Quote:
Originally Posted by BobZ
What happens to my contributions if....
delta ceases to exist?
Or if delta is acquired?
Or if delta goes bankrupt?
If I quit-resign-fired?
I die before retirement?
I die one day after retirement?
If i decide i want to withdraw and along with it all my contributuons?
If delta goes bankrupt after i retire?
If delta or its sucessor is found to have engaged in malceasance in funding and-or failure to pay the promised benefit?
And when I retire, who specifically, is going to be the ceo that is going to be writing the checks to me, and continuing to fund the plan, that all the other preceeding ceos promised?
If you dont-cant fully have an answer to those questions than any opinion on the value of such a proposal is meaningless.
Also. If the advocating party cant produce a simple assumption spreadsheet showing the individuals net end positions of the cbdp plan vs an after tax individual investment account....than they are decieving the membership.
Here we go again. I just want it noted that I did not start this thread.
An MBCBP is a recognized Defined Benefit type pension plan. As such wouldn't it be protected by ERISA law? Answer: Yes
So your contributions are still there if Delta ceases to exist. It is separated from Delta and will more than likely be administered by Price, Waterhouse, Coopers or some such company. (NOT Delta OR ALPA)
If Delta is acquired....What happened to the Western and Northwest DB pension plans? Did they go away or did the acquiring company take responsibility for them?
If Delta goes bankrupt........Have you read anything about this type of plan? It's your money and not subject to bankruptcy like our previous DB.
If I quit, resign, or are fired.......Again, it is your money. This is a quote from the article: "When participants terminate employment, they are eligible to receive the vested portion of their account." balances.
You are repeating yourself in the next points.
Your last bullet point about malfeasance......How can that happen and you not be aware of it and grieve it if necessary? It is a cash balance plan that requires a, well, cash contribution just like the 401k. You are tilting at windmills here.
When you retire no Delta CEO will be writing you a check. As I said earlier, the Plan will most likely be administered by PWC or some such company. If you want to, you can withdraw/rollover your entire balance in the plan to an IRA or whatever.
Disclaimer: I am not now or ever have been in any position in the Union. What I posted above is what I have gleaned from reading articles and reading/watching articles and videos put out by DALPA.
Denny