Originally Posted by
Timbo
I can't understand how anyone was 'made whole', unless they were very junior at the time and had very little vested in their DB plan.
I know the 6 guys in my new hire class who left just prior to bankruptcy to protect 50% of their DB money got around $700,000 each, depending on which equipment they were on, FAE, and all of that.
If 50% of their DB was $700K, 10 years ago, then 100% was 1.4Million, 10 years ago. Now, take that $1.4M, add in 10 more years of growth, and what would it be today?
The guys at American with that much time in service have roughly $3Million today in their retirement plans. I'll never have anywhere near that with 15% contributions from the company!
Tim, every Delta pilot was provided with a statement when the plan was frozen detailing what they had in the plan. It's not hard to run numbers from there. I know you said you spent all the money on booze and hookers however I suspect that's not quite the case.