Originally Posted by Stu Jamison

The controller was just looking out for him. After all there could have been an inbound -67 about to land on his taxiway. That's all.

Originally Posted by Stu Jamison

Well for starters your company dumped their pensions on the PBGC. My buddy who retired in 1997 with just under 35 years of service took a major hit on his pension. How's that for starters?

Originally Posted by Stu Jamison

Well for starters your company dumped their pensions on the PBGC. My buddy who retired in 1997 with just under 35 years of service took a major hit on his pension. How's that for starters?

Originally Posted by sailingfun

You should do a little research. For starters they dumped one pension on the PBGC. There was no plural. All other pension were kept. The one pension dumped on the PBGC was the pilot plan. The PBGC received a substantial stock grant in the reorganized Delta in the assumption of that plan. It turned out the PBGC basically made money on the deal and in fact had to pay pensions well above their normal max to Delta pilots because of that recovery. In addition you seem to have no idea that the PBGC is essentially a private insurance company not funded by the tax payers. It is funded by insurance premiums.
As far as your buddy who retired in 97 it's sad you consider him a friend when he is a flat out liar. He would have been 67 to 68 when the plan was terminated. They took at best a 200 to 300 dollar a month hit and if he was 68 probably nothing. They also received compensation in a claim sale.

Originally Posted by PBGC in denying the PC3 group's claims

When the Pilots Plan terminated, its total underfunding - i.e., the difference between the ' values of its assets and its benefit liabilities - exceeded $2.5 billion.

PBGC's guarantee under ERISA ensures that pension plan participants and beneficiaries will receive their pension benefits up to the statutory limits even if their terminated plan has no assets. Because the Pilots Plan had some assets when it terminated and because PBGC obtained significant recoveries from Delta, ERISA authorizes PBGC to pay additional nonguaranteed benefits to Pilots Plan participants and beneficiaries.

Overall, PBGC is paying over $1.8 billion of the Pilots Plan's nonguaranteed benefits, in addition to over $1.6 billion in guaranteed benefits. Nevertheless, PBGC is unable to pay nearly $1.1 billion of the Plan's benefits.

PBGC is unable to pay all Pilots Plan benefits primarily because ERISA places a cap, • known as the Maximum Guaranteed Benefit ("MGB") limit, upon the amounts that PBGC guarantees. For the Pilots Plan, the MGB is $47,659 per year for a participant who begins receiving PBGC benefits at age 65 in the form of a straight life annuity ("SLA"). Because the large majority of appellants have Plan benefits that exceed the MGB, PBGC is often unable to guarantee their full Plan benefit amounts.

Originally Posted by sailingfun

As far as your buddy who retired in 97 it's sad you consider him a friend when he is a flat out liar. He would have been 67 to 68 when the plan was terminated. They took at best a 200 to 300 dollar a month hit and if he was 68 probably nothing.

Originally Posted by forgot to bid

Originally Posted by MrBojangles

this guy needs to be called out for this..maybe he needs some help. ya'll remember that jetblue pilot that went nuts a few years back?

Originally Posted by NERD

Stu,

This pilot was out of line and will be handled by pro-stan or the chief pilots office. That being said, you seem to have a overly sensitive side to all things Del-duh. Who do you work for again?