Originally Posted by
tsquare
Hey Einstein.. where on earth did I say anything like I think it was a mistake to get rid of the DB plans? Find one post before you do your little rollie eyes thing in my direction. All I was saying is that to use the PBGC as any sort of equalizing element in the equation is fairly risky because we all know how the guybbamint will rape and pillage any "free" money they can get their hands on.. and change the finish line for those that are eligible... or have you not been paying attention to social security?
Hey Einstein, so you want to discuss "equalizing elements?" If you are going to bring up the possible future bankruptcy of the PBGC and social security, which has never happened, you have to acknowledge airline insolvency, which has happened multiple times recently, as part of the equation. Since they are both doomed to fail in your world, the only thing that matters is money in your pocket today. By that standard, you have to acknowledge the great good that came from a $650m note and the cash that put into the pilots retirement plans in their own name, as well as the the hundreds of millions that have come from the DC plan and 401k.
You ought to be cheering the termination of a promise of a pension in exchange for establishment of a DC plan and a $650m note. Since it is far more secure than relying on the solvency of an airlines pension plan.
I mean to be consistent, you wouldn't want to have an airline DB plan, you'd rather have cash today and a DC plan. Right?