Originally Posted by
NuGuy
The biggest wrinkle with the lump sum payouts, at both DAL and NWA, is the pilots were suffering under a sudden 40%+ pay cut. Many had to use that lump sum money to make lifestyle adjustments. Yea, we should all live within our means, but when such a large shock occurs, you can't make adjustments all at once. Downsizing takes time (big house to small house), assets need to be disposed of (boats, cars), kids in school need to be allowed to continue to at least the end of the semester/graduation.
Sure, while you could count that money as "retirement", the cold facts are that many had to use that money to adjust. Once those people got back on their feet, and started contributing, boom, the financial crisis happened in 2008, and it would take six years for the market to recover.
Absolutely. During BK, went from DC-9A to 320B. $185 to $86 in less than a year. 3 kids, extra side gig, wife back to work. Yes, that 65k claim/note money before taxes went to keep many in their homes.
Yes, some of the deaf comments from a certain demographic/generation that makes comments about it conjure a certain F you response. I would say there are 2000 pilots who didn’t make out well with any note/claim. No real targeting that made a difference (15%-19% of BK wages was 5-8k per year). Frozen pension minute and getting smaller with inflation.
Not sure what the answer for those people are.