|
Originally Posted by crewdawg
(Post 2824312)
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?
|
Originally Posted by badflaps
(Post 2824349)
Up untill 1972 the pension plan was controlled by the pilots, A&B plans. Monthly payroll ded. Solvent and fat. Vested after 5 years. 1972 changed all that. Company took over the plan, basically to finance the N/E merge, buy 727s. 1992 brought the lump. You could opt in or out. A lot of opting in. The Co. did not keep up, the rest, as they say is history.
I relayed to the mec what mgmt was going to do with the pension trusts when ron allen became ceo. The lesson is as an employee you should NEVER get into bed with management when it comes to retirement security. |
I forgot the Family Care Plan, which was basically for the noncons. Payroll ded. up to 21/2 percent, Co. matching. Some stocks and insurance contracts which paid 8+ percent. I was in it for about 20 years and ended up with about $250.000 which was transferable to an IRA. Good deal, not many pilots participated.
|
Originally Posted by sailingfun
(Post 2823815)
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. |
Originally Posted by Hank Kingsley
(Post 2826543)
And fortunately the S&P has doubled, while we assumed the risk for our portfolio. Yet, management has taken care of themselves through massive ISO's and stock buybacks, designed to enrich. Used to call them carpetbaggers in these parts.
|
Originally Posted by badflaps
(Post 2826553)
Best of luck in the coming wrangle, it won't be easy petting a snake.🐲
|
Originally Posted by badflaps
(Post 2826553)
Disappointed in El Sleepo's letter to Bernie. Sorta indicates his position with the pilots. He must think we have total blackouts. Best of luck in the coming wrangle, it won't be easy petting a snake.🐲
I hate snakes... Denny |
| All times are GMT -8. The time now is 04:50 AM. |
Website Copyright © 2026 MH Sub I, LLC dba Internet Brands