Jazz pilots contract?
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- moreccsplease
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Re: Jazz pilots contract?
Can I borrow $20?.... and by borrow I mean have.moreccsplease wrote:Anything for my fellow Pilots
Re: Jazz pilots contract?
Can I have a job at Jazz?moreccsplease wrote:Anything for my fellow Pilots
Re: Jazz pilots contract?
If only I had the power to do whatever I want .... then i'd have nothing to bitch about?!


Re: Jazz pilots contract?
Tell ya what;
I'll "lend" you $38,000 over 6 years, and then you can pay me back $8000 over 5, as long as you throw in an extra grand the first year.
Sounds like a great deal.
Management SO has your number.
I'll "lend" you $38,000 over 6 years, and then you can pay me back $8000 over 5, as long as you throw in an extra grand the first year.
Sounds like a great deal.
Management SO has your number.
Re: Jazz pilots contract?
Sold.
I say that because you will also be paying a crapload into my pension, perdiems and benefits.
Thanks for the cash. You will be paying me back the 38K I leant you in my first 2 years of retirement.
I say that because you will also be paying a crapload into my pension, perdiems and benefits.
Thanks for the cash. You will be paying me back the 38K I leant you in my first 2 years of retirement.
- moreccsplease
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Re: Jazz pilots contract?
A sincere thanks to our MEC and negotiators. Can't forget the SPSC as well.
I'm sure ALPA will have its press release out sometime later today.
I'm sure ALPA will have its press release out sometime later today.
Re: Jazz pilots contract?
Depends on the individual and your personal situation.
Standard is 65, however you may leave early. The old contract you were penalized for going early, with the new contract I due not know if this is the case as I have not read anything about it but there is VAST improvements across the board on the pension.
Standard is 65, however you may leave early. The old contract you were penalized for going early, with the new contract I due not know if this is the case as I have not read anything about it but there is VAST improvements across the board on the pension.
Re: Jazz pilots contract?
I beleive there was/is no penalty to retire from age 60.
Re: Jazz pilots contract?
I think that with retirement under 65 years you are penalized a % of what you would get if you went to 65, I don't know the % offhand.
Re: Jazz pilots contract?
The short answer: Normal, non penalized retirement date is different depending on when you were hired, and when you will retire. For some people there will be no penalty to retire before 60, for others you will be penalized but only on entitlement earned before a certain date.
The long answer:
This is a quote from our Defined Benefit Pension Plan Guide. This booklet was made in 2007, so does not reflect the gains made in our new contract, but I don't think those gains are applicable here. (The biggest change being the plan limit increased, but I haven't heard of anything about early retirement changing.)
"Early Retirement
The Plan allows you to retire as early as age 50. If you elect an early retirement pension, your pension will be calculated according to the formula outlined in the section entitled “Calculating Your Pension”, then reduced to account for the longer payment period as follows:
- for your pension in respect of service on and after December 16, 2003, 1⁄2 of 1% for each month that your pension start date precedes age 60, and
- for your pension in respect of service before December 16, 2003, 1⁄2 of 1% for each month that your pension start date precedes age 65"
So:
If you joined the company before Dec 13, 2003 (The majority of the company) you will be penalized by 0.5% for every month you leave before 65, but only on your pension entitlement earned before Dec 13, 2003. The pension you accrued after that date would not be penalized if you left between 60 and 65.
If you joined the company after Dec 13, 2003, (Relatively new-hires) your normal retirement age is still considered 65, but you will not be penalized if you retire at age 60.
The long answer:
This is a quote from our Defined Benefit Pension Plan Guide. This booklet was made in 2007, so does not reflect the gains made in our new contract, but I don't think those gains are applicable here. (The biggest change being the plan limit increased, but I haven't heard of anything about early retirement changing.)
"Early Retirement
The Plan allows you to retire as early as age 50. If you elect an early retirement pension, your pension will be calculated according to the formula outlined in the section entitled “Calculating Your Pension”, then reduced to account for the longer payment period as follows:
- for your pension in respect of service on and after December 16, 2003, 1⁄2 of 1% for each month that your pension start date precedes age 60, and
- for your pension in respect of service before December 16, 2003, 1⁄2 of 1% for each month that your pension start date precedes age 65"
So:
If you joined the company before Dec 13, 2003 (The majority of the company) you will be penalized by 0.5% for every month you leave before 65, but only on your pension entitlement earned before Dec 13, 2003. The pension you accrued after that date would not be penalized if you left between 60 and 65.
If you joined the company after Dec 13, 2003, (Relatively new-hires) your normal retirement age is still considered 65, but you will not be penalized if you retire at age 60.
Re: Jazz pilots contract?
Thanks QKDH8, I was about to post the same thing, except I would've added, why don't people read or research before posting. I think our pension works this way, if you retire before 93 and 1/2 you get a bonus 10% of your income earned in 1992 but if you retire after 93 and 1/2 your penalized by 15 and 3/4% of your pontential post retirment income....
"Stand-by, I'm inverted"