Originally Posted by
Timbo
$165,000 of my note/claim money (about $400,000 total) went directly to the IRS, remember? There was no way to roll it over to an IRA/401K at the time so it was all considered taxable income, which put most of us into the highest tax bracket. Uncle Sam was the only one who made out, as usual.
This all happened about the same time my twins were starting college at an out of state university, that's where most of the rest of it went.
I'll agree with Sailing on this one. You did receive a portion of the money as taxable income, but you could have recovered that due to the ALPA supported Congressional action. You are blaming ALPA/DAL because you didn't save for your children's higher education? Also my PBGC payout is about $3900 if I retire at 60, and a little north of $6400 if I retire at 65. You and I are very close in age, but you were hired at a much younger age. I was 31 when hired, I believe you were around 26-27? Your PBGC payout should be more than mine. Also some of that payout we receiver went to fill the 415c limit, so not all the note/claim money was taxable. Timbo, I like you, but you can't BS a BSer.
