2015 Pilot Discussion.
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EastCheats
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I'm still waiting to see those medals, commander. 😉EastUS1 said:
Sandbox?
I heard you were at Khyber Pass.
https://m.youtube.com/watch?v=q4roxM8hUMk
EastCheats
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Nah, I was admiring your editing skills. Can't stick with one thought? ADD? 😉EastUS1 said:
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nycbusdriver said:
EastCheats said:That's quite the spin on the USAPA update and headlines. 😉
I have years to build on a retirement that's already over 6 figures at AA. Enjoy your PBGC or what's left of it.
USAPA v. PBGC: The Appeals Court for D.C. Federal Circuit recently handed down its decision in USAPA v. PBGC, No. 14-5181. This case was on appeal from an adverse ruling in the Federal District Court, No. 1:09-cv-01675. Unfortunately, the Appeals Court has ruled against USAPA on this issue. The decision may be found in the Recent Updates section of the Retirement and Benefits Committee Web page on alliedpilots.org. No decision has been made yet on further appeals
DC Circ. Told US Air Pilots Lost Millions From PBGC Inaction
By Michael Macagnone
Law360, Washington (April 14, 2015, 4:04 PM ET) -- A group of U.S. Airways pilots urged a D.C. Circuit panel Tuesday to reverse a judges verdict that the Pension Benefit Guaranty Corp. fulfilled its duties when taking over the failed pilots pension plan, saying PBGC should reimburse the plan for not pursuing lawsuits against former managers.
The pilots said the agency should have investigated the conduct of plan managers prior to the plans 2003 failure because decisions the plan managers made were actionable breaches of fiduciary duty. Bryan Killian, attorney for the U.S. Airline Pilots Association, cited PBGCs testimony from the plans bankruptcy case that called plan managers decisions unrealistic and unreasonable before the plans failure.
PBGC cant call out these practices in bankruptcy court then become the statutory trustee of the plan and not do an investigation, Killian said.
Killian said the plan was underfunded by more than $2 billion at the time of its failure, and it is unclear how much, if at all, the plan managers decisions contributed to the failure. He pointed to two shortcomings in managers assumptions: All pilots would retire at 60, and the plan would earn a 9.5 percent annual return.
PBGC knew of those decisions and criticized them in the 2003 bankruptcy case, and did not investigate whether they were actionable claims, Killian said. He said the agency has a statutory duty as the trustee of the plan to undertake those investigations, and should now compensate the plan for its failure.
When a reasonable person who identifies conduct like that which can provide damage to them, they have the duty to investigate, he said.
Killian asked the panel to reverse a decision by D.C. District Judge Frederick J. Scullin Jr. that held the agency had not breached its fiduciary duty, and a report from its auditor met legal requirements.
PBGC attorney Paula Connelly said the panel should affirm Judge Scullins decision, saying there was a distinct difference between representing their client in bankruptcy court and finding collectible causes of action to include in a funds balance sheet.
PBGC never suggested there was an actionable fiduciary breach or that an actuary was professionally liable, she said.
The matter should be considered moot, she said, as any lawsuit that could have arisen from the takeover ran its statute of limitations at least six years ago, and no recovery was likely to be more than an existing $500 million liability for currently guaranteed benefits.
Further, the agency should not be subject to this kind of action, Connelly said, as it should have discretion over its investigatory powers, separate from a fiduciary duty to the plan.
There is not a way to parse out [the responsibilities] and label them as USAPA tries to do, she said.
D.C. Circuit Judge Brett M. Kavanaugh had a problem with that position, questioning how PBGC could parse that with a duty by statute to administer the plan.
This seems to be the government in a different area than a traditional law enforcement role with prosecutorial discretion, Judge Kavanaugh said.
The USAPA filed the suit in 2009 in D.C. District court, alleging that the agency, in managing the plan after the takeover, failed to investigate properly the conduct of its predecessor. Judge Scullin ruled against the pilots in 2013, and they launched the instant appeal.
D.C. Circuit Judges Thomas B.Griffith, A. Raymond Randolph and Brett M. Kavanaugh sat on the panel.
USAPA is represented by David Judah Butler and Bryan Killian of Morgan Lewis & Bockius LLP.
PGBC is represented by in-house counsel Paula J. Connelly and Garth David Wilson and Andrew C. Bernasconi of Reed Smith LLP.
The case is US Airline Pilots Association v. PBGC, case number is 14-5181, in the U.S. Court of Appeals for the District of Columbia Circuit.
--Editing by Rebecca Flanagan.
NYC is an idiot. He worked for US Airways which was nothing but a collection of regional airlines and can't handle the fact that America West saved his a$$. Then is going to retire to that sh$thole NYC on SS benefits.
EastCheats
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Eastus, are you done editing? I would not want to quote myself. 😉
im back..!!
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"NO BUMP/NO FLUSH" ...
Nothing else really matters......
Nothing else really matters......
EastCheats
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Stagnation transfer, working holidays, yep nothing else matters.im back..!! said:
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Nic with revisions 😉luvthe9 said:
Nic +++
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