AGE 60 passes Senate today..

[Beetle007]

...that 747 CA still got the PBGC bailout...

Age 65 annual PBGC maximum guarantee is $49,500, while the age 60 annual PBGC maximum guarantee is $32,175

Even though the government forces pilots to retire at at 60 the PGGC assumes they are retiring early.

 

[jke406]

who among us can say, truthfully, that if we had started at a legacy carrrier in the 70s, 80s or even early 90s, that we would have planned for anything other than a full pension at age 60?

Why would we expect anything other than the deal we were promised? I am just starting at a legacy carrier, but I don't understand how some can throw others (who have lost their pensions) under the bus, when the rules got changed in the middle of the game.

am I being naive, and if so, please elaborate.

 

[Secret Squirrel]

Because I would run out of band width listing companies who were bought out and their pensions terminated, terminated in bankruptcy or liquidation. If you made $400,000 for a good portion of your life cry me a river if you can't afford to retire.

 

[Daddy]

Well said squirrel...406, your avatar is freaking me out...there is no amount of viagra to overcome that face (no pun intended)

 

[tomgoodman]

No real winners

The push for "age 65" had been tried many times before, but was always a dead duck until pensions were dumped. That gave it the support it needed.
As a result, all pilots lose in one way or another.

--Retirees lost previously-earned pension money.
--Active pilots did too. They can make it back, but only by giving up years of retirement.
--Junior pilots get years of stagnation to boot.
--Furloughees get additional years on the street.

What could have prevented all this? Pensions in our own names, held by outside financial institutions. Unfortunately, we didn't want to spend the "negotiating capital" to get this during the years of airline prosperity. Those who still have pensions, take note.

 

[Wesb737fo]

As long as it don't pass before November, I'm hopin' to get rid of someone over here....

I bet there are alot of us hoping to be rid of one or two.

 

[Charlie Brown]

Exactly.

On a positive side this change will get you to medicare without having to pay out of pocket for you and your family.

It is good also to take care of the folks that have lost everything and taken a 50% paycut. I had a UAL 747 Capt on the jumpseat to ORD the other day and was saddened listeneing to his story. Seriously, the guy has lost his pension and taken a 40/50% paycut. His kids are starting college, his wife has played housewife for 20 yrs so she can't work leaving him as the sole bread winner for the household. We have a responsibility as a pilot group to not leave the senior guys out on the street cold and hungry.

Just my thoughts.

That is actually pretty funny. :laugh:

 

[Charlie Brown]

I figured out what it would cost me at SWA where there is actual projected growth. The union sent us a worksheet based on expected retirements etc, and projected aircraft deliveries. That was before last month's announcement of reduced growth.

Anyway, having been hired at SWA at age 31, I will lose, yes, lose $400,000 because of the rule change. That's if I compare my earning when retiring at age 60 with and without the rule change. If I stay till age 65, (as I never planned to do) I will make the money back, i.e. another 400k. BUT, I will work 5 extra years to catch up money I should have earned. So f u all you age 65 guys!

Being in this same position, I was wondering if you can tell me how you came up with the $400K figure. I appreciate it.

CB

 

[StripAlert]

Cry me a river, Dude

It is good also to take care of the folks that have lost everything and taken a 50% paycut. I had a UAL 747 Capt on the jumpseat to ORD the other day and was saddened listeneing to his story. Seriously, the guy has lost his pension and taken a 40/50% paycut. His kids are starting college, his wife has played housewife for 20 yrs so she can't work leaving him as the sole bread winner for the household. We have a responsibility as a pilot group to not leave the senior guys out on the street cold and hungry.

Good grief. This guy had more than enough opportunity to retire at 50 and probably blew it on three or four flight attendant vampire wives and a bunch of child support, not to mention his Mooney and the motorboat and three jet-skis at his lakeside vacation home, all the while feeling secure in the knowledge that he wouldn't need to save for retirement because the A-fund would take care of his a$$. Whatever.

I used to fly with an ex-legacy guy who told me about how me made over $550,000 his last year there by picking up green slips (leaving more new hires stuck on furlough post-9/11) and then in the same conversation lamented the fact that, despite a 7-figure buyout of his pension, he still had to work to cover his expenses and was hoping that the age-65 rule would pass in time to allow him to do so for five more years. Absolutely incredible.

 

[AlbieF15]

The push for "age 65" had been tried many times before, but was always a dead duck until pensions were dumped. That gave it the support it needed.
As a result, all pilots lose in one way or another.

--Retirees lost previously-earned pension money.
--Active pilots did too. They can make it back, but only by giving up years of retirement.
--Junior pilots get years of stagnation to boot.
--Furloughees get additional years on the street.

What could have prevented all this? Pensions in our own names, held by outside financial institutions. Unfortunately, we didn't want to spend the "negotiating capital" to get this during the years of airline prosperity. Those who still have pensions, take note.

Not true. The over-60 crowd at FedEx, UPS, and other places with FEs will have the chance to reclaim their left seats due to the Obestar points. That means about 180 or so guys who HAD a retirement at a solid company can now extend their years of service, their B plans, and keep their salaries until they are 65. They can quit the day they want and retire. I don't consider them losers. They won a huge windfall. According to some on the Blue Ribbon Panel, it was none other than our own Dave Webb at FDX who pushed for the retroactive policy (ie....an "active crewmember") at the MEC executive meeting in May. So there are some very, very big winners in this deal.