Originally Posted by
acl65pilot
I agree, that is why I think that if these pensions are such an issue, they could be modified out of court.
You have no idea how much I wish that were true. We all want the pension voluntarily terminated and the money moved into an annuity in each of our own names. But the law gives us two problems here. First is that you cannot voluntarily terminate your own pension unless it is 100% funded. So my suggestion was to raise the retirement age for NWA pilots in order to make the pension 100% funded. I understand that just raising it to 62.5 years would immediately change the actuarial data and make the pension fully funded. But then comes the second problem. It is illegal to make a change to your current pension fund rules outside of another pension termination request in bankruptcy court. How's that for an unbelievable stupid law. I believe that a majority (in the 90%+ range) would jump at the chance to annuitize the pension as is, and remove any more funding by the new Delta forever, but the law allows only a termination or leaving it exactly as is.
Sigh.
Carl