Originally Posted by
Flyingphi
There should be no LOA’s about this unless the irs denies what we have in the contract we just voted in. This plan will return almost nothing when you factor in inflation. Once this company cap in the prap is lowered it will never go back. Wake up man….this is complete bs. It will never change back and most likely all the things we were told we would get in the contract won’t happen. We need to get it all done the first time around…if it takes another year so be it.
?? What other things in the contract haven’t happened?
It won’t be a year it will probably be closer to 2. And the PRAP cap is a company interpretation of IRS regs and the contingent benefits rule, I’m guessing their army of lawyers looked at it pretty closely. If they’re wrong, great for us, if they’re right the PRAP cap will be as the LOA is written. Either way the 30% equities stake is in the UPA so that’s a done deal.
Judging by the visceral interweb reaction to the LOA it likely won’t pass, which is a shame mostly for the older pilots whose RHAs will far outlive them and then pass along to… the rest of us.