Timbo's most excellent breakdown shows why this isn't so--it needs to be better than 1:1 to be a "straight" trade.

That said, a more important reason IMO not to trade PS for pay rates: even if you make the math "work" for the trade, it's only good for one contract cycle--after which the company will have developed amnesia regarding the basis of the pay rates and will insist on comparing only pay rates to other carriers'. That's what folks here are talking about re PS not being "costed" by the NMB; and that's why we've been "losing money" since the amendable date. We're already subject to both of those issues--i.e., have you heard any talk of pay rates going to "UPS + 1 + <what was converted from PS>"? No, because it's gone. Forever.

Let's not repeat that mistake! NO to PS trades!