Originally Posted by
Crown
Why does the IRS need it to be all or nothing? Out of curiosity - not throwing darts at you
The MBCBP is an
IRS qualified defined benefit (DB) pension plan that is subject to different limits than the Delta 401(k) Retirement Plan for Pilots. The MBCBP was part of the Delta Pilots’ original C2019 negotiating objectives. It has already been negotiated and we are waiting on the IRS for a decision. The company will not proceed until they have clarification from the IRS on the details of the plan. The IRS has said they will not approve or deny at this time. We are in a stalemate with the IRS now with the plan as proposed. For it to continue there needs to be a new proposal, likely the optionality is the hang up but the IRS won't even say that's the problem officially.
November 12, 2020, MEC brief 20-14
November 20, 2020, MEC alert 20-68