of getting OT. The XL/XLS and Sovereign fleets are also very busy I am told. Compare that to the Encore/Ultra or Beechjet fleets where you will be lucky to get any OT at all. I have a friend on the Encore fleet out of TEB and he sits around a lot of the time - he's planning to bid Sovereign FO when he gets a chance in order to get more OT. Your fleet type matters if OT is important to you.

Yes, you are 100% correct the X does a lot of work. I have to say I have never had a show at home for a day or that much waiting at FBO's. Unless we are broken, we do a lot of trans cons and a lot of 10hr turns in a tour. It is rare and a treat to get a 15-18 hr rest in a city. But, the week goes by fast. I can not imagine not working this hard in another plane. It is a trade off for sure. The OT is nice but we also get a lot of "almost OT days" ...like 11:50 hr duty days with a 10hr rest for another 11:45 duty day.

 

[gunfyter]

The X was an overtime Gold mine. Surprisingly, the Falcon is not too shabby either.

 

[bmxandjets]

Agree 100% I'm on the U-boat and the last three tours have only actually flown: 2 of 5 days, 4 of 7, and am about to go into day 3 of a 5 day tour and haven't left the hotel. Don't even have a captain or airplane assigned to me. At least I am out over good Friday and Easter, should be the easiest $1000 i have ever made:beer:

Oh and my first and last days have been an average of a noon show and off by 1400.

sounds like a wet dream to me....but i like to sleep and watch tv..

 

[pilot772]

sounds like a wet dream to me....but i like to sleep and watch tv..

It was great watched the tournament all weekend, ended up flying 3 legs all tour i guess 1 day of flying out of 5 ain't to bad. home by 3 pm.

 

[CA1900]

Had a rare sit-at-FBO for most of the mid-day today. We all sat and watched the American Pie marathon in the FBO lounge. My kinda day, after working hard all week!