Ed Bastian letter to Bernie Sanders
05-22-2019 | 06:58 AM
#21
Gets Weekends Off
Joined: Apr 2011
Posts: 5,816
Likes: 5
From: retired 767(dl)
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.
05-22-2019 | 07:03 AM
#22
Gets Weekends Off
Joined: Jun 2015
Posts: 4,116
Likes: 1
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.
05-22-2019 | 07:06 AM
#23
Gets Weekends Off
Joined: Apr 2011
Posts: 5,816
Likes: 5
From: retired 767(dl)
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.
05-26-2019 | 06:36 AM
#24
Gets Weekends Off
Joined: May 2015
Posts: 2,960
Likes: 0
From: Power top
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.
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.
05-26-2019 | 06:49 AM
#25
Gets Weekends Off
Joined: Apr 2011
Posts: 5,816
Likes: 5
From: retired 767(dl)
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.🐲
05-26-2019 | 10:28 AM
#27
Gets Weekends Off
Joined: Sep 2008
Posts: 6,971
Likes: 0
From: Kickin’ Back
Thread
Thread Starter
Forum
Replies
Last Post
