C
chipmunn
Guest
What I find interesting is how many people on this forum post personal comments and fail to address facts. This also gives pause to why most pilots do not participate in this forum, which maybe is best and from my perspective maybe I should join my colleagues and suspend all postings on USaviation.com as well.
Most of my posts on the pilot pension issue have been official comments by the MEC or facts. If I post an opinion it is always preceeded by the comments of I believe or in my opinion.
Regardless, here are just the facts, no spin, just the facts:
1. In testimony before the U.S. Senate ALPA testified the pilot cuts have averaged 46 percent or $138,000 per year.
2. During the formal restructuring, pension plan market values have declined and ALPA has been the only work group to take cuts to save their pension.
3.The January 16 ALPA code-a-phone said the distress termination of the pilots pension plan is a windfall to the Company in that it no longer has the ongoing responsibility of a defined benefit plan for pilots. The Company will retain responsibility, however, for managements’, AFA’s and the IAM’s current retirement plans.
4. The January 24 ALPA code-a-phone said the pilot concessions to the retirement benefits nullified the impact that lower market performance and interest rates had on the pilots’ pension plan. As a result, despite the reduced market value of assets and the reduced interest rate assumptions, the pilot pension plan contribution costs for US Airways only slightly increased by about $38 million over the seven-year period to about $1.69 billion (up from about $1.66 billion calculated in the summer of 2002).
However, the other employee pension plans’ combined contribution costs increased by about $582 million to about $1.44 billion (up from about $860 million) due to the market and interest rate changes. This cost increased because no other employee group agreed to benefit reductions to preserve their pension plans.
The effect was that the $500 million pilot cost reduction agreed to by ALPA was absorbed by the increased cost of the other employees’ pension plans, which to date suffer no benefit decrease.
5. On February 21 Reuters wrote US Airways pilots have already agreed to annual pay work rule and retirement concessions totaling $646 million, said Capt. Bill Pollock, a senior union official. By asking the court to approve termination of the plan, Pollock said, US Airways is attempting to force pilots to bear an unacceptable and unjust burden.
6. On January 21 Dow Jones wrote We have already sacrificed a lot, said Bob Lamborn of Kennett Square, Pa., a US Airways pilot for 17 years. To have them come after our pension now, it's a personal affront.
7. On January 21 Dow Jones wrote pilot Dave Ciabattoni of Wallingford, Pa., If the difference between solvency and liquidation is this issue, then the company is going to liquidate, he said. The pilots alone can't save this company.
I guess in summary, I believe many of us have reached the point of indifference because it's unfair for the pilots to shoulder excessive burden. Maybe if the other employee groups and management volunteered to help out...
Chip
Most of my posts on the pilot pension issue have been official comments by the MEC or facts. If I post an opinion it is always preceeded by the comments of I believe or in my opinion.
Regardless, here are just the facts, no spin, just the facts:
1. In testimony before the U.S. Senate ALPA testified the pilot cuts have averaged 46 percent or $138,000 per year.
2. During the formal restructuring, pension plan market values have declined and ALPA has been the only work group to take cuts to save their pension.
3.The January 16 ALPA code-a-phone said the distress termination of the pilots pension plan is a windfall to the Company in that it no longer has the ongoing responsibility of a defined benefit plan for pilots. The Company will retain responsibility, however, for managements’, AFA’s and the IAM’s current retirement plans.
4. The January 24 ALPA code-a-phone said the pilot concessions to the retirement benefits nullified the impact that lower market performance and interest rates had on the pilots’ pension plan. As a result, despite the reduced market value of assets and the reduced interest rate assumptions, the pilot pension plan contribution costs for US Airways only slightly increased by about $38 million over the seven-year period to about $1.69 billion (up from about $1.66 billion calculated in the summer of 2002).
However, the other employee pension plans’ combined contribution costs increased by about $582 million to about $1.44 billion (up from about $860 million) due to the market and interest rate changes. This cost increased because no other employee group agreed to benefit reductions to preserve their pension plans.
The effect was that the $500 million pilot cost reduction agreed to by ALPA was absorbed by the increased cost of the other employees’ pension plans, which to date suffer no benefit decrease.
5. On February 21 Reuters wrote US Airways pilots have already agreed to annual pay work rule and retirement concessions totaling $646 million, said Capt. Bill Pollock, a senior union official. By asking the court to approve termination of the plan, Pollock said, US Airways is attempting to force pilots to bear an unacceptable and unjust burden.
6. On January 21 Dow Jones wrote We have already sacrificed a lot, said Bob Lamborn of Kennett Square, Pa., a US Airways pilot for 17 years. To have them come after our pension now, it's a personal affront.
7. On January 21 Dow Jones wrote pilot Dave Ciabattoni of Wallingford, Pa., If the difference between solvency and liquidation is this issue, then the company is going to liquidate, he said. The pilots alone can't save this company.
I guess in summary, I believe many of us have reached the point of indifference because it's unfair for the pilots to shoulder excessive burden. Maybe if the other employee groups and management volunteered to help out...
Chip