How Bad Will Peak Be?

[59 Dano]

Can you do the math? If not, get a 5th grader to explain. You said a FDX pilot can make $300k a year. They get close to 90% of their salary in retirement. That puts them in the $260k maybe $270k range just in pension. Anything they make above $35k or so puts them even. Let them make anything in six figures, they are now $65k or more of where they are now. Let them make $150k flying Amazon planes, they are now $115k above where they are now. Let them do that a few years and they can pay for all the divorces and rehab bills they have racked up. Do that 5 years and they are now close to $550k ahead of where they would be. TTKU.

You don't know what you're talking about.

The max pension benefit for a FedEx pilot is $130,000. That's if he works 25 years and had at least 5 years of earnings of $260,000. If he's lucky he started with FedEx in his early 30's, so he'll be between 57 and 60 if he retires at 25 years of service. He goes to ABX or Atlas and starts at the bottom of their pay progression, making about half what he made at FedEx.

Soooooooo... he quits a job making close to $300k, starts collecting a pension of $130k, takes a job doing the SAME THING (with no seniority or any of the perks that come with it) for less than half the pay of the FedEx job that he left. Pension and new salary combined, he's making less than if he stayed.

Brilliant plan, Falcon. That's why you have so much credibility here.

 

[falcon back]

You don't know what you're talking about.

The max pension benefit for a FedEx pilot is $130,000. That's if he works 25 years and had at least 5 years of earnings of $260,000. If he's lucky he started with FedEx in his early 30's, so he'll be between 57 and 60 if he retires at 25 years of service. He goes to ABX or Atlas and starts at the bottom of their pay progression, making about half what he made at FedEx.

Soooooooo... he quits a job making close to $300k, starts collecting a pension of $130k, takes a job doing the SAME THING (with no seniority or any of the perks that come with it) for less than half the pay of the FedEx job that he left. Pension and new salary combined, he's making less than if he stayed.

Brilliant plan, Falcon. That's why you have so much credibility here.

Your numbers are skewed. There is a financial advisory firm in Memphis that specializes in pilot affairs. They have my account as well. They showed me various Power Point slides with current accounts they have when I was meeting them for the 1st time, my numbers are spot on. They showed me these slides to explain how different positions in the company had various pension options. In your scenario, pilots only get 50% of their salary as a pension. The Traditional pension for all other employees topped out at almost 55%. You actually believe pilots got less of a % of their salary than the rest of the company? Nice try though.

 

[bacha29]

You guys can toss around all the numbers you want but one number trumps all the numbers both of you guys are tossing out there......65. The mandatory retirement age.

 

[falcon back]

You guys can toss around all the numbers you want but one number trumps all the numbers both of you guys are tossing out there......65. The mandatory retirement age.

Why does that matter? You put in the required 25, you retire before 60 and get a very sizable pension. You work a few years for Atlas or whoever making less than you did at FDX but combined with your pension, you are $75k maybe $100k more in yearly income. You retire at 65 and you are close to $500k on the plus side. Sounds like a nice opportunity to add to your nest egg.

 

[NC man]

FB, are you saying a drivers pension equals 55% of his pay? If so they screwed mine up. Don’t think that’s right.

 

[falcon back]

FB, are you saying a drivers pension equals 55% of his pay? If so they screwed mine up. Don’t think that’s right.

25 years in the Traditional pension resulted in about 55% of the average of your 5 best years salary in monthly payments. For us that wait before taking our pensions, the amount will be up to 80% of your 5 best years average.

 

[NC man]

Been awhile,what year did they end trad pension?

 

[falcon back]

Been awhile,what year did they end trad pension?

I got out of it the day the Portable was started. Maybe 2003. For a while it was optional to to change to the Portable, then the Traditional was done away with. Others can better answer that question.

 

[NC man]

Yea I waited til we had to but if around 03 I only had 14 yrs in,not 25 yet

 

[floridays]

ergo, the LOL.

Reprobates have no humor.
LOL, @MassWineGuy

 

[vantexan]

You don't know what you're talking about.

The max pension benefit for a FedEx pilot is $130,000. That's if he works 25 years and had at least 5 years of earnings of $260,000. If he's lucky he started with FedEx in his early 30's, so he'll be between 57 and 60 if he retires at 25 years of service. He goes to ABX or Atlas and starts at the bottom of their pay progression, making about half what he made at FedEx.

Soooooooo... he quits a job making close to $300k, starts collecting a pension of $130k, takes a job doing the SAME THING (with no seniority or any of the perks that come with it) for less than half the pay of the FedEx job that he left. Pension and new salary combined, he's making less than if he stayed.

Brilliant plan, Falcon. That's why you have so much credibility here.

So you're saying a pilot who made great money for 25 years and has a $130k pension would still be seeking work in his 60's after retiring with FedEx? That would be sad and pretty pathetic. He conservatively should have millions in the bank.

 

[vantexan]

25 years in the Traditional pension resulted in about 55% of the average of your 5 best years salary in monthly payments. For us that wait before taking our pensions, the amount will be up to 80% of your 5 best years average.

It's 2% of your highest average earnings times the number of qualified years worked up to a maximum of 25 years. Maxes at 50% of your highest average annual earnings if you work 25.

 

[falcon back]

It's 2% of your highest average earnings times the number of qualified years worked up to a maximum of 25 years. Maxes at 50% of your highest average annual earnings if you work 25.

What's your point? I said ABOUT 55%. Do you know what ABOUT means. I sure know what ABOUT 80% means because that's what mine will be by waiting 5 years before taking my pension.

 

[falcon back]

So you're saying a pilot who made great money for 25 years and has a $130k pension would still be seeking work in his 60's after retiring with FedEx? That would be sad and pretty pathetic. He conservatively should have millions in the bank.

Many people tend to spend every penny they make and wind up retiring with not much. Sound familiar?

 

[59 Dano]

Your numbers are skewed. There is a financial advisory firm in Memphis that specializes in pilot affairs. They have my account as well. They showed me various Power Point slides with current accounts they have when I was meeting them for the 1st time, my numbers are spot on. They showed me these slides to explain how different positions in the company had various pension options. In your scenario, pilots only get 50% of their salary as a pension. The Traditional pension for all other employees topped out at almost 55%. You actually believe pilots got less of a % of their salary than the rest of the company? Nice try though.

The pension formula is in the pilots' current contract: 2% of their average max earnings for 5 years (capped at $260,000/yr) multiplied by total years of service (capped at 25 years). Can you do the math? If not, get a 5th grader to explain. Two percent of $260k is $5200. $5200 times 25 years is $130k.

I'm presenting facts that are printed in black and white, you're telling us some guy showed you a Power Point slide about pilot pensions that said... something.

You. Don't. Know. What. You're. Talking. About.

 

[59 Dano]

So you're saying a pilot who made great money for 25 years and has a $130k pension would still be seeking work in his 60's after retiring with FedEx? That would be sad and pretty pathetic. He conservatively should have millions in the bank.

I didn't say any of that. Falcon thinks that pilots will retire from FedEx and go work for ABX/Atlas. His numbers are all wrong and I'm just pointing out how wrong they are.

 

[falcon back]

The pension formula is in the pilots' current contract: 2% of their average max earnings for 5 years (capped at $260,000/yr) multiplied by total years of service (capped at 25 years). Can you do the math? If not, get a 5th grader to explain. Two percent of $260k is $5200. $5200 times 25 years is $130k.

I'm presenting facts that are printed in black and white, you're telling us some guy showed you a Power Point slide about pilot pensions that said... something.

You. Don't. Know. What. You're. Talking. About.

LOL. There are several layers of their retirement plan according to the firm that several hundred pilots have trusted their retirement to. These are separate from their 401k. You are now an expert on pilot pension based on your career in the custodial division of the company. If I had to chose between my financial advisor or some lackey who has been proven wrong several times on which one is correct, my financial advisor would be the winner. I have 1 question. A courier hits a boat trailer and the customer saw him do it, does the courier call his manager or take your advice and deny all knowledge of the event. I bet you change your answer AGAIN. Have a nice day.

 

[falcon back]

I didn't say any of that. Falcon thinks that pilots will retire from FedEx and go work for ABX/Atlas. His numbers are all wrong and I'm just pointing out how wrong they are.

Wrong in YOUR opinion. Most on here know how reliable your opinion is.

 

[vantexan]

Many people tend to spend every penny they make and wind up retiring with not much. Sound familiar?

I never made that kind of money and you know it.

 

[vantexan]

What's your point? I said ABOUT 55%. Do you know what ABOUT means. I sure know what ABOUT 80% means because that's what mine will be by waiting 5 years before taking my pension.

The pilots may have a different plan being unionized for all I know. But couriers could only get a maximum 50% of their highest annual average pay if they worked at least 25 qualified years and retire at 60 or later. Pension payouts seem over your head. No about 55% farty. You might get a little more if you wait according to Fred but you won't get about 80%. But you do you.