999 mechanics or related position guys have signed up for the early out. The exit dates vary from right away to 18 months from now. The guys wrote down their desired exit date but the company can change the date if they feel like it.
That's a good amount for a bye-out. I believe the offer was as high as 100K? I have always said that if any company would offer a years salary they would get the participation that they want and maybe even have to hire in newbies. Our last bye-out (Freedom 09) was up to 75K for mechanics and very few mechanics took it. We and some directors told the co. that they would have to at least offer 100K to get the amount to take it that the co. wants. The 100K is the magic number as 95% of all mechanics are averaging somewhere around 100K-120K per year with a little overtime.
You have been there for some time, did you take it? I assume you were hired there in the late 80's? How many guys in your station are taking it?
On a side note; we have been hearing of another early out offer coming. Not sure if it will be with or along side our new contract offer or maybe later afterwards. I have talked with guys that say if they do another one they will take it at 100K and fly the coupe. They sure would get rid of a lot of high timers this time around.
gtd
Advanced
- Dec 17, 2009
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I personally am taking the buy out. It's long over due and many of us are fed up with the whole merger process. Instead of taking the best of two airlines they have taken the worse, then, they morphed it into something even worse. Then you add the fact we are represented by the IBT is just icing on the cake. I surely hope the new card drive is successful and at least my fellow mech's can have something to look forward to.
I figured you would take it gtd. Congrats on being able to do so. So, any idea how much longer you have? I too hope and pray your fellow mechanics remaining will also bring in a different union as well. I can still say that most everyone here is still very happy that we pulled the trigger and fired the IBT. yes we are in a long battle currently as you know, but we are 110% better informed and NO behind closed doors deals are being done. If we were still IBT we would have had a contract long time ago with a behind closed doors deal done by the teamsters, and it would have sucked. I will say at least AMFA is not just agreeing to everything the company wants like the other unions do.
What will you do with yourself during retirement gtd? I do wish you the best of luck during your well deserved retirement from the airline.
gtd
Advanced
- Dec 17, 2009
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Thanks. My retirement date is September 2nd. I have already moved and have lots to do around the house. I will go back to my hobby of woodworking and finish the grandfather clock that's been waiting for me. Going to take a long cruise soon after retiring. I will move on and not look back. The days of campaigning for a new union will be done for me. It's time for the next generation to make it's mark. GT
Sounds like a great plan. Stay busy in your retirement with your hobbies and you will do great. Glad to hear the time is right for you. Check in with us from time to time.
xUT
Veteran
Yes 100k max, I would think almost all of the 999 would be at the max amount. I dont know how many at each station. I didnt take it. Im 50 years old with 29.5 years.
Ok. Maybe next time huh? A bit early for you. I hope SWA does offer one soon. It's time to get some folks to retire so others can move up. I can't see working here past 65 but we have folks still here in their 70's and 80's. A couple I understand why as they are full custody grandparents and are now responsible for yet another round(s) of college funds and such. The others, I really have no clue why these guys hang around (except for one that must maintain the insurance). Just plain board I guess as they have millions saved.
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
Have a financial plan.
To maximize income in retirement, an investment plan is crucial. "The more you're reliant on your portfolio because you're retired, the less you can handle a market correction,'' says Bishop. "If you have a prudent investment plan, you should be moving money around or rebalancing on a periodic basis.''
So professional guidance is crucial.
"When you're making decisions that may be irrevocable, it's important to seek advice from a CPA or financial adviser,'' he says. "Don't make all your decisions based on your gut.''
https://www.google.com/amp/amp.usatoday.com/story/71246330/
To maximize income in retirement, an investment plan is crucial. "The more you're reliant on your portfolio because you're retired, the less you can handle a market correction,'' says Bishop. "If you have a prudent investment plan, you should be moving money around or rebalancing on a periodic basis.''
So professional guidance is crucial.
"When you're making decisions that may be irrevocable, it's important to seek advice from a CPA or financial adviser,'' he says. "Don't make all your decisions based on your gut.''
https://www.google.com/amp/amp.usatoday.com/story/71246330/
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
Although I doubt it you should ask your Union or the Company if there was any way you could take the buyout as differed payments?
Taking perhaps $25,000 per year for 4 years may keep your tax bill lower for whatever other income you have coming in such as Pension and 401k drawdowns.
Either way if you can you should wait as long as you can before hitting your SS because none of us know how long we might wind up living and you don't want to be caught short when you're in your 80's.
Taking perhaps $25,000 per year for 4 years may keep your tax bill lower for whatever other income you have coming in such as Pension and 401k drawdowns.
Either way if you can you should wait as long as you can before hitting your SS because none of us know how long we might wind up living and you don't want to be caught short when you're in your 80's.
I don't like the fact he co. can change the date.
D757, here's an update from our nego's. Looks like the co left themselves an out when they come back to the table and scrap everything that they just said they liked. You know it's pretty damn sad that it takes that little ole union AMFA to come up with "workable" language in scope. Why the hell are these guys getting paid? Why are they paying them? Instead of coming up with some workable language in scope the co. way to do things were to just sit there and say "these are our must haves" "gotta have these or no contract" "were not moving" etc... Well I guess we won't get a contract then, leave everything as it is, we'll take that.
AMFA - SWA TECHNICIAN NEGOTIATIONS UPDATE #55
1AA
Veteran
B737 driver
Veteran
- Jul 6, 2017
- 3,381
- 209
Congrats, been at SWA for 24, lead mechanic, just curious why did you guys get rid of AMFA, and go Teamsters. We are getting close to year 6 without a T/A. Are you guys happy, or do you want a union change?Good GTD!
There is life after the Lazy'U.
I would love to see your clock.
Take Care,
xUT
