Originally Posted by
F15Cricket
I agree that no taxpayer money is going to a retired Delta pilot. Please answer these questions, though ...
Who administers that retirement?
Who pays those employees?
If the PBGC did not exist, what would have happened to that retirement or Delta as a company?
1. PBGC
2. PBGC
3. I suspect the plan would have remained frozen and the company would have funded the plan going forward as they are with the NWA pilot plan and the other 70,000 employees at Delta. The pilots would not have received the 650 million dollar note in that case and their would have been no cash distribution of the MPP plan. In addition the stock received by the pilots and sold in a claim sale may have been reduced. The PBGC would also not have received the windfall they got in Delta stock.