Here's some quick math to keep you up late...
A Billion dollars is a thousand Million dollars. When the company flushed our DB plan (with DALPA's blessing) to the PBGC, the Delta (south) DB plan was about 4 Billion 'underfunded', because Delta hadn't made -any- contributions to the plan during the Dot Com stock market boom.
With last year's 2.7 Billion, and this year's 3.7 Billion earnings forecast, the company could have put $4 Billion (4,000 Million) into our DC plans to make us nearly whole, to replace our DB plan, and still had "Record Earnings" in each year ($1.7 Billion in each year, while putting $4 Billion into our retirement plans).
Yeah, most of that money Delta is "Earning" is actually due to the PILOT contributions, through the loss of our DB plans and our pay cuts.
My 42% pay cut alone has been about $100,000 per year, for 10 years, which is $1 Million, PLUS my DB plan was worth $1.4 Million, 10 years ago. And there are at least another 1000 guys in my situation.
So put me down for a $2.4 Million contribution over the past 10 years, times 1000 others, we paid for the first $2.4 Billion of Delta's record earnings, but at least I'll get $4,000/mo. from the PBGC when I retire...so I've got that going for me.
Not even a thank you note from Richard...who, bye the way, got a 42% raise last year.
