Originally Posted by
chuck416
What a moron! He takes a 40% pay-cut along with loss of pension and, indicates he'll settle the upcoming contract for 25% raise, AND does not mind a sellout of the junior guys in the process. In the end, he's still down well over 20% from where his wages were pre-bankruptcy, NOT including inflation OR loss of pension! Where DO guys like this come from? What ever happened to "leaving the profession BETTER than when you arrived??? Is it any wonder we're in the mess we're in?
Disgusted,
Chuck
Altruism left with the pension. It's because he's down 40% and lost his DB that he will sell us out to maximize the final years to be able to retire at his planned lifestyle. I think most of these guys saw that 2.5 mil in DB and thought they were safe and didn't save much on their own. Add the crappy market in the last few years and you see guys staring at the abyss of retirement without enough in savings, kids in college, houses, boats, etc, etc etc.
That's why the hope that people will leave before 65 are pipe dreams. The current over 60 guys either have the frozen DB from the North or the Note and Claim money and the PBGC. They are in a better position than the next wave, the deadzoners. They will hang on to the bitter end because they have to. (Admittedly a broad brush, I'm sure there are people in that group who were more prudent and saved).