Save my job! CAL system bid and RFL
#12
HOSED BY PBS AGAIN
Joined APC: Mar 2005
Posts: 1,713
And what's worse is that our UNION seems to be afraid to tell these senior guys that maybe they'd be smart to move on before their lump sum retirement is jerked away from them. If they end up losing their lump sums, I know a LOT of pilots who will show NO sympathy for them, including me. I'll probably sit and have a "no pity party" for them as they start screaming that they need to work till they're 80 to make up for all they gambled away and lost. Yep, age 65 sure didn't help the airlines one bit.
#13
They (CALALPA) cannot encourage the seniors to retire right now. A run on the A-Plan by too many would create a shortfall and liquidity issues. There's not enough money available for the lump sum option to be elected by too many pilots. As I understand, it is still minimally funded.
#14
HOSED BY PBS AGAIN
Joined APC: Mar 2005
Posts: 1,713
They (CALALPA) cannot encourage the seniors to retire right now. A run on the A-Plan by too many would create a shortfall and liquidity issues. There's not enough money available for the lump sum option to be elected by too many pilots. As I understand, it is still minimally funded.
#15
Keep Calm Chive ON
Joined APC: Feb 2008
Position: Boeing's Plastic Jet Button Pusher - 787
Posts: 2,086
They (CALALPA) cannot encourage the seniors to retire right now. A run on the A-Plan by too many would create a shortfall and liquidity issues. There's not enough money available for the lump sum option to be elected by too many pilots. As I understand, it is still minimally funded.
Could not be more correct. Even CAL-ALPA alluded in the recent Town-hall Meeting that if there is a run on the lump-sum frozen A-Funds during a retirement rush, the company very well could be in on a "liquidity shortfall".
Right now, we are 'just about' the mid-point mark on the 60-65 window since the age change. At least when retirement was a firm age of 60, the various company's had the chance to monitor balance req. vs amount retiring in the next 12 months. Now CAL is in the situation where they have no real hard number on what to expect as 'firm' retirements this year. I can see this being a huge problem since the odds of G-Rate falling coming first Q'2010, possible Ch.11's occurring, ect....all different variables may cause some very real problems in the near future.
Long story short.....if the shoe falls, and there are those left "south of the 50" with nothing to call an A-Fund (the pot 'lack-ith' due to an 'unexpected' run on retirements), I can see there being a lot of retirees saying WT....??
Did someone say something about 1 in the hand vs 2 in the bush??
#16
They (CALALPA) cannot encourage the seniors to retire right now. A run on the A-Plan by too many would create a shortfall and liquidity issues. There's not enough money available for the lump sum option to be elected by too many pilots. As I understand, it is still minimally funded.
Last edited by Boneman; 08-19-2009 at 10:26 AM. Reason: sic
#17
On Reserve
Joined APC: May 2009
Posts: 17
How about some quotes from the ALPA MEC Chairman at CAL:
"We’ve said publicly that becoming an immunized partner in the world’s largest alliance will provide benefits to our airline and our pilot group." -July 17
"Further, we will be joining the Star alliance this fall as an immunized partner. The anticipated growth from this move alone would be indicative of maintaining or even increasing our pilot ranks." -July 21
"We have all been told that entry into the Star alliance as an immunized carrier will increase growth and therefore pilot jobs." -July 24
"Our Alliance Committee’s work allowed us to speak with educated authority in discussions of future growth as CAL enters the Star alliance as an immunized carrier." -August 7
Do you have anything that indicates something different?
#18
Gets Weekends Off
Joined APC: Apr 2007
Posts: 880
Per the LC 171 meeting today...there are 300 over 60 pilots on property. I think there are enough that could push it to being frozen.
#19
Gets Weekends Off
Joined APC: Dec 2005
Posts: 839
There was an 83 hire discussing his sacrifices, and comparing the pension to playing poker without seeing his cards. The empathy in the room was compelling.
#20
Priceless!
I stand by my statement concerning liquidity issues.
For those that missed it - snapshot was updated today. Usual disclaimer concerning double bids, blah blah blah.
It doesn't look promising for mitigation, unfortunately.
I stand by my statement concerning liquidity issues.
For those that missed it - snapshot was updated today. Usual disclaimer concerning double bids, blah blah blah.
It doesn't look promising for mitigation, unfortunately.