Okay, I need somebody to disabuse me of my ignorance regarding retirement benefits from working at Continental, please. Particularly as the TA seems to not be happening soon, I need to do some long-range planning.
As I understand it, Continental has an "A Fund" of 2.2%. I'm told that this is like a conventional pension, wherein your years of service are multiplied by 2.2% and the average of your three highest earning years. So, to make the math easy, 25 years and a maximum salary average of $150,000 would give you 25 x .022 x 150,000 = an annual pension of $82,500. Is this remotely accurate?
Also, I understand there is a B fund of 12.75%. Does this mean that 12.75% of our income goes into what is essentially a 401k, or is this an employer contribution of 12.75% separate from our regular salary? Or is it an employer matched contribution up to 12.75%?
Please pardon my ignorance. I've had conflicting reports. Thanks.
As I understand it, Continental has an "A Fund" of 2.2%. I'm told that this is like a conventional pension, wherein your years of service are multiplied by 2.2% and the average of your three highest earning years. So, to make the math easy, 25 years and a maximum salary average of $150,000 would give you 25 x .022 x 150,000 = an annual pension of $82,500. Is this remotely accurate?
Also, I understand there is a B fund of 12.75%. Does this mean that 12.75% of our income goes into what is essentially a 401k, or is this an employer contribution of 12.75% separate from our regular salary? Or is it an employer matched contribution up to 12.75%?
Please pardon my ignorance. I've had conflicting reports. Thanks.