DALPA retirement TA

[xdays]

Xdays,


I think the MEC just sent out an explanation and Q&A deal. I think it is a good read. I was told that Delta could ask a judge to stop all lump sums, since it can drain Delta's bank if the earlies are not age 60. Then it would be changed to annuities, which doesn't drain the bank as fast. That is how I understood it, which could be wrong. I hope you come back soon.


Bye Bye--General Lee

General,

I haven't read the Q&A yet because I'm having trouble opening up PDF files for some reason. Anyway, the lump sums do not come from Delta's general account. They are drawn from a seperately funded Delta Pilots Retirement account and hence, have no bearing on Delta's cash position. This is why bankruptcy doesn't, in and of itself, stop retirement fund distributions. A distress termination (seperate filing) must be initiated for that to be accomplished. The judge will then decide whether the lump sum distributions should be distributed or not. My gut feeling tells me that the courts will be under some pressure from the PBGC to look real close at terminations, as they would have to take on the obligations of the retirement plan in the event of a termination.

As far as coming back soon, after 27 years with DAL I decided to pursue another career and retired in June with 282 other guys. I really appreciate your measured and reasoned input on this forum. Keep up the good work.

 

[General Lee]

Xdays,


OOoops, I didn't know you LEFT Delta. Wow. 27 years---I can only hope to stay that long, if we have an airline left that long. Congrats on your great DL career, and I hope you do whatever you want to do in the future. If you know Dave Bushy---then go to Jetblue---I think they are hiring.... If not, then enjoy the beach and golf course---you deserve it.


Bye Bye--General Lee