Toccata

Hence the word "probably". Its a computer - garbage in.....you know the rest.

FoxHunter

A little history on how it came about that a pilot's pay was reduced to S/O pay the day he reached the regulated age of 60.

Under the FCH the age 60 pilot continued to receive Captain's pay until he activated in the new seat. Just like any seat change. Under the FCH there also was no restriction on carry over so it was possible bid a long carry over, protect it, and get 150+ per month while in training if you had been on the right airplane. They had a 747 Captain reach age 60 and went to 747 S/O school. Training was slow, very slow, and he appeared to be having problems getting with the program. So much so that he required 200% training. All this time getting paid 150-190 hours a month Captain pay. He finally qualified after months and months in training. The moment he qualified, he retired. That is the reason for the pay cut at the regulated age. The company tried to recover $80,000 because they correctly thought he scammed the system. He kept the money and they were quite unhappy.

FreightDawgyDog

"They had a 747 Captain reach age 60 and went to 747 S/O school. Training was slow, very slow, and he appeared to be having problems getting with the program. So much so that he required 200% training. All this time getting paid 150-190 hours a month Captain pay. He finally qualified after months and months in training. The moment he qualified, he retired. That is the reason for the pay cut at the regulated age. The company tried to recover $80,000 because they correctly thought he scammed the system. He kept the money and they were quite unhappy."

If he would have been smart enough to have a fortunate "shoulder injury" somewhere in there he could have made even more. Yep, people abusing any sytem, including sick leave, is wrong and says a lot about that person.

XprsFr8r

Different case for you, FH. Didn't you go out on medical for some bogus medical problem? If you did that BEFORE turning 60, then the CBA says you go out at your current rate. If you had been an active pilot on your birthday, you'd be listed as and paid as an S/O.

But nice try at twisting the facts (again).

Busboy

Hey FH,

Let's say you hadn't magically hurt your shoulder 2 months ago, and had actually gone to S/O school. But, you couldn't make it through because you kept trying to take over the sim...And, they decided to bust you out...Would you have gone back to your "current position"?

The answer would have been no. Because it was not possible for your "current position" to be a captain. Due to the regulations. So, logic would tell me that your "current position" is not an MD11 Capt.

Having said that...Seeing as we have so many over age 60 leeches, working in management, I'm sure you'll waltz right back to the left seat. That is, as soon as your shoulder heals. Is there any chance for a non-life threatening infection, to set in for about 5 years?

Wild Bill

The rule change shouldn't affect the 401(K), or your Federal Express Corporation Pilots' retirement savings plan, but I am afraid it WILL affect our FEDERAL EXPRESS CORP. PILOTS' MONEY PURCHASE PENSION PLAN. I am no expert but here is how the Captains explained it to me. This account known as a B fund, was created because pilots were unable to work 60-65 and allowed us to defer tax until we retired and presumably would be in a lower bracket. Since we can now work until 65 this now becomes regular income. Worst case we have to pay tax on everything currently in our B fund. I don't think that is a likely interpetation by the IRS. A more likely interpetation is that all pay after the rule change is now regular income and subject to withholding, Social Security, etc. Best case as you sugest is our B-fund should be rolled into our 401(k), which at a minimum would count against the max we can contribute each year. The tax rules are already in place. The age change just adjust where we fall within those rules. Best guess is that the B fund money is now regular taxable income.

The B fund inplications are the first question I want to see answered, as it already went into place with the President's signature. When the over 60 guys move back to the front seat are all good questions, but how the new law has already affected our B fund is the more pressing question.

Busboy

Your question was already answered. Our "Pilot Money Purchase Plan" is not unique to pilots. Any company can do it.

Maybe read this:

http://www.edwardjones.com/cgi/getHT..._purchase.html

a300fr8dog

Thanks so much for the link. I spent a good amount of time looking for a synopsis like that when the 65 thing really started brewing, couln't find much except IRS code references. But, reading the IRS stuff led me to the same conclusion.

I will try to steer folks to your linked refernce next time I hear the same worries being voiced.

Thanks, again.

a300fr8dog

Bill,
My understanding is that the PMPP is part of the overall 401k plan at FedEx. A subset, if you will. I could be wrong. If/when I get an answer from the Express Advisor guy, I'll let ya'll know.

Toccata

Actually got me curious now - you're saying that he's still getting Captain hourly rate? I did not infer that from the screen snapshot - only that they choose not to write the coding for that particular display to account for the one instance that a crew position change does not occur based on activation, but simply on age.

I'm betting the payroll guys are on top of it, though. Same for the scheduling program.