Demand a Return of Your Defined Pension Plan

[getitgoin]

There has not been change in this country in the last fifteen years that hasn't hurt working people.
Foreign trade has been a windfall for some. Not working Americans. The number of people without any means of taking care of themselves in their old age is staggering. That includes airline workers. If the government can afford to allow their energy industry pals and Wall Street to decimate this country through price gouging Americans with oil, then we deserve our pensions restored. There should be no debating this. American workers are being fleeced.

 

[dapoes]

Demand all you want, let us know when you get it.

 

[Kev3188]

I'd rather get a match on my 401K (NW doesn't currently do this)....

The money's mine right away, and it's "free" for all intents and purposes.

 

[1Conehead]

I'd rather get a match on my 401K (NW doesn't currently do this)....

The money's mine right away, and it's "free" for all intents and purposes.

Talk to your union. You should get a 401K match.

 

[cooper43]

I'd rather get a match on my 401K (NW doesn't currently do this)....

The money's mine right away, and it's "free" for all intents and purposes.

Its great to have a 401k but it is sad that the defined benefit pension plans of that Americans have counted on up until recently have pretty much all fadded away. The problem with 401k plans alone are that in times like these if you happen to be at the age of retirement you could have lost half or more of your 401k. You do not hear the republicans promoting "privitization of Social Security" now because the markets have tanked. It wasnt too long ago that all you heard from wall street and the republicans was thier plan to fix social security by privitization. That would have been a double wammy for anyone that retires when the markets are way down. I do not buy the argument that our retirement is the workers responsibilty entirely. I fear that in the future (unless things change) our country will be made up of only 2 classes of people. The very rich and the very poor. History keeps repeating itself.

 

[cooper43]

The weak economy is due to millions of jobs being outsourced to places with cheap labor, unreasonably high fuel costs(which really effects the retail market) ham-stringing all Americans,
the millions of jobs that were good paying jobs, replaced by low wage service sector jobs( the wages of which have been undermined by illegals),etc.etc.
This economy is being torn down from within, and Americans cannot afford to give up anything, because every bit we give up is another nail in the coffin.
Our country is being led down the wrong path, as national polls show.

Everyone should be putting two and two together. The labor unions need your help to save your independence. Read the article I posted from the Teamsters web page, about oil market speculation.

Cooper you see what's goin on, others are trying to maintain the smoke and mirrors.

I agree with your statement fully, I just do not believe Delta can be the one who saves the world (and your pension) Delta is just trying to survive so they can keep flying. It is the hole system not just one company that needs fixing. Until we as a nation say enough is enough, then we (as a nation) will continue to lose more and more. I do think that we are greatly disadvantaged in this fight against wall street.

 

[dapoes]

I do not buy the argument that our retirement is the workers responsibilty entirely.

Well its time to get on board. Thanks to the ever demanding consumerism. People want more for less and competition demands it. So as costs go up, companies have to eek out profits wherever they can. Like it or not it is what it is.

So being proactive and getting on the bus to take care of your financial household is now your responsibility. Like or not.

When I left the tech industry during the dot com bust I lost 750k in stock options. Can't really say I lost it as it was never mine to begin with. I never worked for it, it wasn't my salary, it was just a promise that went like a fart in the wind.

BTW DAL does have a 401k match....whether you contribute or not.

 

[Kev3188]

Talk to your union. You should get a 401K match.

Won't happen. They're too busy protecting the pensions, and peddling the IAM national pension fund. Make no mistake, it's a good, well run fund; I just would prefer the match.

This is probably the *only* the I would prefer changed about the union. However, I realize I'm in the minority.

I think we should have taken a page from the IAM negotiations at Alaska. Those on the property at the time of ratification got to choose either a pension or 401k going forward.

 

[Kev3188]

BTW DAL does have a 401k match....whether you contribute or not.

What percentage?

 

[dapoes]

What percentage?

7% Total

From the Benefit Package:

Matching Contributions
Delta (or if you are a DT employee, DT) will immediately
match your contributions beginning with the pay
period your contributions to the Savings Plan start. For
every dollar you contribute to the Savings Plan, each
pay period, Delta will match 100% of your contribution
up to a maximum of 5% of your eligible earnings. The
Matching Contribution will be made to your Savings
Plan account after each pay period and is invested the
same way you’ve chosen for your own contributions.
Anytime you stop your contributions to the Savings
Plan, the Matching Contributions will also stop.

Fixed Contributions
You will automatically receive a Fixed Contribution each
pay period equal to 2% of your eligible earnings—you
do not have to make your own contributions to the
Savings Plan to receive this contribution. This Fixed
Contribution will be invested in the funds you’ve
selected for your Savings Plan account. If you do not
have investment elections on file with Fidelity, your
Fixed Contributions will be invested in the Savings
Plan’s new default fund, the Fidelity Freedom Fund
that has a target retirement date closest to the year
that you might retire based on your date of birth and
assumed retirement age of 65. Information and fund
descriptions for the Freedom Funds can be found in
the Delta Detailed Description of Investment Options
brochure from Morningstar and the Default Fund
Notice enclosed with this brochure.

 

[Kev3188]

Thanks for the info!

 

[Come Fly with Me]

Well its time to get on board. Thanks to the ever demanding consumerism. People want more for less and competition demands it. So as costs go up, companies have to eek out profits wherever they can. Like it or not it is what it is.

So being proactive and getting on the bus to take care of your financial household is now your responsibility. Like or not.

When I left the tech industry during the dot com bust I lost 750k in stock options. Can't really say I lost it as it was never mine to begin with. I never worked for it, it wasn't my salary, it was just a promise that went like a fart in the wind.

BTW DAL does have a 401k match....whether you contribute or not.

Yes you're right but it's only up to 5%. It's the least they can do for taking our pension away.

 

[Kev3188]

So you guys have no pension at all? I know it's been explained some before, but please recap it. Also, what's with the Social Security offset?

At NW, ours was frozen at it's (then) current multiplier, which was $51/mo. x years of service for the ramp & stock clerks. For years of service after that, the IAMNP "takes over," so you will have 2 checks coming when you retire.

 

[MMB]

The DB plan considered your final average earnings, years of service, and age.
(FAE is based on actual gross income, not just base pay. So, if you worked a lot of overtime, this number will be proportionally higher.)
When the plan was frozen, the FAE and YOS portions were frozen. The age portion is a penalty equal to 3% for each year you come short of age 62.
E.g. you retire at 57. 62-57=5 years. 5*3=15. Your DB payment would be cut by 15% of what you would have received if you had stayed to age 62.
This penalty is not frozen, so each year you stay, up to age 62, your DB payment on retirement goes up by 3%.
The 401K program pays everyone 2% of your earnings up front with no requirement on the employee’s part. Additionally, Delta matches the employee’s contribution up to an additional 5%.

 

[cooper43]

Well its time to get on board. Thanks to the ever demanding consumerism. People want more for less and competition demands it. So as costs go up, companies have to eek out profits wherever they can. Like it or not it is what it is.

So being proactive and getting on the bus to take care of your financial household is now your responsibility. Like or not.

When I left the tech industry during the dot com bust I lost 750k in stock options. Can't really say I lost it as it was never mine to begin with. I never worked for it, it wasn't my salary, it was just a promise that went like a fart in the wind.

BTW DAL does have a 401k match....whether you contribute or not.

I'm aware that DAL offers a %5 match in addition to the automatic 2% . I am greatful to get that. However my point was that the risk is now transfered to the employee. If you happen to retire when the stockmarket tanks you are screwed. Unlike when retirees have a difined benefit they can continue to maintain thier lifestyle whether the market goes up or down. Its just another area where corporate America is lineing their pockets at our expense. There may not be anything we can do about it, but I'm just saying its not right. DAL is just following what everyone else is doing. IMHO the problem begins with wall street.