BID - SUBMIT - PRINT. BID - SUBMIT - PRINT.

Its kind of like PUFF PUFF PASS but only work realted. :D

I hope you get to stay too Buzz. :)

......................................

PBGC would have no problem with medical benefits or separation bonuses, as long as they are fully taxable.
Its any new DB plan or other "qualified" money that they will be watching.
Delta can hand out unlimited taxable money and benefits if they want. No problem. Its the tax qualified plans that can't exceed certain limits. ERISA and the PBGC regs prevent companies from dumping pension liabilities onto the govt and then establishing new "follow-on" plans.
I'm not saying we don't have any room to enhance our current DC plans, but there is a limit.

What happens is - the PBGC will issue a "notice of restoration" to Delta and make them revive our old DB plan. Believe me, that is not something Delta management will allow to happen.

They did it to LTV Steel. If you're really bored, here's the US Supreme Court decision upholding the PBGC's right to restrict "follow-on" pension plans after a termination. ---

496 US 633 Pension Benefit Guaranty Corporation v. Ltv Corporation | Open Jurist

In light of LTV's statement that it could no longer provide complete funding, the PBGC sought involuntary termination of the Plans to protect the insurance program from the risk of large losses. After the District Court terminated the Plans, LTV and the Steelworkers negotiated new pension arrangements, which the PBGC characterized as "follow-on" plans; i.e., arrangements designed to wrap around PBGC insurance benefits to provide substantially the same benefits as would have been received had no termination occurred. Pursuant to its anti-follow-on policy, which considers such plans to be "abusive" of the insurance program, and in light of its perception that LTV's financial circumstances had dramatically improved, the PBGC issued a notice of restoration of the terminated Plans under § 4047 of ERISA, which authorizes the PBGC to undo a termination "in any . . . case in which [it] determines such action to be appropriate and consistent with its duties under [Title IV]."

All of what you wrote is technically correct, with one major exception.

To obtain its settlement agreement, PBGC waived it's right to reinstate the DPRP. From the settlement agreement:

As of the Exit Date, PBGC shall have been deemed to have irrevocably waived its rights to (i) restore the Pilot Plan in full or in part and (ii) cease any activities undertaken to terminate the Pilot Plan in full or part. Delta agrees not to establish any new tax-qualified defined benefit plans for its pilots for a period of five years after the Exit Date.

I hear ya bro. I'm not at all confident though. (about MY chances.. I know nothing of yours)

I'm on my way to Oxford tomorrow for the UT/Ole Miss game on Saturday, so I won't be back until Monday or so.. Have a great weekend. GO BIG ORANGE

Well now, that's a horse of a different color.

http://www.wendyswizardofoz.com/horsecolor/horse2.jpg

;

Unless I smoked some crack I dont know about --If there are AEs you wont get bumped. You might have folks move in that are senior but you won't get bumped to another base unless there are Displacements.

Now...we might all stay where we are or move DOWN in seniority in a category but we shouldnt get moved out from our DALS bases. I fully expect and onslaught of DALN folks into ATL due to the 500+ that live within 150 miles. For that to push 500 people out there have to be Displacements...for it to totally ruin QOL for junior guys there it will take MANY AEs. The "suck" might be coming...but you should see the light on the oncoming train.

Check and Slow,

So, it looks like DAL contracted around the restriction, so they can establish a new DB plan for its pilots. Is that right?

Also, even if they didn't contract around it, how would the restriction play if DAL merely contributed to a plan administered by a third party. Is that right?