The doing away with pensions is gonna hurt a lot of folks
let us know if ya need some support 
Q, how bad did they hurt y'all
Moderators: bman, Chalk, Tom Keels
Q, how bad did they hurt y'all
with the BS "I mean bankruptcy proceedings with devil"I mean Delta""
The doing away with pensions is gonna hurt a lot of folks let us know if ya need some support
The doing away with pensions is gonna hurt a lot of folks
let us know if ya need some support 
Dang Walden, I appreciate your concern and support offer. That's mighty whi...well, good of you. 
It would take a long and probably boring explanation, to describe the recent history of Delta financial woes, and how they/we(active and retired employees) got, where we are today. Too long to tell here, anyway.
It's the pilots' pensions (a separate fund from the ground employees), that is about to be turned over to the Pension Benefit Guarantee Corp.(PBGC).
C A(Wat'ser name) and I both worked in Flight Operations, but were not pilots. Well, I use to fly a lot, but not for the Company. Most of my flying was at night and w/o lights. Just kiddin..
It will likely be the end of the year, before they get around to us. Unless, Congress passes a bill in the works, allowing corporations to defer payments into their pensions accounts. There is a special amendment to the bill for airline to spread the payments over a 20/25 year period. We are hoping the PBGC will push to have this bill passed, since it is already carrying overloaded clientele of bankrupt victims.
If Delta does dump us, then we stand to loose quite a lot, about 35 to 40% the amount, we are currently drawing. Some adjustments will likely be necessary, but we will be fine in any event.
Here's a couple of articles from yesterday 19 Jun.
One on the pilots pension. Most will still have a pretty good income, considering many (after the mid '80's) recieved 1/2 of there calculated figure (as much a $1mil), upon leaving the company at age 60. A benefit ground employees didn't get.
Delta paid out $873mil in pilot early retirement lump sums in '05 alone, adding to their already burdened financial situation, with fuel cost being the straw that broke the camels back.
http://www.ajc.com/business/content/sha ... ilots.html
And, one on the PBGC. I would advise anyone with defined retirement benefits (not 401k) read this one.
http://www.marketwatch.com/News/Story/S ... 705F28F3F5}
Thanks again for thinking of us. You sir, are a great fisherman and gentleman(term used loosely, of course ).
edit- that second link will work if you cut and past it to the address field. sorry, too many character I guess. QO
It would take a long and probably boring explanation, to describe the recent history of Delta financial woes, and how they/we(active and retired employees) got, where we are today. Too long to tell here, anyway.
It's the pilots' pensions (a separate fund from the ground employees), that is about to be turned over to the Pension Benefit Guarantee Corp.(PBGC).
C A(Wat'ser name) and I both worked in Flight Operations, but were not pilots. Well, I use to fly a lot, but not for the Company. Most of my flying was at night and w/o lights. Just kiddin..
It will likely be the end of the year, before they get around to us. Unless, Congress passes a bill in the works, allowing corporations to defer payments into their pensions accounts. There is a special amendment to the bill for airline to spread the payments over a 20/25 year period. We are hoping the PBGC will push to have this bill passed, since it is already carrying overloaded clientele of bankrupt victims.
If Delta does dump us, then we stand to loose quite a lot, about 35 to 40% the amount, we are currently drawing. Some adjustments will likely be necessary, but we will be fine in any event.
Here's a couple of articles from yesterday 19 Jun.
One on the pilots pension. Most will still have a pretty good income, considering many (after the mid '80's) recieved 1/2 of there calculated figure (as much a $1mil), upon leaving the company at age 60. A benefit ground employees didn't get.
Delta paid out $873mil in pilot early retirement lump sums in '05 alone, adding to their already burdened financial situation, with fuel cost being the straw that broke the camels back.
http://www.ajc.com/business/content/sha ... ilots.html
And, one on the PBGC. I would advise anyone with defined retirement benefits (not 401k) read this one.
http://www.marketwatch.com/News/Story/S ... 705F28F3F5}
Thanks again for thinking of us. You sir, are a great fisherman and gentleman(term used loosely, of course
).edit- that second link will work if you cut and past it to the address field. sorry, too many character I guess. QO