Mr. Irrelevant
Well-known member
- Joined
- Nov 26, 2001
- Posts
- 562
To anyone who would like to reply,
I currently fly part-time while working full-time for a Fortune 500 Corp. I may try flying full-time (CFI) as soon as I finish a Master's degree my current employer has been kind enough to fund(typical benefit). Since I've been flying and surfing this board for the last 3.5 years I've been surprised at information provided on the lack of good retirement plans at the commuter/regional level. Or sometimes any plan at all for that matter. I have not yet read Flying the Line I or II which may have insight into why not. Contract History I'm not very clear on.
It seems to me that a decent employer usually provides their professional employees some palatable package to plan on. The smaller airlines I have heard/read but don't know for sure seem to have combinations of weak plans. Such as a 401k with no company match; helps with tax savings but no match??? (The match being a company funded contribution to the 401k) Except that there have been limits on the amount a person could put into IRA's (going up this year by the way) that don't allow for as much savings as a 401k, a person could individually do the same thing with an IRA that a 401k does without the match.
I was hoping I could get information and opinions from pilots working at various regionals, fractionals, corporate operators, charters and major operators on their company benefits in the retirement areas. The info would certainly help me and hopefully others considering an avenue in which to pursue a flying career.
Just for example, at my current employer there is a 401k with a company match of 50% of the employee's contribution up to 6% of the employee's salary. Also, we have a pension plan that vests after five years that pays a portion of an employees yearly salary into the plan (starting at 4% the first year and working up to 11% in year 30) with an annual 5% return (guaranteed). I've also been fortunate to take part in a bonus plan that has given me some pretty generous checks. What just kills me about the plans at some of the 121 or 135 operators is that some of the people I work with who couldn't remember how to open an aircraft door if they were shown 20 times how to do so, take part in our plan while many extremely talented and skillful pilots(some who I know) probably don't get half of the above if they don't make the majors.
Anyway, I really am interested in a flying career and want as much info as possible to store away and make a decision on in the future. Since not everyone makes the majors this is a pretty important issue to me and again, may help others out as well. Clearly benefits will vary based on the industry but some of what I'veread thus far is pretty disturbing on this issue. Thanks for all the replies (if this post generates interest).
Mr. Irrelevant
I currently fly part-time while working full-time for a Fortune 500 Corp. I may try flying full-time (CFI) as soon as I finish a Master's degree my current employer has been kind enough to fund(typical benefit). Since I've been flying and surfing this board for the last 3.5 years I've been surprised at information provided on the lack of good retirement plans at the commuter/regional level. Or sometimes any plan at all for that matter. I have not yet read Flying the Line I or II which may have insight into why not. Contract History I'm not very clear on.
It seems to me that a decent employer usually provides their professional employees some palatable package to plan on. The smaller airlines I have heard/read but don't know for sure seem to have combinations of weak plans. Such as a 401k with no company match; helps with tax savings but no match??? (The match being a company funded contribution to the 401k) Except that there have been limits on the amount a person could put into IRA's (going up this year by the way) that don't allow for as much savings as a 401k, a person could individually do the same thing with an IRA that a 401k does without the match.
I was hoping I could get information and opinions from pilots working at various regionals, fractionals, corporate operators, charters and major operators on their company benefits in the retirement areas. The info would certainly help me and hopefully others considering an avenue in which to pursue a flying career.
Just for example, at my current employer there is a 401k with a company match of 50% of the employee's contribution up to 6% of the employee's salary. Also, we have a pension plan that vests after five years that pays a portion of an employees yearly salary into the plan (starting at 4% the first year and working up to 11% in year 30) with an annual 5% return (guaranteed). I've also been fortunate to take part in a bonus plan that has given me some pretty generous checks. What just kills me about the plans at some of the 121 or 135 operators is that some of the people I work with who couldn't remember how to open an aircraft door if they were shown 20 times how to do so, take part in our plan while many extremely talented and skillful pilots(some who I know) probably don't get half of the above if they don't make the majors.
Anyway, I really am interested in a flying career and want as much info as possible to store away and make a decision on in the future. Since not everyone makes the majors this is a pretty important issue to me and again, may help others out as well. Clearly benefits will vary based on the industry but some of what I'veread thus far is pretty disturbing on this issue. Thanks for all the replies (if this post generates interest).
Mr. Irrelevant
