Originally Posted by
Ottolillienthal
Are you sure this is correct? The excess funds already collected were largely (if not all) collected under a previous contract and a previous (now nonexistent) airline. I do think if ALPA negotiated a deal with the company, and the company has collected excess funds, ALPA has a fiduciary obligation to represent those pilots to insure their funds that are misappropriated are repatriated. I would like to be remunerated for my share of the overpayments. I don't care about any future possibilities of age changes. That seems to be the company's argument for keeping my money.
Hate to burst your bubble, but not a penny of the money in the trust is yours. It all belongs to the CAL pilots on LTD until the last guy leaves the plan.
Contractual language opens the POSSIBILITY of a quicker distribution but language allows the company to say when it is administratively feasible.
This will get the excess to CAL pilots quicker, but it should not be done at the expense of the pilots that are disabled.
Sluffing off the liability to an insurance company might add a level of risk to benefits that would result in litigation and other potential administrative and contractual responsibilities.
It's not as easy as some suggest.