Expect 50% pay cuts next week
03-16-2020, 03:22 PM
#31
Gets Weekends Off
Joined APC: Jul 2011
Posts: 181
Originally Posted by horrido27
Mods-
How the hell do you allow people to create a profile and then their first posts are an inflammatory thread?
Ya actually sent me an infraction last week because I told a Mar2020 join date thread starter (TinCup) that he was a tool and to **** off.
Then you banned me afterwards based on another thread?!
Now a 'new' Mar2020 join date poster starts a panic thread.
Do you, as Mods.. not have any responsibility for that?!
How about this-
Everyone who has an account on here has to also have their emails listed in their profiles?
There has GOT to be a way to prevent people from creating a profile at 10am, and then starting inflammatory threads or writing BS/lie posts.
FS, FP & FtC
Motch
PS) Remain Calm, this too shall pass
How the hell do you allow people to create a profile and then their first posts are an inflammatory thread?
Ya actually sent me an infraction last week because I told a Mar2020 join date thread starter (TinCup) that he was a tool and to **** off.
Then you banned me afterwards based on another thread?!
Now a 'new' Mar2020 join date poster starts a panic thread.
Do you, as Mods.. not have any responsibility for that?!
How about this-
Everyone who has an account on here has to also have their emails listed in their profiles?
There has GOT to be a way to prevent people from creating a profile at 10am, and then starting inflammatory threads or writing BS/lie posts.
FS, FP & FtC
Motch
PS) Remain Calm, this too shall pass
Last edited by UAL T38 Phlyer; 03-17-2020 at 06:53 AM. Reason: A bit harsh
03-16-2020, 06:20 PM
#33
Gets Weekends Off
Joined APC: Feb 2020
Posts: 142
Originally Posted by SlickMachine
This forum is 100% dogsh1t for this reason^^^. anyone reading this thread that gets a spike in blood pressure/anxiety should immediately punch themselves in the crotch for falling for the banana in the tailpipe. To the OP: die slow and on fire.
03-16-2020, 06:26 PM
#34
Gets Weekends Off
Joined APC: May 2007
Position: A320 Captain
Posts: 1,982
Originally Posted by ugleeual
I’m pretty sure if you are furloughed they expect the repay immediately...
You have 90 days to repay the loan after getting furloughed. If you don’t make the repayment, its treated as a redemption. You pay a 10% early withdrawal penalty and get a 1099 because it is treated as income.
03-16-2020, 07:38 PM
#35
Gets Weekends Off
Joined APC: Feb 2013
Position: 737/FO
Posts: 195
From the loan page...
“When you leave your job indefinitely, your loan typically becomes due and payable. If you cannot repay the loan within the required time period, it is assessed as an early withdrawal subject to income tax and penalties. Contact Participant Services at 1-800-724-7526 immediately after leaving your job for instructions on paying off your retirement plan account’s outstanding balance. Representatives are available from 7:00 a.m. to 11:00 p.m. ET, Monday through Friday.”
The the word indefinitely in the first sentence seems critical to your answer and may be worth a call if your interested. You’ll still have to make the monthly payments though. And any money you have in there is going to be down a LOT at this point unless it was a money market acct or something. If you borrow it now you’ll likely be selling at a huge loss. I guess it depends on how bad you need cash. perhaps look at a refinance cash out option (rates are low) if you have the a home with equity before using your PRAP at this point. Good luck!
“When you leave your job indefinitely, your loan typically becomes due and payable. If you cannot repay the loan within the required time period, it is assessed as an early withdrawal subject to income tax and penalties. Contact Participant Services at 1-800-724-7526 immediately after leaving your job for instructions on paying off your retirement plan account’s outstanding balance. Representatives are available from 7:00 a.m. to 11:00 p.m. ET, Monday through Friday.”
The the word indefinitely in the first sentence seems critical to your answer and may be worth a call if your interested. You’ll still have to make the monthly payments though. And any money you have in there is going to be down a LOT at this point unless it was a money market acct or something. If you borrow it now you’ll likely be selling at a huge loss. I guess it depends on how bad you need cash. perhaps look at a refinance cash out option (rates are low) if you have the a home with equity before using your PRAP at this point. Good luck!
Originally Posted by Yermom
Since this thread has touched on monetary issues, I have a questions about our PRAP. This is a hypothetical, worst-case scenario, so please understand I'm not running to the bank as I type this. Just wondering if it's even possible to tap into PRAP retirement savings? I understand all the penalties and implications of early withdrawal. I just don't know if the PRAP is different than a standard 401K, and if we do, or do not, have the ability to make early withdrawals. Thanks to anyone who responds.
Yermom
Yermom
03-16-2020, 08:09 PM
#36
Banned
Joined APC: May 2014
Position: Tom’s Whipping boy.
Posts: 1,182
Originally Posted by Yermom
Since this thread has touched on monetary issues, I have a questions about our PRAP. This is a hypothetical, worst-case scenario, so please understand I'm not running to the bank as I type this. Just wondering if it's even possible to tap into PRAP retirement savings? I understand all the penalties and implications of early withdrawal. I just don't know if the PRAP is different than a standard 401K, and if we do, or do not, have the ability to make early withdrawals. Thanks to anyone who responds.
Yermom
Yermom
03-16-2020, 08:44 PM
#38
Gets Weekends Off
Joined APC: Apr 2013
Posts: 264
Originally Posted by SlickMachine
This forum is 100% dogsh1t for this reason^^^. anyone reading this thread that gets a spike in blood pressure/anxiety should immediately punch themselves in the crotch for falling for the banana in the tailpipe. To the OP: die slow and on fire.
When they let little girls like Tin Cup (Big John) pretend to be airline pilots, this is what you get. Look at the wisdom....with 9 posts. She/he says they are experienced but spouts misinformation that any experienced airline pilot at major knows is absolute crap. I see her posts for what they are, meant to inflame and rile people.
03-16-2020, 08:45 PM
#39
Gets Weekends Off
Joined APC: Jul 2008
Posts: 4,923
Originally Posted by Big John
Everyone,
With all the news and reduction in flying, emergency measures have to be taken. Cash burn is going to kill off the industry, and the government bailout will be too slow to save us if things remain status quo. United has 75-80 days of cash.
As such, I expect the following in the next few days:
1) Massive surplus reduction lines in the neighborhood of 40% of pilots
2) 50% pay cuts on top of those. You won’t get a vote.
3) Furlough announcement of 20-30% of all employees.
The break even on pilot furloughs is one year.
These measures are all preferable to a Chapter 11 Bankruptcy filing, but they might take it into CH11 anyhow so they can renegotiate all of our lucrative union contracts.
After 9/11, flying was halted for three days, and everyone besides SWA and AA was driven into Chapter 11. Management will ensure the survival of the corporation first, but once they have accomplished that they will also find a way to screw the employees.
The government will give us money this time, but not without the unions getting crushed in the process. They wouldn’t give us a $2.1B loan guarantee in 2004, which led to the dissolution of the pensions and another $1.5B in pilot givebacks, but they had no problem giving AIG a $120B bailout four years later.
They (AIG, Merrill Lynch, etc.) then gave themselves bonuses with government money. For the banks and Wall Street, no problem. Unions? Take a number.
Get ready. It’s coming.
With all the news and reduction in flying, emergency measures have to be taken. Cash burn is going to kill off the industry, and the government bailout will be too slow to save us if things remain status quo. United has 75-80 days of cash.
As such, I expect the following in the next few days:
1) Massive surplus reduction lines in the neighborhood of 40% of pilots
2) 50% pay cuts on top of those. You won’t get a vote.
3) Furlough announcement of 20-30% of all employees.
The break even on pilot furloughs is one year.
These measures are all preferable to a Chapter 11 Bankruptcy filing, but they might take it into CH11 anyhow so they can renegotiate all of our lucrative union contracts.
After 9/11, flying was halted for three days, and everyone besides SWA and AA was driven into Chapter 11. Management will ensure the survival of the corporation first, but once they have accomplished that they will also find a way to screw the employees.
The government will give us money this time, but not without the unions getting crushed in the process. They wouldn’t give us a $2.1B loan guarantee in 2004, which led to the dissolution of the pensions and another $1.5B in pilot givebacks, but they had no problem giving AIG a $120B bailout four years later.
They (AIG, Merrill Lynch, etc.) then gave themselves bonuses with government money. For the banks and Wall Street, no problem. Unions? Take a number.
Get ready. It’s coming.
03-16-2020, 09:06 PM
#40
Line Holder
Joined APC: Oct 2015
Position: A320 CA
Posts: 34
Originally Posted by hockeypilot44
Why would anyone agree to a 50 percent paycut? Why agree to any paycut? A contract's a contract. If the company files for banruptcy, fight with the judge from a higher starting point. Have you not learned anything? There is no pension to protect anymore. Talk about stupid. The company's going to do what it needs to do. It is what it is.
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