DL 401K problems!

[737 Pylt]

I lost over $7,000 out of my 401K, and am growing very tired of this place!
737


Delta Client:

As some of you may have noticed, Delta has made the decision to change the Convertible Preferred ESOP holding in your 401(k) retirement plan to Delta common stock. This was a very real possibility and is, unfortunately, a very common practice. This means that the value of each share of your Convertible Preferred ESOP has dropped to reflect the price of the common stock. According to a Delta retirement plan contact, this decision was made in court December 19th to aid Delta in the bankruptcy proceedings.

The money remaining in the ESOP will be available for transfer to an IRA and, in some accounts, may have the option of receiving a stock bonus upon the transfer. You will all be receiving an information packet from the retirement plan administrators explaining the formulas involved in this bonus structure.

I apologize for being the bearer of this unfortunate news so close to the holiday season. Heritage Wealth Management, as always, will continue to stand along side you and your family, and will help navigate through these difficult times.

Sincerely,
H Wealth Management

 

[8vATE]

I lost over $7,000 out of my 401K, and am growing very tired of this place!
737

Waaaaaahhhh!
Waaaaaahhhh!

:crying:



Join the real world man..

YOU made the big $$$$ for years...



FWIW..

I took my USAirways 100% paycut in 2002....

 

[Stifler's Mom]

8vATE,

According to your post, was I wrong to feel sorry for what happened to the USAir pilots that lost their jobs, or the 1000's of others that were furloughed around the industry, lost benefits, or had salaries slashed?

 

[NTS ALL 4]

I lost over $7,000 out of my 401K, and am growing very tired of this place!
737


Quit! Resign!

That'll teach 'em!

 

[737 Pylt]

Waaaaaahhhh!
Waaaaaahhhh!

:crying:



Join the real world man..

YOU made the big $$$$ for years...



FWIW..

I took my USAirways 100% paycut in 2002....

So by your hypocricy here, should I feel sorry for you that you were furloughed in 2002? You also made big bucks from U as one of the top paid airlines....Or are you just being a putz??
737

 

[AlbieF15]

When you cheer at someone else's house burning down, don't be surprised when the firemen aren't really eager to go into your home when your kids are trapped inside.

The fact that DAL/UAL pilots made $300 bucks an hour for a while pulled ALL our wages up. The fact they are now falling does none of us any good. A lot of guys LEFT regionals and other places to move up allowing a lot of upward mobility for folks as they were chasing a better life. Falling wages creates a lot of stagnation at multiple levels in this industry.

Were there some arrogant dudes/gals at UAL/DAL/AA/US Air etc over the years? Sure. Did I wish this on any of them? Heck no. We are all losing in the market.

On the other hand--if the only way you can feel good about yourself is watching other guys take a tumble--well...feast away. You ought to be having a great Christmas.

 

[OCP]

With that all as common stock Delta can pretty much wipe that debt free when they exit Ch 11 and you will be left with ZERO. That sucks!

 

[1800 RVR]

Great post, Albie. We need more of this kind of support. This profession has definitely turned into "crap on others like you've been crapped on." Makes me sick.

 

[ivauir]

WTF. These folks have been robbed. How can you mock that?

Nobody in MGT should get jack until all of the retiements are funded. This move is just one more example of how mainline mgt has set the rules of the game in their favor. They've made it so it is legal, but it still isn't right.

I doubt we'll ever see any justice on this (or the many other issues), but belive it or not, your LCC bretheren think that this stinks. Good luck guys.

 

[AZ Typed]

Take your future and insure it. You insure your car, your house, your airplane...so insure your retirement. I moved into a VA with John Hancock a year ago - nothing but gains (13% mine, 17% wifes) and all gains locked in every 3 years, plus I can never lose what I put in. Go ahead and moan about 1.75% in fees...but it's much cheaper than all the yahoos who have lost half or everything. Good luck!

AZT