Delta pilots get some of the taxed lump sum pension back???

[General Lee]

House OKs Delta pension tax break

By Julia Malone
Cox Washington Bureau
Published on: 07/10/08
Washington —- Delta Air Lines employees who forfeited pension and salaries when the company went through bankruptcy would receive a tax break under legislation passed Wednesday by the House of Representatives.
Thousands of airline workers, including pilots, were compensated for their lost benefits when Delta emerged from bankruptcy last year, but under current law those payments are subject to taxes. Under the provision adopted Wednesday, this income could be transferred into tax-deferred Roth Individual Retirement Accounts.

"These employees have been through so much," said Rep. John Lewis (D-Ga.), who added the "lost retirement savings" provision to a broader bill. "We need to protect people's savings and help them prepare for retirement in any way we can."
The measure needs Senate approval.



That could help a lot.....


Bye Bye--General Lee

 

[Capt. Kramer]

Glad to see Congress is doing something for at least ONE of our airlines.

 

[jester757]

I HOPE the senate approves this. That would mean a lot to our retirements.

 

[General Lee]

Does this include the monies that were taxed from our equity in the company after BK? Here is what it states again:

"including pilots, were compensated for their lost benefits when Delta emerged from bankruptcy last year"


Do the "lost benefits" include the paycuts and benefits cuts that were given back to us in the form of equity? My lost pension was given to me in a lump sum and then most was put in my 401K for 08. The largest sum was the share of equity, which was heavily taxed. I would like to have some of that taxed equity back....


Bye Bye--General Lee