The Bagfather said:
Does anyone know the percentage of participation by AA FSE in their 401K plan. The national average is around 33%. And that probably includes 401Ks with and without company contributions. At HP due perhaps to a relatively young workforce it was low but I don't know exactly. So the point is if your goal is to just cost the company money you would have to know the participation rate.
IMO and it seems like most here the difference is mostly a wash. So it comes down to what your used to. Now just because it IAM is very interested in maintaining their PF does not mean it is any less valuable.
But way more important from my perspective (even though I'm retired) is the scope of a contract. I'm particularly concerned about scope relating to field stations. And how will this will affect a future TA. In SAN for instance AAFSE were outsourced while having something like 15 flight/day. They had a very low threshold for outsourcing. So when we combine the company is not going to want to insource what would be a very large number of employees. United essentially had the same problem and we have much disagreement as to how that was solved. BF
It may depend upon if SAN has 12 jet flights a day. A few months ago, AH offered same AMR pay but with AMR scope, which would have killed off most of our stations. The movement came a few weeks ago when ole AH proposed 12 flights a day and $21.90 [I previously said $21.80 but it was $21.90 + .20 longevity], or $22.10 plus wage installments past the September, 2015 date for 'catch up pay'. As of last week, the only hold up was the scope increase. The NC tried to bridge with a Cinderella date and a 'no layoff' clause and work below the 12 flight minimum but ole AH didn't have any of it. Me thinks they got a deal as Wiki hasn't responded to me, and my hunch is that ole AH got his 12 flights a day and agreed to the no layoff clause and the band aid Cinderella date that expires one day prior to ammendability. If AH hoodwinked them, they he just killed more of our leverage in joint talks and has no reason to settle a joint contract until his mine field triggers start popping.
As far as the retirement option. Sad to say, the IAM NC was focused on IAMPF over 401k match if there is any retirement increase. Comparing the IAMPF and the sAA 401k, it cost the company much more money with the TWU members 'topped out' who exercise the fullness of the 5.5%. Remember, after 9 years, TWU folks top out. Only in the 13th year do US AIRWAYS members.
So take 5.5% on $23.30 and that = $1.28
And, that dollar figure goes up as it is based on total compensation. Thus, all future pay raises, the 5.5% means more $$. It also doesn't have the overtime penalty that the US AIRWAYS IAMPF does. So, if a regular ramp worker works 1.5 overtime pay, the dollar amount is an additional $1.92.
Yearly, if a non-lead ramper just worked 4 hours of overtime a week, the total match in a year would be: $3,066 retirement contribution from the company.
OTOH, the IAMPF has the overtime penalty and caps all company contributions on regular work hours at only $1.05 for 60% of our members, or .65 for the 40% part timers.
Full time, that's about $2,184 a year for a net difference of about a $1,000 less than the sAA contribution. For 40% of our workforce, as part timers, it's even more of a disaster as the yearly benefit is only a Fuc'n $845 buck on a 25 hour work schedule. With the additional IAMPF penalty credit for not working 31 hours a week, our average part timer is making a whopping $19 buck a month x number of years or gets a $190 monthly benefit after 10 years. What up with that bullshit?
These pimp leaders have done nothing but F us all over.
