Delta bankrupcy/Pension Question

[General Lee]

Just let me add a bit of info I learned about this lump sum thing. I was at a meeting of DL retirees and heard a rep from the PBGC speak. He said if you are a pilot who took the lump, the PBGC will pay you NOTHING in the event DL terminates the defined benefit plan... NOTHING. The lump was more than the PBGC would have paid you in any event...you have been paid in full...have a nice life.


I was there, I heard what he said...I double checked it with my buddies who were also there. We all heard and understood the same thing.

There may be some people who think this point is debatable. I would suggest that there is no precedent for this case and would like to see someone provide verifiable precedent to dispute what the PBGC rep said ( I'll be a lot better off if he's wrong ).

When the PBGC hits the wall when another defined plan is dumped on them, they will be insolvent, politics will override all else and if you think they'll pay you when you took the lump...you're dreaming. We'll be lucky if they don't come back under the three year provision and take BACK the friggin' lumps.

The million dollar lump sum question is: Will they terminate the pension if they go Chap 11 after the legislation is enacted? Grinstein has fought hard for an extension, and would he terminate it if he still got the 14 year extension? I don't think he would.......would he?


Bye Bye--General Lee

 

[FoxHunter]

Just let me add a bit of info I learned about this lump sum thing. I was at a meeting of DL retirees and heard a rep from the PBGC speak. He said if you are a pilot who took the lump, the PBGC will pay you NOTHING in the event DL terminates the defined benefit plan... NOTHING. The lump was more than the PBGC would have paid you in any event...you have been paid in full...have a nice life.


I was there, I heard what he said...I double checked it with my buddies who were also there. We all heard and understood the same thing.

There may be some people who think this point is debatable. I would suggest that there is no precedent for this case and would like to see someone provide verifiable precedent to dispute what the PBGC rep said ( I'll be a lot better off if he's wrong ).

When the PBGC hits the wall when another defined plan is dumped on them, they will be insolvent, politics will override all else and if you think they'll pay you when you took the lump...you're dreaming. We'll be lucky if they don't come back under the three year provision and take BACK the friggin' lumps.

That subject was brought up on the US Air section, FAQ, on the PBGC web site. I recall it said that if one was to receive a lump sum any further payments would be adjusted. That adjustment could result in a zero payment. The big question is there any way the PBGC can come after an individual to recapture what they, the PBGC, consider an excess payment?

 

[General Lee]

Best solution? Take the cash and move to Costa Rica.



Bye Bye--General Lee