Delta retirements-Sept 1st
08-31-2005, 08:15 AM
#3
Guest
Posts: n/a
Delta retirements
It's Capts deciding it's time to escape with their large lump sum payout before bankruptcy. Can't understand why they'd risk waiting this long...just a guess based on anecdotal evidence, but they're probably sucking up over-time trips (pays time and-a-half) as long as they dare??
08-31-2005, 08:26 AM
#4
New boss = Old boss
Joined APC: Mar 2005
Position: Ca B737
Posts: 2,762
Lump sum
Someone once told me that the bankruptcy judge or the pension guarantee folks can come after the retired pilot for their lump sum for as much as three years after they receive it. They would have to pay it back! I don't know how they can enforce it unless they can impose all kinds of leans or such.
Does anyone have any info on the truth to this?
Does anyone have any info on the truth to this?
08-31-2005, 10:23 AM
#5
Line Holder
Joined APC: Aug 2005
Position: Retired
Posts: 57
B767flyr:
Thanks. That's what I thought. I bailed from AA two and a half
years ago just to save what little was left in the B Plan. If it went
to zero, I would have had to basically fly for free for 4yrs just to
get back to where I was.
Mike734:
I heard that too, but it was years ago. I hope it isn't true; however,
I haven't been able to verify it.
Thanks. That's what I thought. I bailed from AA two and a half
years ago just to save what little was left in the B Plan. If it went
to zero, I would have had to basically fly for free for 4yrs just to
get back to where I was.
Mike734:
I heard that too, but it was years ago. I hope it isn't true; however,
I haven't been able to verify it.
08-31-2005, 12:45 PM
#6
Guest
Posts: n/a
Delta early retirements
Mike734,
I got it second-hand that they could come back for the lump sums 3 years later, but never have. As of 8/30, 185 Capts (155 are early-outs) signed up to retire. Yah if you can retire early and save that B fund/lump sum cash, good for you!
I got it second-hand that they could come back for the lump sums 3 years later, but never have. As of 8/30, 185 Capts (155 are early-outs) signed up to retire. Yah if you can retire early and save that B fund/lump sum cash, good for you!
08-31-2005, 05:44 PM
#7
Guest
Posts: n/a
i have heard from our R&I people that the BK judge can come back and take it but that it has only been used rarely and only when management fraud is involved. in other words, some management ******* rapes the fund and leaves the employees holding the bag.
09-10-2005, 08:02 PM
#8
Gets Weekends Off
Joined APC: Jun 2005
Posts: 521
Kill Bill hit that right on the head! How the hell does managment get away with skimming off the fund to maike the profits look bigger so they get bigger bonuses? Why isn't someone sueing them? Is it that easy to hide such action?
09-13-2005, 06:53 AM
#9
On Reserve
Joined APC: Jul 2005
Position: B767ER
Posts: 18
It took me around 40 days to get my lump sum check from DAL after I early retired last year. I hope the 1 Sept guys get their checks before a bankruptcy judge and the PBGC get envolved in our pensions. I don't think even the guys that left 1 Aug have all gotten their checks as of this week.
09-13-2005, 10:42 AM
#10
APC co-founder
Joined APC: Feb 2005
Position: B777
Posts: 5,853
Originally Posted by max767capt
It took me around 40 days to get my lump sum check from DAL after I early retired last year. I hope the 1 Sept guys get their checks before a bankruptcy judge and the PBGC get envolved in our pensions. I don't think even the guys that left 1 Aug have all gotten their checks as of this week.
While it doesn't hapen over night, it WILL happen (IMO) and any DAL pilot that wants a lump sum would wise to go now.
Good luck to all of us.
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