AC's Pension Program

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FlyingMonkey
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AC's Pension Program

#1 Post by FlyingMonkey » Sun Mar 15, 2015 4:34 pm

Anyone have/willing to share the details on AC's pilot pension?

Are the days of a solid pension in the airlines long gone?
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7ECA
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Re: AC's Pension Program

#2 Post by 7ECA » Sun Mar 15, 2015 7:05 pm

Some two inch PVC pipe, sealed ends, buried in your backyard. Never fails, gets devalued, pillaged by management, the government, etc...

But I digress. :wink:
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pigboat
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Re: AC's Pension Program

#3 Post by pigboat » Mon Mar 16, 2015 6:32 am

It is now a defined contribution plan for new hires. Changed over about three years ago. I believe about 6% matching. Just one more of the numerous changes that were put into FOS.
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Norwegianwood
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Re: AC's Pension Program

#4 Post by Norwegianwood » Mon Mar 16, 2015 8:20 am

pigboat wrote:It is now a defined contribution plan for new hires. Changed over about three years ago. I believe about 6% matching. Just one more of the numerous changes that were put into FOS.
OK I give up...........


Acronym Definition
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:smt014
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altiplano
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Re: AC's Pension Program

#5 Post by altiplano » Mon Mar 16, 2015 8:53 am

Final offer selection

http://iamaw2323.ca/2012/03/14/interest ... hapter-10/

Re:DC pension plan...
I can't remember exactly but I think the company matched your contribution @ 175% after a you are at AC a few years.

I heard a few guys say they were glad to be on the DC plan - control of your own destiny and all, but I think it's a shadow of the DB plan that was taken away in 2012. There is also an ESOP. 100% match up tho 10% of your salary.
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pilotbzh
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Re: AC's Pension Program

#6 Post by pilotbzh » Mon Mar 16, 2015 10:22 am

ESOP is 50% match of up to 10% of your salary
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Norwegianwood
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Re: AC's Pension Program

#7 Post by Norwegianwood » Mon Mar 16, 2015 11:39 am

altiplano wrote:Final offer selection

http://iamaw2323.ca/2012/03/14/interest ... hapter-10/
Thanks, but whatever happened to just plain speech (English/American/Canadian :rolleyes: )
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altiplano
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Re: AC's Pension Program

#8 Post by altiplano » Mon Mar 16, 2015 2:32 pm

pilotbzh wrote:ESOP is 50% match of up to 10% of your salary
Yeah, sorry... Not sure what I was thinking when I posted there... Thanks for fixing it.

Between the ESOP match and profit share - April should be a good month!
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altiplano
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Re: AC's Pension Program

#9 Post by altiplano » Mon Mar 16, 2015 2:34 pm

Norwegianwood wrote:
altiplano wrote:Final offer selection

http://iamaw2323.ca/2012/03/14/interest ... hapter-10/
Thanks, but whatever happened to just plain speech (English/American/Canadian :rolleyes: )
WTF FML, LMAO. WGAF LOL.
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ratherbee
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Re: AC's Pension Program

#10 Post by ratherbee » Tue Mar 17, 2015 4:43 am

Final Offer Selection - a Torie life ring thrown in to stop a distruptive strike or lockout during failed negotiations. It interferes in the bargaining process. It also stops an incompetent Union leadership from sinking their own ship and losing certification.

As for the DC it has its pros and cons. In the more generous DB, about 30% of a retiree's pension could come from the SERP (supplemental plan). If AC restructures again in the next 35 years or so then those in the DB, or their spouses, will lose that portion maybe more. In the DC, the funds are yours. When you die 100% goes to your spouse. In the DB, only 60% goes to your bride/groom.

The Company starts off matching the pilot's contribution of 6% then bumps it up to 10.5% after 4 years. In 2017, ACPA should insist that the Company contributes 12%. That will max out the DC contribution allowed under the current pension rules.

The DC plan is also portable if you decide to move to the sandbox at some point in your career.
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Last edited by ratherbee on Thu Mar 19, 2015 8:48 am, edited 1 time in total.

FlyingMonkey
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Re: AC's Pension Program

#11 Post by FlyingMonkey » Tue Mar 17, 2015 6:41 am

Thanks everyone
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The Raven
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Re: AC's Pension Program

#12 Post by The Raven » Wed Mar 18, 2015 2:04 pm

ratherbee wrote:Final Offer Selection - a Torie life ring thrown in to stop a distruptive strike or lockout during failed negotiations. It interferes in the bargaining process. It also stops an incompetent Union leadership from sinking their own ship and losing certification.

As for the DC it has its pros and cons. In the more generous DB, almost half of a retiree's pension comes from the SERP (supplemental plan). If AC restructures again in the next 35 years or so then those in the DB, or their spouses, will lose that portion maybe more. In the DC, the funds are yours. When you die 100% goes to your spouse. In the DB, only 60% goes to your bride/groom.

The Company starts off matching the pilot's contribution of 6% then bumps it up to 10.5% after 4 years. In 2017, ACPA should insist that the Company contributes 12%. That will max out the DC contribution allowed under the current pension rules.

The DC plan is also portable if you decide to move to the sandbox at some point in your career.
I don't know where you get the 50% figure from. My pension of over $11,000/month will be made up of $10,000 from the pension plan and $1000 from the SERP. If Air Canada restructures, only the $1000/month (or approximately 10%) is at risk.
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ratherbee
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Re: AC's Pension Program

#13 Post by ratherbee » Thu Mar 19, 2015 8:45 am

Raven

Thanks I went back to the ACPA website and found a lengthy but very informative Pension newsletter from Jan 12, 2012.

So the SERP risk depends on how big of a pension you get. If you are near the max allowable pension benefit then about 30% (not 50%) comes out of AC's General revenues. I believe the RPP cap is $2,770 per year of service.

Also I should point out the RCA's negotiated in 2000 ( I think?) provide some insurance if we lose the SERP during our lifetime.
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