Any new info on Continental Airlines? Future hiring?

[luckytohaveajob]

M and A with a post 1999 hire staple.

Can CAL pilots say United on the radio?

 

[AWACoff]

I don't care what I say on the radio as long as I can say "I make a sh:tload of money".

 

[Mad Dog 80]

Thanks for the info guys.

 

[rjacobs]

My 2 cents, but I think the company is waiting until Nov to see how many retirement letters come in (Lump Sum is changing to a corporate bond/GATT combo). That will determine our next couple of system bid requirements.

What exactly does a corporate bond/gatt do that the current system doesnt? I am sure it saves the company money otherwise they wouldn't do it.

 

[DontFeedTheBear]

What exactly does a corporate bond/gatt do that the current system doesnt? I am sure it saves the company money otherwise they wouldn't do it.

The current A fund at CAL can either be taken in lump sum or annuity. The amount of lump sum is based on a function of the amount of annuity exposure the company has to the individual. The older the individual, the less exposure, so therefore less lump. Up until now the investment function has been based on the GATT rate, which historically is fairly low. With this, the company makes less money on the investment, so therefore more principle exposure to the individual=higher lump sum. The investment is now federally being phased over to the corporate bond rate starting in November. The corp bond is higher and has been, historically. So therefore less principle exposure=lower lump sum. Starting in Nov, the aging of the individual plus the corp bond integration will start lowering the lump sums by considerable amounts. The over 60 crowd will essentially start working for less money due to the loss of lump sum amounts. (200K salary-about 80k loss in lump sum= working for 120k and missing out on the golden years) This may force some to retire. Those that don't need bridge medical benefits, ie, Military, covered by spouse, may put their retirement letters with minimal notice.

Yogi

 

[BID]

This place sucks.... Stay where you are... I wish I had

So why didn't you take your awesome skills and go to Delta or SWA?

A lot of people are trying to make the place better, and I believe they will succeed. Hopefully you will be gone by then and be happy once more.

 

[SFR]

Yeah, it will be a better place...maybe I will actually fly negative hours in a reserve month!!!

 

[EWR_FO]

My 2 cents, but I think the company is waiting until Nov to see how many retirement letters come in (Lump Sum is changing to a corporate bond/GATT combo). That will determine our next couple of system bid requirements.

If anyone is planning on retiring to make the GATT rate cutoff, they have already put their letter in if they want the bridge medical. I just flew with a guy who is leaving at the end of October because the rate change on Nov.1 will push his lump sum down, he gave his notice this past spring. The company will review shorter notices on a case by case basis and he said he has not heard of anyone being denied yet.

I wouldn't hold my breath for a giant influx of retirements.

 

[skywdriver]

If anyone is planning on retiring to make the GATT rate cutoff, they have already put their letter in if they want the bridge medical. I just flew with a guy who is leaving at the end of October because the rate change on Nov.1 will push his lump sum down, he gave his notice this past spring. The company will review shorter notices on a case by case basis and he said he has not heard of anyone being denied yet.

I wouldn't hold my breath for a giant influx of retirements.

I agree, but the good thing is that the rate change will be occuring each 6 months. So, every 6 months, these guys are going to lose more and more money as I understand it as a higher percentage of the rate is calculated at the corporate bond rate.

 

[NEDude]

This place sucks.... Stay where you are... I wish I had

Cannot be as bad as an unemployment check.