50mil??? You mean 50 Billion, don't you?

Follow the whole thread and you'll see what I'm talking about.

SO = second officer, or significant other?

Rog on all that.

Not disagreeing with you, just trying to clarify the two different plans. Obviously some confusion by various folks on what the non-pilot, non-executive types get for retirement.

And SO = the wife

Great, another old guy telling all the young bucks that everything is going to be fine - all the while he's bending you over the table.

The AGE 65 rule is a travesty that is going to destroy a lot of lives and families in 2009. But at least the old guys can still take Viagra and fly to Asia, and maybe buy another boat too.

What a shame.

What is your solution though? Is there anything that can be done?

I'm not a proponent or a defender of the age 65 rule or the way it was introduced however since there's nothing we can do why even bring it up?

My solution would be to furlough all the old guys to the street. That way they can go play golf, fish and spend their millions on their grandkids.

And then hopefully, the younger group of pilots just starting out with new mortgages, families and student loans won't be furloughed.

It's amazing to me that the useless Baby Boomers are so willing to screw the next generation.

So what would I do? I would like to propose a law in congress that says if there are to be any furloughs, anyone who was scheduled to retire before Age 65 was passed last year, gets furloughed instead.

It sounds great but you know very well it's totally unrealistic (although I want you to pursue this! ). So it's sort of like ****ing (ooops I meant urinating) into the wind, you'll be the only one who gets affected. (of course, in your case I don't think you have to worry about being furloughed but we appreciate your concern for your junior brothers and sisters! )

The 401K was beefed up - raising the company's contribution from a max of $500/yr to a max of 3.5% of eligible earnings, and the defined benefit Pension Plan was frozen. You are correct that all employees now also receive benefits under the defined contribution Portable Pension Account, which was an optional plan instituted in '03. Company contributions to the PPA run from 5% to 8% of eligible earnings depending on longevity.

What was suspended was the 3.5% 401k contribution, so the hourly and salaried employees have lost 30-40% of their retirement benefits (assuming a 6% or greater 401K withholding) at least until 2010. There now was that precise enough?

My main point though was that this is all happening while the company's current qtr earnings are in line with the past year's, and projections for the rest of the fiscal year, although reduced, are still positive. The bottom line is that there are going to be some unhappy folks on the property.

Sarcasm light on


Nahh, the problem seems to be all those widebody captains. They seem to think they can get in that seat and just camp out forever. They should all be forced to retire after five years in the seat, no matter what age they are, 35 or 65. They have their high five. Get out of the way of all the junior guys.

Sarcasm light off