AC's Pension Program
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AC's Pension Program
Anyone have/willing to share the details on AC's pilot pension?
Are the days of a solid pension in the airlines long gone?
Are the days of a solid pension in the airlines long gone?
Re: AC's Pension Program
Some two inch PVC pipe, sealed ends, buried in your backyard. Never fails, gets devalued, pillaged by management, the government, etc...
But I digress.
But I digress.
Re: AC's Pension Program
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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Re: AC's Pension Program
OK I give up...........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.
Acronym Definition
FOS Factory Outlet Store (retail)
FoS Festival of Speed
FOS Financial Ombudsman Service (UK)
FOS Friends of Scouting
FOS Fructo-Oligosaccharides (nutrional supplement)
FOS Faculty of Science (various universities)
FOS Field of Search (sensor management systems)
FOS Freedom of the Seas (Royal Caribbean cruise ship)
FOS Français sur Objectifs Spécifiques (French: French for Specific Purposes)
FoS Field of Study
FOS Fundamental Operating System
FOS Factor Of Safety
FOS Family of Systems
FOS From Outer Space
FOS Figure of Speech
FOS Faint Object Spectrograph
FOS free/open source
FOS Florida Ornithological Society
FOS Feat of Strength
FOS Free Online Scholarship (newsletter)
FOS French Onion Soup
FOS Fructooligosacaridos
FOS Free Alongside Ship
FOS Free Overnight Shipping
FOS Fiber Optic Sensor
FOS Federation of Workers Trade Unions (Haiti)
FOS Friend of the Sea (Sustainable Seafood)
FOS Florida Orthopaedic Society
FOS Field Operations Supervisor (Census)
FOS Foundations of Science (journal; course)
FOS Family of Schools
FOS Forward Operating Site (US military)
FOS First of Season (birding)
FOS Fabric Operating System (Brocade)
FOS Flight Operations System
FOS Fellowship of the Sun (fictitious religious organization; True Blood; TV show)
FOS Fuel Oil Supply
FOS Front Office System (software)
FOS Freedom of Services (EU)
FOS Faint Object Spectrometer
FOS Free On Steamer
FOS Finger of Suspicion
FOS Fish Odor Syndrome
FOS Flight Operation Segment
FOS Full of Stool (medical slang)
FOS Follow On Support
FOS Full of Stuff (polite form)
FOS Florida Oceanographic Society
FOS Full Operational Status
FOS Fall Of Shot
FOS Frinton on Sea (Essex, UK)
FOS First on Scene (first aid)
FOS Foot of Slope (change of gradient)
FoS Focus on Solving
FoS Friends of Science Society (Calgary, AB, Canada)
FoS Followers of Set (roleplaying)
FOS Fire Of Savannas
FOS Freedom of Speech, Inc
FOS Feature of Size (geometric dimensioning)
FOS Feet on Street (India)
FOS Fuel Operator Station
FOS Found On Shelf
FOS Follow on Sustainment
FOS Follow On Spares
FOS Flight Operations Software
FOS Failure of Selection (US DoD)
FOS Fuel Oil Spill
FOS Frosts of Sweden (knife manufacturer)
FOS Father Over Shoulder
FOS Fast Optical Shutter
FOS Full Operating System
FOS Feasibility of Support
FOS Fit or Split
FOS Forward Observer Software/System
FOS Fleet Ordnance Support
FOS Funky Old Soul
FOS Follow On Ship
FOS Financial Operations Supervisor
FOS former owner's stamp (used books)
FOS Front Offside (vehicular collision reports)
FOS Friends of Suai
FOS Fellowship of the Services
FOS Functional Operational Specification
FOS Field Operation Service
FOS Federatie voor Open Scoutisme (Dutch: Federation for Open Scouting; Belgium)
FOS Finkel-Biskis-Jinkins murine Osteogenicsarcoma (cancer research)
FOS Foreign Owned Subsidiaries
FOS Focus on Standards
Re: AC's Pension Program
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.
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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Re: AC's Pension Program
Thanks, but whatever happened to just plain speech (English/American/Canadian )
Re: AC's Pension Program
Yeah, sorry... Not sure what I was thinking when I posted there... Thanks for fixing it.pilotbzh wrote:ESOP is 50% match of up to 10% of your salary
Between the ESOP match and profit share - April should be a good month!
Re: AC's Pension Program
WTF FML, LMAO. WGAF LOL.Norwegianwood wrote:Thanks, but whatever happened to just plain speech (English/American/Canadian )
Re: AC's Pension Program
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.
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.
Last edited by ratherbee on Thu Mar 19, 2015 8:48 am, edited 1 time in total.
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Re: AC's Pension Program
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.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.
Re: AC's Pension Program
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.
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.