Marcal.....that is true...... but in the case of a pension trust, in the event of ROI setbacks the payout obligation is not diminished. The trustee has to reach into operating revenues and make beneficiaries whole.

Not that I'm advocating DB plans.... their record is dismal.

Had alpa exercised even the minimum of fiduciary responsibility and required delta to fund a secondary financial vehicle to underwrite the 40% of a pilots pension the unqualified benefit represented...... we would not be having this discussion.

At the point of BK timbo would have likely rolled a half million or more from this secondary financial vehicle into a qualified retirement account.... tax deferred. And would still have the pbgc benefit payment to offset the loss of the qualified component.

Instead..... from the time timbo came to work, contract after contract, alpa told delta..." you only have to save enough to pay HALF of timbos pension, because..... after all...we trust you are good for the rest".....

Stupidity would be too kind of a descriptive. Particularly in light of the backdrop of eastern, pan am, and on and on. Arrogant ignorance is what it was... plain and simple.

And so far as alpa goes.... nothing has changed.






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