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02-11-2018 | 05:57 AM

#621

PowderFinger

Number Last

Joined: Sep 2017

Posts: 442

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From: Boeing voice activated systems and ACARS commander

Quote:

Originally Posted by Grumble

It amazes me no one responsible for pension theft has been shot on their door step yet.

Me too ... I sent my $100 to the guy in Newark and nothing yet

02-11-2018 | 08:35 AM

#622

XHooker

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Joined: Mar 2008

Posts: 1,083

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Quote:

Originally Posted by Airhoss

I’m surprised Glen Tilton and crew never got assaulted. What’s more surprising is that we’ve got guys who want to go back to a situation where that can happen again.

Nobody is suggesting that, and if you think everything's going to come up roses because you control all of your own money, you need to look at the history of the stock market and hope you don't retire in a trough.

02-11-2018 | 08:41 AM

#623

Grumble

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Joined: Nov 2009

Posts: 5,510

Likes: 110

Quote:

Originally Posted by XHooker

How about the guys who were already retired, and had their pension stolen? How’d they do? How about the guys who were on their way out, or only had a few years left? The market has its ups and downs but it’s never been worth zero.

02-11-2018 | 11:56 AM

#624

Airhoss

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Joined: Apr 2008

Posts: 5,738

Likes: 5

From: Sleeping in the black swan’s nest.

Quote:

Originally Posted by XHooker

A double edged sword for sure. I’ve been playing the market for about 25 years now. When it goes down, which it inevitably will, I still have some control and procedural things I can do to preserve wealth. When they autonomously took my ESOP and pension away I was simply skrewd with no recourse. It’s that simple.

I do not, nor will I ever trust this or any other corporation to maintain my retirement through a pension ever again. To even entertain the thought of reinstating an A plan is the very definition of insanity.

The very first day of Indoc in 1997 we were told “your pensions can never be taken away” we have a “ rock solid no furlough clause”......

Wake up call if you don’t already know this. They lie.

02-11-2018 | 03:33 PM

#625

BMEP100

Banned

Joined: May 2014

Posts: 1,182

Likes: 0

From: Tom’s Whipping boy.

Quote:

Originally Posted by Grumble

Depends on who you are talking about.

Eastern pilots saw what happened at Braniff and restructured their "A" plan. Retirees continued received 100% of their A fund annuity payments after the bankruptcy.

Continental had/still has a lump sum...frozen in 04.

United Pilots took stock.

02-11-2018 | 05:24 PM

#626

rp2pilot

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Joined: Sep 2014

Posts: 481

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From: Airbus 320 Captain

Quote:

Originally Posted by BMEP100

Continental had/still has a lump sum...frozen in 04.

United Pilots took stock.

You really don't know what you're talking about in reference to United's A Fund; it was invested in a wide range of instruments by professional managers. The bankruptcy and loss of pension occurred when the market was significantly down and thus the fund itself was underfunded (think Calpers Fund of California) If you're referring to the ESOP years, the UAL stock was in a different pile. Even at 70% funding, the PBGC still made a profit by taking the assets and then agreeing to a payout far less (as proscribed by statute).

02-11-2018 | 05:56 PM

#627

Grumble

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Joined: Nov 2009

Posts: 5,510

Likes: 110

Quote:

Originally Posted by BMEP100

Continental had/still has a lump sum...frozen in 04.

United Pilots took stock.

You do realize the ESOP and pension were two different things right? You going to next tell me that CAL saved UAL?

02-11-2018 | 07:53 PM

#628

Airhoss

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Joined: Apr 2008

Posts: 5,738

Likes: 5

From: Sleeping in the black swan’s nest.

Quote:

Originally Posted by BMEP100

Depends on who you are talking about.

United Pilots took stock.

Yeah, like...... What?

02-11-2018 | 08:29 PM

#629

CALFO

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Joined: Sep 2006

Posts: 621

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Quote:

Originally Posted by BMEP100

Continental had/still has a lump sum...frozen in 04.

United Pilots took stock.

Do you have a reference for your intel on Eastern’s pension? Last time I checked, their pension went to the pbgc.

02-12-2018 | 05:34 AM

#630

rightside02

Line Holder

Joined: Nov 2008

Posts: 1,457

Likes: 6

From: Airbus 320 Right Seat

Quote:

Originally Posted by GolferNJ

Anyone considering a pension in exchange for anything (especially scope) should read "Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers" by Ellen Schultz. An oldie, but goodie. You have no idea the lengths United and Wall Street will go to raid any future pension. It is not a question of "if" but "when" a pension will be liquidated.

Just bought the book online ,, thanks for the recommendation . Always looking for a good educational book that effects our business .