Timbo.....i recall all too well the sneering accusation of alpa operatives directed at anyone who dared question their fabricated and foolish reality.

The pension was never.... repeat, never fully funded. For the simple reason about half your pension benefit came out of future operating revenues of the company.

People go to JAIL for the type of fraud alpa has perpetrated.

Alpa ONLY ACTED to create the mmpp when as you observed, there was a perceived threat to their status as a CBA.

For the life of me I cannot understand or accept how this pilot group continues to retain a CBA with such a record of failure, let alone send them tens of millions in dues every year.

The APA pilots departed the pattern because they knew the requirement of AFL-CIO affiliates to conform to the template of an employer owned pension plan was sowing the seeds of disaster.

So delta pilots surrendered their DC plan and got in line.... to be screwed. And the APA pilots....... well they preserved the accrued value of their pilots retirement.

Even the AFL-CIO knew employer owned DB plans were failures..... as early as the 1950's. Which is why they engaged in a decade plus long effort to create a mechanism to transfer these liabilities to the central government....... they didn't get that done fully, but the pbgc, a 'GSE' was the result.

The pbgc....now an insolvent corporation that is supposed to pay the delta pilots annuitized retirement benefit.

Well, guess what folks......IT AINT GONNA HAPPEN

The question each and every beneficiary better be asking themselves now is......." what is our $50 million a year in dues doing about it?"
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