CAL and GATT rate change

[skywdriver]

Anyone know when the rate changes again? Also, I think at the same time there is another blended rate calculated with a higher percentage using the 30 year corporate bond rate if I am not mistaken. Either way as I understand it, it will be another hit to the pension lump sum. Not sure how much, but more than likely there will be some retirements out of this. Seeing as how the latest system bid didn't include these retirements, I am curious when they might occur.

 

[ATRCA]

Anyone know when the rate changes again? Also, I think at the same time there is another blended rate calculated with a higher percentage using the 30 year corporate bond rate if I am not mistaken. Either way as I understand it, it will be another hit to the pension lump sum. Not sure how much, but more than likely there will be some retirements out of this. Seeing as how the latest system bid didn't include these retirements, I am curious when they might occur.

Honestly, we've been hearing about all these guys leaving because if this and that and frankly, it's all complete BS! Those guys aren't leaving. They're making six figures, working as much as they can and you ain't gonna pry that money out of their hands no matter what you do.

Nothing is going to occur. Nothing is going to change. They will retire when they are 65, dead, or just bored.

 

[CitationLover]

Most corporate bond interest rates are down this time versus last year. Corporate bond rates had an unnatural spike last fall due to the banking crisis. They are finally returning to more normal values.

Government bond rates are the exact opposite. With the MASSIVE increase in debt and the US credit rating taking a hit, rates will only go up. Roughly 0.20% up from last year at this time.

 

[WolfManPack]

We'll See

Honestly, we've been hearing about all these guys leaving because if this and that and frankly, it's all complete BS! Those guys aren't leaving. They're making six figures, working as much as they can and you ain't gonna pry that money out of their hands no matter what you do.

Nothing is going to occur. Nothing is going to change. They will retire when they are 65, dead, or just bored.

While I appreciate your post, I would like to mention that approaching the last rate change, nearly 70 pilots decided to pull the trigger. Not insignificant in my opinion.

If the company were to lose another 60 - 70 pilots heading into summer, there is simply no way to avoid canceling flights with the increase in flying that has been announced to date.

We'll see!

 

[jonjuan]

If the company were to lose another 60 - 70 pilots heading into summer, there is simply no way to avoid canceling flights with the increase in flying that has been announced to date.

We'll see!

They'll let them "retire" but pay them extra to keep flying through the summer.

 

[WolfManPack]

Hmmm

They'll let them "retire" but pay them extra to keep flying through the summer.

If they try this I would expect our union to put a stop to it STAT!

 

[densoo]

They'll let them "retire" but pay them extra to keep flying through the summer.

Exactly right. The LTVJM (Long Term Voluntary Junior Manning) plan is about to be pulled off the shelf. Anyone who puts in retirement paperwork will be offered 150% pay starting on the date of their desired retirement date through the retirement date the company asks them to extend to. Cheaper than bringing back furlough/hostages. Estimated acceptance rate: 100%.

 

[nimtz]

Honestly, we've been hearing about all these guys leaving because if this and that and frankly, it's all complete BS! Those guys aren't leaving. They're making six figures, working as much as they can and you ain't gonna pry that money out of their hands no matter what you do.

Nothing is going to occur. Nothing is going to change. They will retire when they are 65, dead, or just bored.

Agreed. When I talk with these guys about looming FED actions, they just kind of look out the window and quietly agree that their A fund will decrease. Bottom line, most of them enjoy the perks of seniority too much and don't know what else too do to get out of the house.

But take heart +60 crowd, Air New Zealand just had a domestic captain pass 70. Where are you Mr Emens!?! In a few years a lot of guys will need your skills when they realize age 65 is discrimination!

 

[100/hour/5y]

Just flew a SJO overnight with a 62 year old Capt... Senior guy... Likes SJO for the Blue Marlin Bar... Anyways, he stated that he will fly until 65 because he likes hookers every month... He alternates between Lima and SJO... Real classy Guy... yep 83 hire
Loser! Cal is his life!
CAL sucks and is just a job.... Wake up!

 

[jenks]

If they try this I would expect our union to put a stop to it STAT!

I have yet to see CALALPA stop anything that management trys to do. CAL furloughed pilots will only return when a new contract is signed. If there were to be a merger, furloughed pilots would likely never return. This has become my reality!

 

[SuperFLUF]

Honestly, we've been hearing about all these guys leaving because if this and that and frankly, it's all complete BS! Those guys aren't leaving. They're making six figures, working as much as they can and you ain't gonna pry that money out of their hands no matter what you do.

Nothing is going to occur. Nothing is going to change. They will retire when they are 65, dead, or just bored.

Spot on.

The vast majority of the guys who's lump sums are large enough to be affected by the rate changes have left. The rest of them make up the difference with the B fund and their salary. The B fund contributions alone for most of them make up for the amount that the lump sum is decreasing so then their salary is "money in the bank".
Either way, many did not plan properly for their retirement and will have to deal with a substantial lifestyle change when they retire so they will keep working as long as they can.

Sad but true.

 

[skywdriver]

Surely there is a group of pilots out there that were just waiting until 62 to start collecting social security and medicare benefits. I guess we shall see!

 

[ATRCA]

Surely there is a group of pilots out there that were just waiting until 62 to start collecting social security and medicare benefits. I guess we shall see!

Nope! They all told us "don't worry kid, this 65 thing really won't hurt you, these guys will all be gone at 62..........."

Complete horse shize! Some of these guys are making better than $200K, they aren't leaving, not now, not tomorrow.

Like I said, 65 or dead is all we can hope for. In a way, I don't blame them for staying, just for being here in the first place. It's gonna be a while.

 

[100/hour/5y]

The CAL pilot group sucks...
Walt... when your sitting on the beach in SJU on 29 Jan because you picked up a 2day trip the day after your vacation to bring your line above 100hrs make sure your toast the 147 guys on the street... Have fun flying until your 65
Plus thanks for waiving 19:15hrs on your pbs award....

If you need to pad your wallet pickup adv trips... With 2mins of work you would have found the same pairing with a later show on the same day being advertised...

You are a Gtard!

 

[ATRCA]

The CAL pilot group sucks...
Walt... when your sitting on the beach in SJU on 29 Jan because you picked up a 2day trip the day after your vacation to bring your line above 100hrs make sure your toast the 147 guys on the street... Have fun flying until your 65
Plus thanks for waiving 19:15hrs on your pbs award....

If you need to pad your wallet pickup adv trips... With 2mins of work you would have found the same pairing with a later show on the same day being advertised...

You are a Gtard!

I would be willing to bet my next three unemployment checks that you're IAH based?

Come on!! Tell the truth!

IAH pilots would make any of us question every choice we've ever made. I feel your pain. If every pilot at CAL hired between 83 and 87 were fired the company would be COMPLETELY DIFFERENT OVER NIGHT!!

There are some good ones but they are few and far between.

 

[Flopgut]

I'm back in the right seat now flying with old guys. There are many who stayed that were real close to leaving in NOV. Not much longer and more will go IMHO. We're lucky to have had the number leave we did (unfortunate to say); I think we'll at the very least match that amount between now and when these guys start hitting 65. And there will be those who leave early. Not a big number, but will help. It's a game of inches right now and if we could manage to get at least one recall it would start the ball rolling.

Idea: Prater is suppose to be in IAH in March for the MEC meeting. If you're pissed about 65 you ought to make an appearance. It's not like our MEC chair isn't not going to let you get your point across to him. Jay is almost as pissed with Prater as the rest of us. Prater needs to be grilled about a great any things.

 

[motch]

Honestly, we've been hearing about all these guys leaving because if this and that and frankly, it's all complete BS! Those guys aren't leaving. They're making six figures, working as much as they can and you ain't gonna pry that money out of their hands no matter what you do.

Nothing is going to occur. Nothing is going to change. They will retire when they are 65, dead, or just bored.

Guys will be leaving. Hell, over pilots 300 have left (retired) since the age 65 rule went into affect.
Flew with someone back in NOV who said that he had had it.... was about to turn either 60 or 62.. either way, he said he was punching out in Dec and low an behold he did.

The company keeps getting the retirements wrong, as our MEC said in the blastmail concerning this latest bid. I would bet that we see alot more than 4 retirements this year! More like 40+...
This bid was another joke, and I expect the summer to be a meltdown if we don't have another bid before then that brings pilots back.

Oh, anyone want to bet how many of the COLA's come back?

motch

 

[SuperFLUF]

....The company keeps getting the retirements wrong, as our MEC said in the blastmail concerning this latest bid. I would bet that we see alot more than 4 retirements this year! More like 40+...
This bid was another joke, and I expect the summer to be a meltdown if we don't have another bid before then that brings pilots back.

Oh, anyone want to bet how many of the COLA's come back?

motch

Just the thought of what life will be like this summer is fatiguing. :smash:

 

[densoo]

I would be willing to bet my next three unemployment checks that you're IAH based?

IAH pilots would make any of us question every choice we've ever made. I feel your pain. If every pilot at CAL hired between 83 and 87 were fired the company would be COMPLETELY DIFFERENT OVER NIGHT!!

It isn't just IAH. Tried to trade a one day for a one day last night and by the time I rang scheds it was gone, straight pickup.

On the other point. The mid-eighties hires aren't the only problem. For a generation of new hires the mid-eighties hires were holding all the captain's seats. For 10 years all the new hire FOs had to come to terms with the PICs they were flying with.

Some adopted their attitudes to continue the me-first-me-only work practices. Many more though, I think, simply checked out. They needed the paycheck as we all do, but detested the situation they found themselves when it came to cockpit dynamics.

It is amazing how many people in this group simply do not pay attention to what is going on in the pilot group. They checked out a long time ago and don't plan on getting involved.

When I got back from furlough there were pilots (even FOs) who didn't know and didn't care there had been people on furlough. They bid, flew their line, and went home.

As long as their paycheck doesn't decrease significantly, they'll vote yes on the next contract--if they vote at all.

By the way, the straight pick up last night was, as it frequently is, a 2005-hire. If you have a bent towards selfishness, the environment at CAL unfortunately nurtures this no matter when you were hired. That is the incredibly destructive and enduring legacy of the Lorenzo days. He destroyed a once proud airline and the effects continue 25 years later.

 

[densoo]

Just the thought of what life will be like this summer is fatiguing. :smash:

Don't worry. This will fix it.

TO: ALL PILOTS

SUBJECT: LTVJM

Since the posting of the most recent system bid and the less than expected COLA returns, the company is pleased to offer Long Term Voluntary Junior Manning (LTVJM). LTVJM is open to all pilots who have submitted retirement paperwork, but have not yet retired, with dates of retirement that would have taken effect prior to June 1, 2010.

Eligible pilots taking advantage of LTVJM agree to remain as active flying pilots at least through September 1, 2010 but not beyond October 1, 2010. In return, LTVJM pilots will be compensated at the standard junior manning rate of 150% of standard pay for all flying done during this period.

It is recommended that all LTVJM pilots contact their priest or other spiritual advisor for counseling. For convenience, spiritual advisors specializing in explaining the golden rule of "treat others as you would want to be treated," "walk a mile in my shoes," and other aphorisms will be available in the crew rooms on dates to be announced later.

As always, we remember our 147 fellow pilots who remain on furlough.

Signed