jenny@nw
Veteran
none taken. Just that this strike or protest isn't a holy war, rather a war against the middle class.
Will alpa @ nwa gladly cross another picket line?
- Thread starter big jimmy
- Start date
You must not have checked out the news today. Pension reform legislation passed; the pensions at NWA are now safe.time to revive this post
- Thread Starter
- #64
Yeah you bet ya! Safe from what? Or from who would be the better question. All part of alpo's deal I suppose. For a bootlickin lap puppy scumbag manager you sure sure spend a lot of time on this board. One would think someone in your high(lol) postion would have something to do like save your airline. What is it they pay you for?I'm sure NW will make a sweep of all cubicles soon. I read somewhere today that UAL is still looking to cut 1000 manager and salaried workers by years end? finman's time will come.
Unless you are looking for a position as a:
Senior Continuous Improvement Consultant
-or-
Manager Continuous Improvement
I'm thinking UAL needs 'another' VP and/or SRVP of Continuous Improvement
Yeah, 'THAT'S' the ticket......
B) UT
Don Smith
Veteran
If the congress "bent over backwards" to pass pension reform then why did Delta turn it's pilot pensions over to the PBGC? Just because the government says you can stretch it out doesn't mean that Dougie will honor an agreement with employees. If he looks at how much they will spend over the next ten years playing catch-up on pensions and then look at chucking the whole plan and not spend a dime...tell me Beanie...WHich will he choose? The
The Delta pilot pension was slated for termination in June, prior to this reform. For the Delta pilot plan, it was too far gone for any reform to help, driven by the exodus of early retirments that drained the pension plan of too much of its assets. The pension plan was structured poorly, and allowed for a lump sum payout of the pension benefits; a feature not offerred in the NWA pilot pension plan.
As far as the long term picture, with the plans frozen and the catch-up only applying to previously underfunded benefits, it would be very difficult to terminate the plans legally. The company has to be able to show that funding the plan will put the company's solvency at risk. Why would NWA go to such great lengths to get reform passed if doing so all but ensures that the plans will now be much more difficult to dump in the future?
Don Smith
Veteran
I remember that they circumvented a required payback of stock money by saying that it would "severly harm the company's financial well being and bring us to the verge of bankruptcy". They found a convenient loophole in the agreements of the employees. Before, it was the impact of the war, 9-11, SARs...take your pick. Now it will be the burden of high fuel costs, the war, bird flu. There will always be something hindering this airline from doing whats right. Meanwhile...hey, its time for another executive pay increase.
- Thread Starter
- #70
:blink: No doubt that this is the price nwa paid to get alpo to cross the mechanics picket line. 2 choices, honor the mechanics picket line and lose your pension or cross it and little andy will let you keep it. Tell me i am wrong!
So you are saying Delta management put into place a
poorly structured pension plan with lump sum payments
being the reason. Why is this ok when the "executives"
at major companies leave and take the lump sum payout,
ie Richard Anderson and in due time Dougie.
jenny@nw
Veteran
Talk about executives and bonuses and all this money bouncing they do, next year they will now have to report any bonuses/perks over $10,000. No more $49,999.99 stuff.
This is going to be fun and more honest representation to the stockholders.The pilots were never going to honor an AMFA picket line. They had already taken a 15% interim pay cut, and were on board for more to save the airline. They had a lot more sophisticated and realistic approach to this situation, and were not going to let a rogue union that was out of touch with reality bring down their career. Thankfully, the rest of the unions at the company (and a significant number of AMFA insiders) felt the same way.
A more realistic quid pro quo was that NWA needed to ensure the pilot pension plan was protected in order for ALPA to ratify the current agreement. I very much doubt the AMFA situation had anything to do with these developments.
500 pilots leaving early compared to a couple executives? Do I need to do another math lesson?
Any plan that does not have protections in place that prevent it from becoming insolvent is, by definition, a poorly concieved plan. The mass attrition driven by expected pay cuts drained a couple Billion in cash out of the plan over a couple months. There is no such lump sum payout in the NW plan, and there has been only a handful of early retirements during this concessionary period.
An executive leaves, and obviously that is a much smaller hit. It doesn't make it "ok" necessarily, but it is immaterial and does not effect the security of the pensions of the remaining beneficiaries.
Burning the mid-night oil last night (this morn) huh finny? Whats the matter couldn't sleep till these posts were off your mind? Kinda outa character for you to be online @ 1:00AM ish isn't it? You sure put in a loooong day. 
