SWA Contract - How good is it?

[PCL_128]

We already get a 7.3% match on our 401k - so that's very comparable with any B-plan out there.

No 401k match is ever comparable to a B-plan. B-plans give you money without you having to contribute a dime of your own money. You only receive a 401k match if you contribute. There are also more restrictions on 401k contributions than B-plan contributions. B-plans are far superior to 401ks.

 

[Alcatraz]

So are they hinting at outsourcing your jobs to the codesharing partners...type of thing?

I don't think it's quite that bad (at least not publicly). It's not like when I worked at Skyway and they threatened to shift all the flying to Mesa unless we accepted their lame*** contract.

However, "expanding" internationally with only codeshare partners rather than SWA aircraft (and pilots) is a threat to my seniority advancement and upgrade, so yes, I think this is the biggest issue in the contract. And yes, about half of our pilot group doesn't understand that.

I think the pilot group is generally happy (always with exceptions) with our current setup, but there are definitely things that we want fixed in this next contract. Being pretty happy with what we have doesn't mean we should or will lose sight of the ball during negotiations... and I'll vote "NO" if I need to (I've done it at other airlines!).

 

[murano]

Yeah, what he said. SWAPA is made up almost entirely of senior captains. There's now finally one F/O on the BOD who hopefully will keep an eye out for us F/O's who will be yanking gear for a looooong time to come.

 

[bravodude]

No 401k match is ever comparable to a B-plan. B-plans give you money without you having to contribute a dime of your own money. You only receive a 401k match if you contribute. There are also more restrictions on 401k contributions than B-plan contributions. B-plans are far superior to 401ks.

What do you guys have at AirTran!

 

[Whataburger]

Can't complain. Iron out all the side letters and throw in some code-share language, and let's vote. The people that complain the loudest don't have much to compare our language and QOL to.
Comparing our "retirement" to others is as F-ed up as a football bat. We' have never tried to be like the others. For now it works and will provide money after the 65th birthday, or 70, or 80, or whatever the old dudes change it to by then. No need to choke the golden goose or even, as United says, "Squeeze every egg out of the golden goose."

 

[PCL_128]

What do you guys have at AirTran!

A 10.5% B-plan.

 

[Hose A. Jiminez]

A 10.5% B-plan.

Difference is we get to keep ours reguardless what happens to the company. I truly hope you still have yours at the end of your career, hard to tell these days.

 

[ROSWELL41]

Any more rumors on SkyWest flying RJ's for you guys?

 

[FatesPawn]

No 401k match is ever comparable to a B-plan. B-plans give you money without you having to contribute a dime of your own money. You only receive a 401k match if you contribute. There are also more restrictions on 401k contributions than B-plan contributions. B-plans are far superior to 401ks.

PCL,

Why are B-plans "far superior" to a matching 401k? - I mean, Besides the fact you have to contribute your own money to get the match (which is a very good idea in any case)

We have decent investing options (depending on your investing 'prowess' some might argue otherwise) and for those with more time on their hands to do more research we have a 50% Self directed brokerage option.

If your salary exceeds the $230,000 IRC limit you still get the company "match" even though it's beyond your own contribution. The extra money goes into a 401(a)(17) plan that, while non-qualified, has an S&P 500 option that IS essentially qualified (protected from creditors.)

If you exceed the $46,000 IRC limit, we have an "excess benefit" program that either pays you in cash or allows you essentially the same investing options as the 401(a)(17) plan.

These seemed to be the same provisions I remember from my UAL days? So, in all seriousness, why is a B-fund better?

-fate

 

[FatesPawn]

Hose,

B-funds get the same protections as a 401k. It's their money.

A-funds are the traditional pension.

-fate