Hi,

I have question about DAL MGT attempt to terminate pension plans. Would that mean that if they do terminate pensions that everybody even those that have already retired would stop getting a pension check or is there a cut off date for those that would be affected? Topic came up in Biz class not trying to start a debate but, it might end up in a debate

Anyone and everyone would get their pension terminated. The pension would (Hypothetically, hopefully not) be handed over to the PBGC and everyone who was receiving benefits would get them cut. The amount they would eventually receive will be around $30,000 a year, regardless of their seniority and pay.

Almost ryane946. In all likely hood , the PBGC would take over the DAL pension plan in the event of a voluntary or distress termination since it is a Defined Benefit plan "insured" by the PGBC. The maximum would be around $30K per year (for plans terminated in 2005) but could be much less depending on age and years of service with the company upon retirement. Most Delta pilots I've talked to have already started to base their retirement plans on the amount they would get from the PGBC.

I don`t know where you got your info, but it`s wrong. The max is about $46,000. I predict that my last pension check will arrive on 1 March and then the PBGC will step in and take all of the assets in out retirement fund(s),two pilot accounts, qualified and unqualified and of course all of the money in the ground pounders accounts. Luckly the pilots that retired over the past 12 or so years, had the option of taking half of our retirement as a lump sum (which most did). After Delta management finishes screwing the active pilots (also on 1 March), they are gonna file a section 1114 brief and come after our (retired guys) medical plan, probably on or after 1 July. You folks would not believe what a great place to work Delta used to be...look at it now after the Harvard MBA`s finished with it and bailed out.

Roll,

I'm glad you got your lump sum, but you may want to educate yourself about the PBGC maximums and adjust your budget accordingly. Check out pbgc.gov, specifically http://pbgc.gov/workers-retirees/fin...e789.html#2006

You'll find that for plans terminating in 2006 the maximum benefit for those who retired at age 60 is $30,972. (Airline pilots have to retire at 60 so they take a hit on the max amount guaranteed.) The DALPA web site has tons of info on the possibility of the plan terminating, but I'll assume you don't have access to it. If you have any friends still flying for Delta you may want to head over to their house with a six pack and log on to the union web site for more details. Best of luck.

I am involved, up to my eyebrows. If you would like to get the straight info I suggest that you dial up the Delta Pilots Pension Preservation web site. That would be www.dp3.org. We (the Delta retired pilots ) have been briefed by the PBGC, and by the DALPA retirement committee, as well as those who have gone before us. That would be the US Air guys and the UAL retired pilots.I don`t doubt that there is bad "official' info out there.

http://www.pbgc.gov/workers-retirees...e789.html#2006

PBGC Maximum Monthly Guarantees for Plans Terminating in 2006
Age 2006 Straight-Life Annuity 2006 Joint and 50% Survivor Annuity
65 $3,971.59 $3,574.43
64 $3,693.58 $3,324.22
63 $3,415.57 $3,074.01
62 $3,137.56 $2,823.80
61 $2,859.54 $2,573.59
60 $2,581.53 $2,323.38
59 $2,422.67 $2,180.40
58 $2,263.81 $2,037.43
57 $2,104.94 $1,894.45
56 $1,946.08 $1,751.47
55 $1,787.22 $1,608.50
54 $1,707.78 $1,537.00
53 $1,628.35 $1,465.52
52 $1,548.92 $1,394.03
51 $1,469.49 $1,322.54
50 $1,390.06 $1,251.05

If you took early retirement your hit is a lot harder than the hit you take at age 60.

On the USAir section there was a question about the effect of lump sum payments. The answer was that it was possible that your guarantee would be $0.00 if you had already received a lump sum. Not good!

Sorry for the mix-up.I was only thinking about my own situation (How `bout that...a pilot thinking only about himself...how unique!)..I`m 68...my bucks would be around $68,000, about what I`m getting now. The young guys will get hosed if the PBGC gets our pension funds. Pray for cheap oil!

Just talked to a working Delta pilot last week. He is pretty down. He is 52, a senior captain on the B-777. His lump sum retirement is gone, his pension is shot and he is now making what he did as a new MD-88 captain. He doesn't think there are any pilots on the property over 55. Sad, sad. Send your kids to CEO school majoring in thievery.

The independent fiduciary for the Delta Pilots' Retirement Plan has just announced that preliminary figures now show a continuing liquidity shortfall until at least October. Since Delta is no longer making contributions to the plan, it's hard to imagine that lump sums will ever be paid again. I'm afraid that a lot of pilots have been trapped by false hopes.