"Latest and Greatest" about jetBlue
03-06-2012, 12:05 PM
#2301
Gets Weekends Off
Joined APC: Dec 2010
Posts: 194
Borrowed
The retirement shortfall IS in fact greater than 3% and this pilots group satisfaction with 2.2% is tired.
Alaska Airlines is 13.5% plus profit sharing.
Hawaiian's B fund is 17%.
Delta is now 14%.
WN is 9.75% but I'll take that with their wages.
Don't forget that most of these are B funds and require no contribution from the employee. Example, an Alaska Airlines Captain earns $150000. With profit sharing and B contributions this Captain would have received over $30000 in their retirement account last year. I'm not sure if the profit sharing is paid in cash or not. A JetBlue Captain making $150000 would have received $15000 and require the employee to contribute to get the 5% match.
In 2008 the company collaborated with the PCRB to publish a report. That report showed we were 3.5% behind. Obviously the 3.5% does not include additional profit sharing paid out at many of the other carriers. The companies failure to increase our retirement to industry standard has cost me at least $30k plus interest since this report has come out. Plus, if you are out on LTD/STD you receive NO company retirement contributions. At many other carriers you will continue to receive a contribution based on your disability earnings. It's not all bad in Blueville but this is just one of many big issues we have.
The retirement shortfall IS in fact greater than 3% and this pilots group satisfaction with 2.2% is tired.
Alaska Airlines is 13.5% plus profit sharing.
Hawaiian's B fund is 17%.
Delta is now 14%.
WN is 9.75% but I'll take that with their wages.
Don't forget that most of these are B funds and require no contribution from the employee. Example, an Alaska Airlines Captain earns $150000. With profit sharing and B contributions this Captain would have received over $30000 in their retirement account last year. I'm not sure if the profit sharing is paid in cash or not. A JetBlue Captain making $150000 would have received $15000 and require the employee to contribute to get the 5% match.
In 2008 the company collaborated with the PCRB to publish a report. That report showed we were 3.5% behind. Obviously the 3.5% does not include additional profit sharing paid out at many of the other carriers. The companies failure to increase our retirement to industry standard has cost me at least $30k plus interest since this report has come out. Plus, if you are out on LTD/STD you receive NO company retirement contributions. At many other carriers you will continue to receive a contribution based on your disability earnings. It's not all bad in Blueville but this is just one of many big issues we have.
Last edited by lake alice; 03-06-2012 at 03:56 PM.
03-06-2012, 01:28 PM
#2302
Line Holder
Joined APC: Oct 2010
Posts: 73
The retirement shortfall IS in fact greater than 3% and this pilots group satisfaction with 2.2% is tired.
Alaska Airlines is 13.5% plus profit sharing.
Hawaiian's B fund is 17%.
Delta is now 14%.
WN is 9.75% but I'll take that with their wages.
Don't forget that most of these are B funds and require no contribution from the employee. Example, an Alaska Airlines Captain earns $150000. With profit sharing and B contributions this Captain would have received over $30000 in their retirement account last year. I'm not sure if the profit sharing is paid in cash or not. A JetBlue Captain making $150000 would have received $15000 and require the employee to contribute to get the 5% match.
In 2008 the company collaborated with the PCRB to publish a report. That report showed we were 3.5% behind. Obviously the 3.5% does not include additional profit sharing paid out at many of the other carriers. The companies failure to increase our retirement to industry standard has cost me at least $30k plus interest since this report has come out. Plus, if you are out on LTD/STD you receive NO company retirement contributions. At many other carriers you will continue to receive a contribution based on your disability earnings. It's not all bad in Blueville but this is just one of many big issues we have.
Alaska Airlines is 13.5% plus profit sharing.
Hawaiian's B fund is 17%.
Delta is now 14%.
WN is 9.75% but I'll take that with their wages.
Don't forget that most of these are B funds and require no contribution from the employee. Example, an Alaska Airlines Captain earns $150000. With profit sharing and B contributions this Captain would have received over $30000 in their retirement account last year. I'm not sure if the profit sharing is paid in cash or not. A JetBlue Captain making $150000 would have received $15000 and require the employee to contribute to get the 5% match.
In 2008 the company collaborated with the PCRB to publish a report. That report showed we were 3.5% behind. Obviously the 3.5% does not include additional profit sharing paid out at many of the other carriers. The companies failure to increase our retirement to industry standard has cost me at least $30k plus interest since this report has come out. Plus, if you are out on LTD/STD you receive NO company retirement contributions. At many other carriers you will continue to receive a contribution based on your disability earnings. It's not all bad in Blueville but this is just one of many big issues we have.
Thanks lake for continuing to educate these "just happy to be here" newbie's. Maybe someday it'll sink in, but I'm not holding my breath. It continues to amaze me how many new guys, and guys not even hired yet, think that JB management is different than every other management team at every other airline in history of our industry. NO, they would never do anything to hurt me, they said so - so I believe them. Blind Faith = Lobotomy = We will continue to lose ground every year.
A couple of miniscule increases the last few years don't nearly make up for raising the premium trigger from 70 to 78 and lowering the bid divisor making it nearly impossible to make any premium. Ask any pilot here that's been in their seat more than 5 years and they'll tell you that they made more money 5 years ago than they did last year. You "Blind Faithers" are being played!
03-06-2012, 01:34 PM
#2303
Banned
Joined APC: Sep 2007
Posts: 1,480
AS profit sharing is paid by check minus income taxes. 6.7% of earnings this year.
As an aside, its too bad VX pilots won't take a look at B6 history...those who will not learn from history are doomed to repeat it.
As an aside, its too bad VX pilots won't take a look at B6 history...those who will not learn from history are doomed to repeat it.
03-06-2012, 01:59 PM
#2304
Banned
Joined APC: Jun 2008
Posts: 8,350
+1
Thanks lake for continuing to educate these "just happy to be here" newbie's. Maybe someday it'll sink in, but I'm not holding my breath. It continues to amaze me how many new guys, and guys not even hired yet, think that JB management is different than every other management team at every other airline in history of our industry. NO, they would never do anything to hurt me, they said so - so I believe them. Blind Faith = Lobotomy = We will continue to lose ground every year.
A couple of miniscule increases the last few years don't nearly make up for raising the premium trigger from 70 to 78 and lowering the bid divisor making it nearly impossible to make any premium. Ask any pilot here that's been in their seat more than 5 years and they'll tell you that they made more money 5 years ago than they did last year. You "Blind Faithers" are being played!
Thanks lake for continuing to educate these "just happy to be here" newbie's. Maybe someday it'll sink in, but I'm not holding my breath. It continues to amaze me how many new guys, and guys not even hired yet, think that JB management is different than every other management team at every other airline in history of our industry. NO, they would never do anything to hurt me, they said so - so I believe them. Blind Faith = Lobotomy = We will continue to lose ground every year.
A couple of miniscule increases the last few years don't nearly make up for raising the premium trigger from 70 to 78 and lowering the bid divisor making it nearly impossible to make any premium. Ask any pilot here that's been in their seat more than 5 years and they'll tell you that they made more money 5 years ago than they did last year. You "Blind Faithers" are being played!
It's painful to watch though.
03-06-2012, 03:05 PM
#2305
Gets Weekends Off
Joined APC: Dec 2010
Posts: 194
Borrowed
Let's get the real retirement numbers out. Talk to your contacts at the other ailrlines or check the news releases and post the information here. This is what I have found.
---------------A fund---------B fund--------Profit Share-------401k------Total
Alaska-------frozen----------13.5------------6.7---------------------------20.2
American------7--------------11--------------?-----------------------------18 +
CAL--------------------------12.75------------4---------------------------16.75
DAL----------------------------12-------------5-------------------2---------19
Southwest-------------------------------------8ave--------------9.3-------17.3
UAL----------------------------16--------------6----------------------------22
Industry Average -----------------------------------------------19%
All industry plans are CBA and cannot be unilaterally changed or discontinued by management.
JetBlue--------------------------------------5-----------------------5-------10
All JB plans discretionary and can change at any time. Profit Sharing plan does not say 5%. It says BOD will decide what if any is paid each year.
Check the numbers. SWA is ave 8% over 10years. USAir East/West drag it down to 18% but then add in HA, FedEx and UPS to make it 21%. Push, pull, it does not make a difference. The numbers are 19-20% Non-Discretionary industry average against our 10% discretionary.
Let's get the real retirement numbers out. Talk to your contacts at the other ailrlines or check the news releases and post the information here. This is what I have found.
---------------A fund---------B fund--------Profit Share-------401k------Total
Alaska-------frozen----------13.5------------6.7---------------------------20.2
American------7--------------11--------------?-----------------------------18 +
CAL--------------------------12.75------------4---------------------------16.75
DAL----------------------------12-------------5-------------------2---------19
Southwest-------------------------------------8ave--------------9.3-------17.3
UAL----------------------------16--------------6----------------------------22
Industry Average -----------------------------------------------19%
All industry plans are CBA and cannot be unilaterally changed or discontinued by management.
JetBlue--------------------------------------5-----------------------5-------10
All JB plans discretionary and can change at any time. Profit Sharing plan does not say 5%. It says BOD will decide what if any is paid each year.
Check the numbers. SWA is ave 8% over 10years. USAir East/West drag it down to 18% but then add in HA, FedEx and UPS to make it 21%. Push, pull, it does not make a difference. The numbers are 19-20% Non-Discretionary industry average against our 10% discretionary.
03-06-2012, 03:13 PM
#2306
Line Holder
Joined APC: Oct 2010
Posts: 73
Yeah, especially when it affects my dwindling career earning potential. I already wasted the prime of my career during the bleakest time in the airline industry. Now that things are starting to improve, I have the "just happy to be here" crowd killing my retirement by voting "no." I'm sure they'll wake up in time to save their own retirement though....Geesh!
Thread
Thread Starter
Forum
Replies
Last Post
