US Airway news - not good

[Boeingman]

boeingman your condesending attitude is nice.

Thank you. It does get a but tiring to see management wanabees spouting off information coming from left field.

i've paid into ss and understand the entitlement, however the govt treats it like income tax money so no we are not entitled to it.

What the govenrment does or doesn't do with SS withholdings does not change the fact that it is a entitlment at a given age, depending on your year of birth. Your post above admits that, but you talk in circles.

i worked in the pension industry for seven years so I do know what i'm talking about.

Could of fooled me.

stick to flying airplanes.

Actually, flying airliners is only a part time deal for me. I have a business that has been extremely lucrative over the last 20 years.
You're out of your element talking finances with me.

the contractual obligation is noted,

Yes, and the bankruptcy judge noted it as well. I wonder why that is? Or are you going to tell us you've been in the legal industry for 7 years as well?

however bankruptcy is also written in and this contingency is a "way out". the plan is funded to a point, it is the worst of both situations (decreasing market and low interest rates) and thus is in its situation.

Too bad about the reasons for the drop. You don't see their other U employee plans being abrogated do you? Does their collective bargaining agreement allow for the plan to be terminated or modified when specific perfomances are not met? I don't think so.

The point I'm trying to make is contractually you cannot just wipe out a plan because of some problem here or there. If U was in such bad shape, they could recover the $35 million from wolf and Gangwal and the other guy to start and bring up the pension.


Your assertations and ideas would wreak havoc if it were true and implemented on a wholesale basis. Thankfully the bankruptcy court agreed and sent it back to an arbitrator. This is a good example of why you need a strong union.

 

[canyonblue]

And a Pention, while not a right, is and should be part of every major airline compensation package, and it is up to us as pilots to hold our ground, rather than resign ourselves to turning every airline into a SWA.

And a Profit Sharing Plan paying thousands per year and a 401k match up to 7.3% while not a right, is and should be part of every major airline compensation package, and it is up to us as pilots to hold our ground, rather than resign ourselves to turning every airline into a _______*.

Insert your own airline here.

 

[CitationLover]

get a clue boeingman...

will a flight attendant have a $130,000/yr pension? will a gate agent have one that big? of course not, but pilots (esp. career ones) have pensions that big, thus the liabilities are huge. this is why usairways is targeting the pilots plans and not the other ones (out of all of UAL's pension plans, their pilots plan covers 80% of the liabilities).

if you're such the financial expert and know all about pensions, what action can usairways take to limit their liability exposure to all pension liability? the only way is to terminate the plan, which they have a right to do (it is written into the contract, ie it was negotiated - it does not matter if the plan is over/underfunded). the airline pensions are all in piss-poor shape (see UAL, TWA, etc.) along with most defined benefit pension plans as these days assets have tanked and interest rates are way down.

again, alpa could give two sh!ts about pensions. retirees and work transfers they could care less about (they don't pay dues). all alpa cares about is higher wages for ACTIVE dues paying members (and thus increase the alpa incoming dues).

one thing we do agree on is that wolf/etc will be paid and it is a travesty. the reason i left the pension industry was seeing all to often mgmt receiving their pensions and increasing it (mgmt plans are unfunded by nature to avoid nondiscrimination issues) while cutting the general ones.

 

[WhiteCloud]

And a Profit Sharing Plan paying thousands per year and a 401k match up to 7.3% while not a right, is and should be part of every major airline compensation package, and it is up to us as pilots to hold our ground, rather than resign ourselves to turning every airline into a _______*.

Insert your own airline here.

All the evidence for having an individual retirement plan that is NOT tied to the fortunes of an airline is right here in this thread. Ziggy1