Delta NOT to make pension payment to pilots...

[bafanguy]

Heyas Bafanguy,

You may very well be correct, but our sources cannot find the authority for the PBGC, either, but they echo ALPAs interpretation.

I suppose that if the PBGC comes sniffing around, you can either be "out of town" or stand there with a stupid look on your face and sing a tune from Robert Palmer. ("She's so fine, there's no telling where the money went").

I can only imagine that if they did try to reclaim the lump sums, that it would get ugly, real fast.

Best,
Nu

...I see...your sources echoed ALPA's interpretation. What's the source of their "echo" ? As you can see, there are only questions without answers.

As for avoiding standing there "...with a stupid look on your face...", give me the phone number of the lawyer who has the knowledge and experience to GUARANTEE a smooth, legal transfer of the funds out of the USA ( under IRS scrutiny ) in the current pension-meltdown environment. Not some laywer who makes his living with drug runners laundering money. Tell me EXACTLY how you would do this. It's pretty easy to sit on an anonymous forum and pontificate when you don't have to live with this situation. Give me phone numbers of up- front lawyers who have a proven track record of helping law-abiding people do this.

Don't have any ? Thats' pretty much what I thought.

klhoard,

That added a lot to the discussion.

 

[klhoard]

.... . .<snip>. . .

klhoard,

That added a lot to the discussion.

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That's what I'm here for, buddy!!
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[NuGuy]

Heyas Banfanguy,

Hey man, I can see you're grouchy, and you have every reason to be. I can only tell you what I know.

Our MEC retirement folks said "No, they cannot reclaim a lump sum". When I pressed to test, they gave me the same non-answer from ALPA you got.

Pick up the yellow pages where you live. Find an estate/retirement lawyer. Pay the man some money. Get someone that is working for YOU, not the company, and not ALPA. The money you save might be your own.

Nu

 

[bluejuice787]

Nuguy-

It is my opionion that you, while sounding "matter of fact", are incorrect about the underfunding of pensions. This was happening well before 9/11. Businesses of all sorts were dumping monies into VC not least of which were USairways and DAL.

United was underfunding yet spending more than 1bil just to try and purchase U om 1999. Avolar comes to mind also.

 

[skykid]

bluejuice, where are you getting those numbers from? How about some sources.

 

[KigAir]

Quick question: Can the PBGC come back and get any portion of the lump sum payments made to the early retirements? I had heard they could and I hope that is not true. I would think that the instant one received the money it could be put toward something/invested essentially making it disappear. Has the PBGC come after anything paid to USAir or UAL early pilot retirees?

Good question. At the company I work(non aviation) for, the paperwork that retirees sign has a clause stating that if the company goes bankrupt, the retiree must repay their lump sum payments.

 

[bafanguy]

Heyas Banfanguy,




Pick up the yellow pages where you live. Find an estate/retirement lawyer.

Yellow Pages ? ...sure...

Not grouchy at all. I was just pointing out how hard it is to get reliable information on a critical issue ( to some ). This is all about having information and so far, it amounts to getting marriage counseling from a priest.

 

[klhoard]

Yellow Pages ? ...sure...

Not grouchy at all. I was just pointing out how hard it is to get reliable information on a critical issue ( to some ). This is all about having information and so far, it amounts to getting marriage counseling from a priest.

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I have to agree with the earlier post - go pay a good lawyer (is there such a thing??) for an hour or two of his time to get the straight answer and options (That's why OJ Simpson moved to Florida). You are correct, trying to get financial advice from a pilot is bad news.
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If I had collected a lump sum in the last few months from a company headed to Ch. 11 I would get that money into liquid assets and move it as far and fast as I could. I don't think the Gummint or your last company will hesitate for one second to come after "their" money.
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However, if that fails and the PBCG gets ahold of your lump sum, then maybe my previous financial advice didn't sound so bad!!
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