Guest neo Posted April 13, 2003 Share Posted April 13, 2003 I see an anonymous Air Canada pilot has been quoted in the Globe & Mail. I hope all goes well for the gentleman and his family. See Saturday's Globe Investor for details. Link to comment Share on other sites More sharing options...
ChicoChico Posted April 13, 2003 Share Posted April 13, 2003 stir that ol' pot NEO.... Link to comment Share on other sites More sharing options...
Guest WA777 Posted April 13, 2003 Share Posted April 13, 2003 Here's the link to the article....I think the financial planner made an error though...his assumption that the pilot could put $1000 dollars a month into an RRSP seems incorrect...for most pilots the RRSP contribution room is severly limited by the pension adjustment number from the company plan.... http://www.globeandmail.ca/servlet/ArticleNews/TPStory/LAC/20030412/STFACE_2/TPBusiness/Investor Link to comment Share on other sites More sharing options...
Kip Powick Posted April 13, 2003 Share Posted April 13, 2003 My turn, NEO Who says this is an actual pilot in AC ? This is a weekly column that addresses financial planning for one couple/family or the other as a service to all of us that have not hired "professional" planners. If he is a real fellow I am sure he appreciates your good wishes. I think this column it is a good idea but no one really knows if "Claude" is actually in AC, but seeing AC is at the forefront of financial upheaval, perhaps it is a likely, and timely scenario, don't cha think ??? I may be wrong, perhaps "Claude" is really in AC but I think "his" profession and all the rest of the details were invented. Perhaps if Claude is reading this, he could verify his existence and finacial plight as indicated in the article, but remember that about 90% of the posters here use anonymity as well. :) Link to comment Share on other sites More sharing options...
deicer Posted April 13, 2003 Share Posted April 13, 2003 As well, one has to look at the other 75% of AC employees who are trying to raise a family on half of what this family supposedly makes. What's going to happen when wages are cut and layoff happen and all that spending power is taken out of the market? Link to comment Share on other sites More sharing options...
Guest neo Posted April 13, 2003 Share Posted April 13, 2003 Sharp eye, WA777. That's my understanding too. Even though the employee's actual contribution to the pension plan is (usually) much lower than his or her RRSP contribution limit, the CCRA severly restricts how much more you can contribute to an RRSP. I was told that's because the CCRA makes an assumption on how much the company is 'contributing' on your behalf, in order to have the defined benefit when you retire. (Finance wizards please correct that explanation if necessary.) Of course, the company doesn't actually contribute the money that the CCRA deducts from your RRSP headroom. Again, my understanding is that the company need only follow pension funding guidelines. As we can plainly see now, those guidelines don't always result in our expectations being met. neo Link to comment Share on other sites More sharing options...
Guest neo Posted April 13, 2003 Share Posted April 13, 2003 Now there's a twist I never thought of! You're saying you think the G&M made this guy up? They quoted a _fictitious_, anonymous person? This may call for a gyro re-alignment. But now you really have my Machiavellian wheels turning. (6) What would happen if, and I'm only saying "if" mind you, a unethical or lazy reporter signed up on AEF using an anonymous handle. Then he or she posts aviation-related comments, which they then quote in their own newspaper articles! Calling John Le Carre! neo Link to comment Share on other sites More sharing options...
aBusDriver Posted April 13, 2003 Share Posted April 13, 2003 neo... I think it was all ficticious. As Chico points out below, they talk about RRSPs etc. As well, they mention the pilot is planning to retire at 65. Most of the cases (if not all) in the Globe Investor tend to be just examples that the readers can identify with. Link to comment Share on other sites More sharing options...
Guest neo Posted April 13, 2003 Share Posted April 13, 2003 So we don't need to be looking for a pilot with green eyes, as shown in that picture in the article? Or are you the one, and just cleverly throwing us off the track? (Strictly a joke!) Fictional anonymous people; pilots retiring at 65; respected journals pulling the wool over our eyes; where will this all end? We'd be better off if they'd just interview us all and be done with it. neo Link to comment Share on other sites More sharing options...
Guest WA777 Posted April 14, 2003 Share Posted April 14, 2003 For your future reference.....any change in our pension plan benefits as a result of CCAA...i.e. a reduction would mean that PARs (pension adjustment reversals) would be required for most employees...AC would have to go back and recalculate the PA numbers because you will not be receiving the benefits they thought you were on retirement...a real can of worms for the company..... Link to comment Share on other sites More sharing options...
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