UALjan15
Uniform Swapper
- Joined
- Dec 13, 2002
- Posts
- 257
There is no fuzzy math. The $2.1B claim was for concessions the $650M note was distributed as a result of the DB termination, in addition the PBGC received a $2.2B claim which will fund PC-5 redistributions.
Each active pilot received a note allocation which covers at least 100% of his accrued qualified DB loss. Non-qualified, earnings over $205,000, are covered at 60 cents on the dollar.
The accrued DB loss will be funded by a combination of the pilots MPPP, which was part of the DB plan and rolled over into his own name dollar for dollar, PBGC PC-3/PC-4 payments, PC-5 redistribution (folks forget that the PBGC had a $2.2B claim which is used to fund additional earned pension payments above the PC-3/Pc-4 payments) and the note.
The note contained $650M, the MPPP about the same and the PBGC claim, if it pays out at 45 cents on the dollar, an additional $990M.
Head spinning now.....this info looks to be the whole picture. Thanks.