Originally Posted by
BoilerUP
Given that both UPS (12%) and FDX (9%) have defined contribution plans in addition to their DB pensions, and all have watched the legacies lose their DB pensions in 1113 proceedings over the last 17 years, I’d hazard to say virtually all.
Of course bankruptcy laws have changed since the legacies had their pensions taken...
Are they working post-65 because of need (divorces, expensive lifestyle, bad investments) or just “something to do”? Prob a mix of both...
I agree that people “should” have learned by now....but that doesn’t seem to be the case. I’m pretty sure there were previous cycles of boom and bust and pensions disappearing (Pan Am, TWA, etc) and that didn’t seem to cause these guys to save in addition to their pension.
So in my opinion, “virtually all” is a pretty bold statement that doesn’t match the reality of the last pilot era that went through mass bankruptcies. They are working past 65 and blame the loss of pension as the reason.
I hope my friends at FedEx and UPS never have to live through that.