SWA announces 2015 PS of 15.6%
02-10-2016, 04:19 PM
#1
Gets Weekends Off
Thread Starter
Joined APC: Jul 2008
Position: 737 Right
Posts: 305
SWA announces 2015 PS of 15.6%
Company announced today that all employees will receive 2015 profit sharing of 15.6% of earnings. Pays out in April. Only option is to have it go into a retirement account which maybe we can get changed in TA2 to allow the employee to decide how it is paid out -- cash or into the retirement account.... or better yet, allow employees to designate a percentage in cash and remainder in retirement funding.
15.6% is a nice PS payout but it does not change the fact that we are 3.5 years past our contract amenable date!
P.S. -- SWAPA brothers -- nice job at the LAS informational picketing today.
15.6% is a nice PS payout but it does not change the fact that we are 3.5 years past our contract amenable date!
P.S. -- SWAPA brothers -- nice job at the LAS informational picketing today.
02-10-2016, 05:55 PM
#2
SDQ Base Chief
Joined APC: Mar 2006
Position: 320 CA
Posts: 5,667
Nice job!
As far as PS payout, if you have an option to take cash or 401k and you chose 401k then it counts towards your annual employee max contribution of $18,000. If you don't have an option and it is forced to be paid in the 401k then you as the employee can also contribute an additional $18,000. Food for thought.
As far as PS payout, if you have an option to take cash or 401k and you chose 401k then it counts towards your annual employee max contribution of $18,000. If you don't have an option and it is forced to be paid in the 401k then you as the employee can also contribute an additional $18,000. Food for thought.
02-10-2016, 07:55 PM
#3
Gets Weekends Off
Joined APC: Jun 2015
Position: WB/A
Posts: 900
Excellent. Granted we at DL are getting a higher cut in two days (21.4% they say), but I guess somebody in management was blowin' smoke when they told us we're alone in the industry with "ridiculous" profit sharing. UAL is in the game too. It's good to have company! Now let's put this trade your PS for a meager pay rate increase B.S. to rest! Share the rewards in good times, but get paid properly for each unit of work as you go, hoping that P.S. will come home to roost next year. Stay strong brothers, we're all in this together.
I live in LAS and saw the pickets on the evening news. I second the kudos. Amazingly, it was a factual, balanced message that came through to viewers. Keep up the good work.
I live in LAS and saw the pickets on the evening news. I second the kudos. Amazingly, it was a factual, balanced message that came through to viewers. Keep up the good work.
02-10-2016, 08:06 PM
#4
Gets Weekends Off
Joined APC: Jun 2015
Position: WB/A
Posts: 900
Nice job!
As far as PS payout, if you have an option to take cash or 401k and you chose 401k then it counts towards your annual employee max contribution of $18,000. If you don't have an option and it is forced to be paid in the 401k then you as the employee can also contribute an additional $18,000. Food for thought.
As far as PS payout, if you have an option to take cash or 401k and you chose 401k then it counts towards your annual employee max contribution of $18,000. If you don't have an option and it is forced to be paid in the 401k then you as the employee can also contribute an additional $18,000. Food for thought.
02-11-2016, 05:22 AM
#5
Gets Weekends Off
Joined APC: Feb 2014
Position: Left Seat
Posts: 149
Is that the case? If so, then I assume 415C limits still apply? Not sure what you have for employer contributions at WN, but our problem at DL is $53,000 is all you can stash in the retirement savings plan, from all sources. Basically all captains and most wide body F/Os (I'm making the generalized assumption that everybody saves the max) are capped-out with nowhere to go except the tax man. I'd to see a solution.
02-11-2016, 05:33 AM
#6
Gets Weekends Off
Joined APC: Sep 2007
Position: B737 Captain
Posts: 236
At United once we hit the $53,000 limit (or $59,000 limit with catch up contributions for the old guys) our 16% B plan spills into a "Retiree Health Account" . The Account is invested in a low cost Vanguard Target Retirement Fund based on your age. A lot of us are essentially sheltering $70,000 plus with this feature. I recommend you try to get this in your section 6...
At SWA we have an optional 415 Excess Plan. Tax deferred with two choices. S&P 500 and a money market +2%. Downsides, considered company assets and cannot rebalance it.
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02-11-2016, 07:32 AM
#7
Gets Weekends Off
Joined APC: Feb 2014
Position: Left Seat
Posts: 149
Ours is not a 415 Excess Plan but a Retiree Health Account in a VEBA (Voluntary Employees Beneficiary Association) trust. A VEBA trust is untouchable by the company even in bankruptcy. The account rebalances automatically with the pilots age since it is in the Vanguard Target Retirement Series. The real benefit is the money goes in tax free, earns tax free, AND comes out tax free as long is it is used to fund medical expenses (including long term care insurance). That is as good as it gets...
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