Delta NOT to make pension payment to pilots...

[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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