Tim Nelson
Veteran
+1My mistake. I assumed everyone here would know I was talking within the context of deferred compensation.
That said, the benefits for a DC plan far outweigh the benefits of a DB plan- especially for those coworkers with a long time horizon.
I intentionally live close to mine, but 40/week is plenty.
Just the fact that we only get credit for 1600 hour 'normal hours' a year is a slap in the face when the proposed 9% 401 gives credit and contributions to all total compensation. If a ramper doesn't work any OT at $30.81 that's a 9% 401k contribution and credit to HIS account of $5,800. Without any crew chief pay, overtime, shift differ, etc.
The IAM 5.5% is a $2,700 company contribution to the pension. And 40% of the IAM members only get a $800 company contribution over an entire year. That isn't squat. Unfortunately, I know no part timers who stand up against them getting pissed on, so their voice simply isn't heard.