Yup.

If i recall the pilot pension payment termination was the first order they put in front of the judge after filing. The very next morning i believe.

He didnt ask the judge for relief in a % reduction...noooo. Terminate.

Almost with a flavor of malice.

If our cba doesnt take this opportunity to take our ceo to task for selective memory.....well. Lets just say you all arent getting your dues moneys worth.

Wtf good is an obscure billboard on Va ave? Call him on this whitewash. In the medium of his choosing.

 

The trigger was there but im recalling a dance around stating it was a direct pension offset because it would 'complicate' the termination?

Yes....im corrected. your math with the prorata is accurate. the fae was there for a 140k at maturity only.
With the fractional years service discount im in your ballpark with age 60 rough math of DB/pbgc ~$100k/~$65k.

I dont have the pbgc estimate in hand but i recall the age 60-65 spread is abt $1500 a month.

Still a poke in the eye given the ensuing economic performance, and this moralizing by a ceo who lost sleep over not inflicting enough damage to the pilot group.

The note and claim payed out at a substantial discount as W2 income. Along with the mpp $ i hope all of us have been fortunate in parlaying those resources into some improved financial circumstance.

But im still po'd. Lol.

 

I don’t like any of it either but Delta pilots claiming they lost their pension are pushing credible boundaries. My and your PBGC payout at age 65 matches my NWA pilot friend total benefit. Admittedly he was a under achiever and only flew his basic schedule but the MPP plan and note offset that. The MEC looked at both groups retirement numbers and found no real difference between former Delta and former NWA.
The one thing that really irks me is getting no real DC money during the period the plan was frozen. It was promised that if the plan was subsequently terminated the targeted DC plan would be retargeted to make everyone whole. Instead they went to a flat rate.
Overall considering the companies financial state and the 20% funding level of the DB plan we came out remarkably well compared to the other airlines in chapter 11 at the time.

 

Yes. Given what has transpired economically since banktuptcy we were likely one of the more fortunate in the alpa history of terminated pensions.

I watched the Eastern disaster unfold.....it was a very sad outcome.

Of the legacy group APA probably realized the best outcome in protecting accrued earned retirement benefit.

Age 65 has been huge in extending the productive income window. To hazard a guess i think most pilots now having genuine value and ownership of their retirement security are the most influential reasons for not wanting to trade what we have for anything else.

 

Bob Z for president in 2020!

 

Forbes: Delta Air Lines CEO Says Bernie Sanders Got It Wrong On Delta Compensation.
https://www.forbes.com/sites/tedreed/2019/05/21/delta-airlines-ceo-says-bernie-sanders-got-it-wrong-on-delta-compensation/

There's something incredibly ironic about Bernie barking about anti union drives when the article photo is him boarding an Eastern jet. Granted it's a resurrection of the brand and a stock photo, but you get the idea.

 

Try telling that to 1955- 1975 DOH's. (DAL)

 

badflaps, if you were hired in that window, can you tell us what you guys had back then? I've been told you guys had a 401k type plan before, then later were received pensions because the company thought it was a better option. Is this true?

 

Judging by what I see daily on our company employee website known as the D Net, my demographic doesn't exist at Delta. Pretty much how I feel about the big D in return.

 

Bad.....those of us that were still on property when delta filed bankruptcy did not experience what delta did to the retired group.

Its a measure of the character of corporate management that they extracted the greatest pain from those with the least recourse. And with the least opportunity for economic recovery.

Those on property still had a job. And then an added 5 year reprieve from the governor.

Everybody here should appreciate that if management didnt need the active pilot group to continue to move metal we would have faced the same fate.

This is my interpretation of the implied follow on to the 'lost sleep' comment.......the worry was not enough was taken from us....and still have us show up and fly the jets.

They needed us. They had no need for the retired pilots.