the PMDL side pilots had theirs terminated. As far as I am aware they were the only PMDL workgroup, or really only pre BK workgroup from either side to have their pension terminated instead of frozen.

 

I was retired 16 years when I received the F.U. letter. Not very nice. Even more fun, Travellers sent me several threatning letters to make good my payroll deductions for insurance.

 

At Delta. There are other airline employees, to include pilots, from that era that had their pensions terminated and put into trusteeship with the PBGC. United and US Air for sure.

 

I'll second what was stated above. What does this mean? Did they get pennies on the dollar for it/the amount at the time of Ch11/none of the above?

 

It varies widely based on the benefit that had been accrued at the time of plan termination. I know there are many pilots hired in the 1999-2001 timeframe at Delta who's benefit from the PBGC is in the <$500/month area. I would think that everyone hired in 1992 or before would be in the group who are limited by the max PBGC limit, which for plans terminated in 2006 would be around $2300/month at age 60 or $3500/month at age 65. This is an oversimplification of it for sure as there are many other nuances that go into the total benefit calculation for an individual. For comparison, a pilot who was hired at 30 in 1988 would have been 48 in 2006 when the plan entered trusteeship with the PBGC. If that pilot had earned $200,000 per year prior to the soft freeze of the pension in 2004, they would have an accrued monthly benefit of $6,400 expected at age 60. Instead that pilot would get about 36% of that earned benefit due to the monthly max from the PBGC at age 60 of approximately $2500. That's about a $47,000 per year haircut in retirement for the first 18 years of service. That pilot would turn 65 this year.

 

What about the note and claim money? What if that had been invested in the market when received? Isn’t that part of the retirement calculus?

 

My note and claim money was $27,000. I was vested for 8 years (Paying in monthly) when the Co. took over the pension. wasn't much of a return 41 years later. (DOH to settlement)

 

Having yet to experience what happened to those folks, why do you feel the need to comment on it? Clearly, you have a SM addiction and an inflated opinion of yourself, but why all the angst?

 

Oh look, the fake DZ’ers have made this thread about pensions too.

 

BF, I'm curious. You hear a lot about DZers who lost their pensions, but never hear about the guys who had already retired. Are you saying you lost your 60% FAE as a 767A and got $27k total?