OP
USA320Pilot
Veteran
- May 18, 2003
- 8,175
- 1,539
- Thread Starter
- Thread starter
- #16
Upon furher review...
ALPA’s September 28 proposal states, "All rates of required contributions to the Pilots’ Defined Contribution Plan that are above 10% shall be reduced to 10%. Make all contributions that were not made to Pilots’ Defined Contribution Plan, July 2004 and thereafter. All pre petition and post petition notional money shall be paid in accordance with the Pilots’ Defined Contribution Plan in six equal installments after the pilot retires; a retiring pilot shall receive 1/6th of the amount on his retirement date and equal payments each six months thereafter until the entire amount is paid."
The proposal also provides an ERIP for more cash pay outs to the older pilot's in seniority order.
Therefore, if I understand the proposal correctly, the new pilot retirement plan would provide 10% of the current DC Plan monies, versus the company’s proposal for a 10% 401(k), for pilot's who continue to work.
Again, it appears the RC4/NC are protecting the top of the seniority list and leaving the remaining pilot’s with virtually no further retirement monies.
Regards,
USA320Pilot
ALPA’s September 28 proposal states, "All rates of required contributions to the Pilots’ Defined Contribution Plan that are above 10% shall be reduced to 10%. Make all contributions that were not made to Pilots’ Defined Contribution Plan, July 2004 and thereafter. All pre petition and post petition notional money shall be paid in accordance with the Pilots’ Defined Contribution Plan in six equal installments after the pilot retires; a retiring pilot shall receive 1/6th of the amount on his retirement date and equal payments each six months thereafter until the entire amount is paid."
The proposal also provides an ERIP for more cash pay outs to the older pilot's in seniority order.
Therefore, if I understand the proposal correctly, the new pilot retirement plan would provide 10% of the current DC Plan monies, versus the company’s proposal for a 10% 401(k), for pilot's who continue to work.
Again, it appears the RC4/NC are protecting the top of the seniority list and leaving the remaining pilot’s with virtually no further retirement monies.
Regards,
USA320Pilot