CAL Poolie email rumor?

[Ben Franklin]

But our union stopped the process in its tracks thereby actually saving CAL pilot jobs.

Always
Motch

I thought it was "stopped" because the MEC reps were innundated with phone calls from angry pilots after someone on the NC violated their confidentiality agreement and leaked the entire LOA on CALFORUMS prior to MEC debate?

Sincerely,

B. Franklin

 

[Instigator]

Ben's back. Yay!!!

 

[motch]

BF..
It was stopped because of what you said. But never forget- We are The Union!

Either way you look at it, it was stopped and we should all be happy. Now lets hope that we start the recalls in the summer and have some of these guys (and gals) back in the Fall. Still to late but it is what it is...

Always
Motch

PS> Welcome back!

 

[SuperFLUF]

Hey Jayson,

Good to hear that. We need those guys back. I can't figure out why they would be brought back after summer though. Seems like before summer would be more logical....

There is a very high probability that the pilot's penion fund will hit a liquidity shortfall for retirements after Jan 1 2010. (thus discontinuing lump sum payments)

If this happens the company is expecting at least 150 to retire. I have heard the union is predicting more like 300.

That would be the most logical reason why they are planning to bring back the furloughs in the fall and some new hires as well.

The retirement of the classic 73's should accelerate after the summer schedule (we still have 55+ classics to retire this year) so I doubt that it has anything to do with an increase in flying.

 

[RSRVWINDSURFR]

There is a very high probability that the pilot's penion fund will hit a liquidity shortfall for retirements after Jan 1 2010. (thus discontinuing lump sum payments)

If this happens the company is expecting at least 150 to retire. I have heard the union is predicting more like 300.

That would be the most logical reason why they are planning to bring back the furloughs in the fall and some new hires as well.

The retirement of the classic 73's should accelerate after the summer schedule (we still have 55+ classics to retire this year) so I doubt that it has anything to do with an increase in flying.

I hope you're right about the retirements (the reason sucks, but some movement would be nice...) Also, I don't think 55 a/c are going this year, but more like 25 300's (most of the 500s will be here for a while unless they figure out how to get out of the leases. Whatever happens, I hope we get our furloughed brothers and sisters back asap!

 

[whatitdoing?]

I'm guessing it'll be way over 300 that'll retire the very next day.

 

[NavinRJohnson]

Liquidity Shortfall

SuperFluff:

Any news or numbers about your prognostication on liquidity shortfall? Or is that an educated guess on your part? No flaming, just curious.

I think management would love to get rid of our highest paid (most senior) pilots and replace them with lesser paid individuals. The bean counters have probably found it would save them money to do so. In a way it plays right into their hands IMO.

Anyone knows what whould happen to the A-Fund if there was a run on it (ie 300 pilots retiring at once)?

The Navin

 

[SuperFLUF]

I hope you're right about the retirements (the reason sucks, but some movement would be nice...) Also, I don't think 55 a/c are going this year, but more like 25 300's (most of the 500s will be here for a while unless they figure out how to get out of the leases. Whatever happens, I hope we get our furloughed brothers and sisters back asap!

You're right, that 55 number is high. My math skillz have never been the best.

I wag'd the 55 number at the time so I dug up what info I could find.
The April fleet info (flight attendant privileged information ) isn't published yet but based on the March fleet info, we are losing 38 total 737's from that date.

We still had 32 300's and 50 500's on property as of the end of Feb. The fleet plan has us ending the year with 34 500's and no 300's. That's a loss of 48 classics. Add to that 10 more -900ER deliveries and we're down 38. If mgmt. can find someone to lease any of the 34 500's we're stuck with we could be down even more.

Certainly it sucks if the pension loses the lump sum option. (especially since the company should be obligated to fund it fully) But with 38 aircraft leaving the fleet and the economy floundering, a wave of retirements is the only reason I can think of for bringing the furloughs back.

 

[SuperFLUF]

SuperFluff:

Any news or numbers about your prognostication on liquidity shortfall? Or is that an educated guess on your part? No flaming, just curious.

I think management would love to get rid of our highest paid (most senior) pilots and replace them with lesser paid individuals. The bean counters have probably found it would save them money to do so. In a way it plays right into their hands IMO.

Anyone knows what whould happen to the A-Fund if there was a run on it (ie 300 pilots retiring at once)?

The Navin

I don't have the hard facts on the liquidity shortfall prediction. It came from a financial planner I know. I mentioned it to an FO I flew with and he told me the prediction he heard from a union official.

My financial planner friend is a sharp guy and he all but guaranteed the lump would be gone by Jan. or possibly even sooner.
Of course, the company could choose to fund the pension at the proper levels or the market could come back and recover the pension funding on its own but those are some big "ifs".

I really don't know what will happen to the pension if there is a run on the bank. I didn't ask that question because I haven't been including it in my retirement calculations for some time now so it really didn't come to mind. The company may be forced to put some cash in to keep it at minimum funding if that happens, I don't know.

 

[SuperFLUF]

I'm guessing it'll be way over 300 that'll retire the very next day.

One of the changes that came about with the furlough mitigation LOA is that retirees have to give a bit more notice than that.
I don't recall how much notice, but if they want their bridge medical they can't just pull the plug.