SkyWest Employee Stock Purchase Program and 401K

[Skywest Pylot]

I have been hearing rumors that the ESPP and 401K at SkyWest changed today. Anyone have details? Are they good changes? What kind of approval did the company seek from the pilots/employees?

 

[WalterSobchak]

I have been hearing rumors that the ESPP and 401K at SkyWest changed today. Anyone have details? Are they good changes? What kind of approval did the company seek from the pilots/employees?

ESPP is essentially a load of useless crap now.

Roth 401(k) will be offered.

 

[vtech]

Money saved by changing the ESSP will be redirected into a reintroduced Profit Sharing program. The Performance Rewards program will remain unchanged. The ROTH 401(k) option sounds nice. The changes may be of benefit to the HCE under the existing 401(k) plan. All things considered, these may be good changes.

 

[Roger Dat]

ESPP is essentially a load of useless crap now.

Roth 401(k) will be offered.

"Useless Crap"

How so????? I have to disagree with you.

 

[McNugent]

Where's the details on this? I didn't see anything on OurASA today.

 

[SSDD]

"Useless Crap"

How so????? I have to disagree with you.

They just changed the program. Only a 5% discount, and can only use the price on the last day. Not the lower of the two.

 

[SSDD]

Where's the details on this? I didn't see anything on OurASA today.

After a bunch of negative posts on i-share. The just posted the official bulletin.

 

[IHateDaley]

They just changed the program. Only a 5% discount, and can only use the price on the last day. Not the lower of the two.

Oh wow, that blows huge as s chunks.

 

[McNugent]

So will that apply to this 6 month period or does it start the next?

I can't find it anywhere so if one of you could post a link I'd appreciate it.

 

[Roger Dat]

If thats true, the program is useless. Only guaranteed 5% and with the way the stock moves it can move 5% lower in a day. Especially since it takes a few days for us to get our hands on it to sell it.​

Might as well put that money in a savings account.

Oh well

 

[WalterSobchak]

So will that apply to this 6 month period or does it start the next?

The next...it will not affect this coming purchase.

SWOL>Documents>Company>HeadsUp Bulletins>2008>

If thats true, the program is useless. Only guaranteed 5% and with the way the stock moves it can move 5% lower in a day. Especially since it takes a few days for us to get our hands on it to sell it.​

Might as well put that money in a savings account.

Oh well

That's what I meant by "useless crap". Until the changes officially take place, it is/was a great program.

I'm hoping vtech is right and this turns into something good..but, right now, losing the solid ESPP we have/had sucks.

 

[CFIT]

From what I have been told it will a no loss switch in the programs.

Also for those of us that fall into the HCE category the company has now provided a new Defered Compensation Program. I have been getting creamed in taxes and this will definately help.

 

[CFI2766]

WHOA!!! AAAARRRRRGGGHHH!!!!

D@MN IT!!!

@#$%!!!!

The ESPP is now worth much, much less than before!!

I know that this isn't part of my contractually obliged compensation, but this stinks! Parallel: What if I arbitrarily decided to put 10% less effort into my job tomorrow?

FRUSTRATION.

I'm almost touching 4% in a money market account, and I can have the money whenever I need it, without having to wait 6 months. There is no point to the ESPP anymore!

Also, frankly, the additional layer of the sliding scale percentage match on contributions in the ASA version of the traditional 401k, presumably the Roth version as well, takes the value to the employee significantly below what most other employers are offering in the market place.

Whiskey...Tango...FOXTROT?!?!

 

[CFI2766]

From what I have been told it will a no loss switch in the programs.

Also for those of us that fall into the HCE category the company has now provided a new Defered Compensation Program. I have been getting creamed in taxes and this will definately help.

Maybe I'm not getting that option as an ASA guy, but where do you see a 'new' program to defer compensation?

You are familiar with how a Roth 401k works, right?

 

[BigLebowski]

Go to SWOL...or even on our SAPA forum

usually a good source of information.

 

[WAZUP]

I like how they waited till after open enrollment to tell us. Had I known I would be keeping that money in my check.

 

[sweptback]

Maybe I'm not getting that option as an ASA guy, but where do you see a 'new' program to defer compensation?

You are familiar with how a Roth 401k works, right?

It's another perk, like higher profit sharing, new growth, and now deferred compensation that SkyWest employees enjoy while ASA doesn't.

 

[asayankee]

And this folks is why you should always lock in your compensation in contractual pay rates. Bonuses and other programs are good, but if they can cancelled by the boad of directors any time they decide their profits aren't high enough they mean nothing.

 

[SkyNation]

I like how they waited till after open enrollment to tell us. Had I known I would be keeping that money in my check.

it doesn't affect this period. it will work the same for this purchase period, ending 12/31. you can go to the site and cancel anytime. open enrollment has nothing to do with it.

 

[IHateDaley]

I like how they waited till after open enrollment to tell us. Had I known I would be keeping that money in my check.

It's not too late to change your ESPP contribution. And you can cancel your contributions outright at any time.