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USAirways and the PBGC

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gmorgan

Member
Joined
Mar 17, 2005
Posts
16
I'm retired USAirways. While talking to an active US Airways pilot today he told me that something is going on with our terminated retirement plan. He seemed to think the PBGC was about to reinstate the plan because there was more money in the plan than they originally thought. This sounds like a crazy rumor......can any other USAirways guys add anything to this rumor?
 
Hmmm...might again be someone jumping the gun. I too don't know any details other than fringe talk. But I guess they have uncovred more stuff as to the actual funding of the plan, etc etc.

Anyways it seems whatever it is, statute of limitations expires March 10th I think. So the have to file suit on whatever they have found by then or it's definately gone. Is it about to be reinstated??? don't think so, think it's just a lawsuit to attempt to get it done or something.

So there is something brewing, just don't know the specifics...
 
Good luck, sorry you only have USAPA on your side. This is one example that ALPA's deeper resources would probably be to your advantage.
 
Actually, You might be wrong there. seems some documents have been uncovered. IT"S THE SMOKING GUN>>...haha. no but the latest update on this is interesting, and possibly implicating alpo???

We have recovered 20,000 pages of documents from the PBGC and other sources regarding the events and circumstances of our pension termination in March 2003. We have uncovered many indiscretions that all point to collusion, inappropriate behavior and possible fraud against our pilots and the Defined Benefits Pension Plan. We are in the process of doing a full forensic accounting of the events that led up to our pension termination, and we will report the findings of this group early next month. If this investigation determines we indeed have legal cause, we will be filing a lawsuit on your behalf prior to the end of March. We want to make this clear to our pilots; this is an uphill battle and will take time, energy and future funding from our pilots to pursue. After the forensic evaluation is complete, decisions will be made and the appropriate action taken. To answer many of your questions, whether this investigation leads to criminal action against specified individuals will be determined by Federal Prosecutors. The initial complaint, if filed, will be against certain named defendants that records indicate not only intentionally financially decimated our pension prior to termination but outright stole those monies for their personal use. We are working with many involved parties, and as the webs of indiscretions are unwound, we continue to find more and more involvements that could lead to the eventual return of our pension monies. This will be a tough road, but rest assured what has been uncovered so far indicates that our pension was in fact fully funded to ERISA standards in the years 2001 and through December 2002. During the first 3 months of 2003, many improprieties occurred – the bottom line is that the give-back of our pension was never required by any creditors as a means of emerging from bankruptcy. Dave Siegel had arranged all DIP financing prior to entering bankruptcy, the largest being the ATSB loan that had no requirement of pension termination. The documentation we have makes it apparent that, due to the lack of due diligence (no audits or forensic accounting were completed on our pension monies) and improper oversight, our pension was in fact not only fraudulently misrepresented by US Airways but intentionally raided prior to being turned over to the PBGC. The Company ordered the bankruptcy auditors, KPMG, not to audit our pension, and the PBGC has no obligation to audit the funds once they are turned over. Our MEC at the time was sold on the fact that US Airways was not coming out of bankruptcy with our pensions. Quite simply, we believe that was the fraud.
 
Wow, if the allegations are true, it could really really get ugly...


Especially since that Company does not exist anymore. AAA is gone and those pilots now work for LCC. The name was kept for brand recognition, for unknown reasons.

Before anyone were to get real exited, it might be a good idea to see if there is any liability for any of this, if true, for LCC.

Does it make sense a loophole like that would be left open. If in fact it is a liability. This could put and end to US Airways before usapa gets to finish it off.
 
Good luck, sorry you only have USAPA on your side. This is one example that ALPA's deeper resources would probably be to your advantage.


That's hilarious, because ALPA is responsible for the entire mess. Had they done due diligence, had they done their f&^k!ng JOB, there would still be a pension.

It seems you guys log on here and bash USAPA just to make yourselves feel better. It's in fact USAPA that is making a real effort to finally represent this group, something ALPA quite OBVIOULSY wasn't doing.

One of your mature, professional pilots asked on here for evidence that USAPA was a union. From what EVERYONE else in the industry sees, (everyone else but the former America Who? Airlines pilots on FI.com,) USAPA has made huge progress and is up and running. The APA certainly sees our efficacy in dealing with 1549, and every other independant pilot union is working with us. The mythical hatred of USAPA is truely an FI.com thing, fueled by the lottery ticket called Nicolau. All USAPA is really doing is trying to unravel many years of ALPA's stupidity and negligance, and this latest finding with the pension is just another example. The corrupt and inept handling of our seniority is just one more.
 
That's hilarious, because ALPA is responsible for the entire mess. Had they done due diligence, had they done their f&^k!ng JOB, there would still be a pension.

It seems you guys log on here and bash USAPA just to make yourselves feel better. It's in fact USAPA that is making a real effort to finally represent this group, something ALPA quite OBVIOULSY wasn't doing.

One of your mature, professional pilots asked on here for evidence that USAPA was a union. From what EVERYONE else in the industry sees, (everyone else but the former America Who? Airlines pilots on FI.com,) USAPA has made huge progress and is up and running. The APA certainly sees our efficacy in dealing with 1549, and every other independant pilot union is working with us. The mythical hatred of USAPA is truely an FI.com thing, fueled by the lottery ticket called Nicolau. All USAPA is really doing is trying to unravel many years of ALPA's stupidity and negligance, and this latest finding with the pension is just another example. The corrupt and inept handling of our seniority is just one more.

Hey BeCareful.........

BeCareful......The DFR lawsuit with damages is likely to bankrupt your beloved USAPA.

You can blame ALPA for all of USAir's past woes, but your elected officials (and self appointed USAPA dictators), are and were people at your airline. You can change the name, but you cant change the stupidiy of your leaders.

Captairbusbb
 
Cool another deadend lawsuit (number 4) for a union compelled to make lawyers rich off a bunch of victims.
 
Ya, I guess if I hung my lampshad career on an airline that didn't have a pension, hence I wouldn't miss what I wouldn't have. I would really careless about such a pension.

But I guess maybe if I was forward thinking, and said, Hmmm....if collusion and fraud is found, AND the pension had to be reinstated. Hmmm....Possibly in the Future the AW pilots would inherit or be covered by a pension.

Naaaaa they wouldn't want that, personal 401k would work much better...
 

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