Originally Posted by
badflaps
Up untill 1972 the pension plan was controlled by the pilots, A&B plans. Monthly payroll ded. Solvent and fat. Vested after 5 years. 1972 changed all that. Company took over the plan, basically to finance the N/E merge, buy 727s. 1992 brought the lump. You could opt in or out. A lot of opting in. The Co. did not keep up, the rest, as they say is history.
And thats what is so despicable about what management did.
I relayed to the mec what mgmt was going to do with the pension trusts when ron allen became ceo.
The lesson is as an employee you should NEVER get into bed with management when it comes to retirement security.