Congress Weighs Proposed Fix For Pension System

[Wretched Wrench]

Please consider writing to your Congressman in support of this:

HR2830

It looks pretty good, but AA management and pilots won't like the provisions covering lump sum payouts.

"• Plans less than 80% funded would be blocked from paying lump-sum distributions to retirees. "

Anyone know show AA's SERP would be affected by this?

The increased funding of the PBGC will give us all some comfort.

.

 

[TWU informer]

Please consider writing to your Congressman in support of  this:

HR2830

It looks pretty good, but AA management and pilots won't like the provisions covering lump sum payouts.

"•  Plans less than 80% funded would be blocked from paying lump-sum distributions to retirees. "

Anyone know show AA's SERP would be affected by this?

The increased funding of the PBGC will give us all some comfort.

.

[post="279206"][/post]​

Why wouldn't AA just remain at 79% funded and screw the Pilots out of Lump Sum Options?

Is this the TWU and AA "working together" again to screw a work group out of another negotiated benefit?

 

[Wretched Wrench]

Why wouldn't AA just remain at 79% funded and screw the Pilots out of Lump Sum Options?

[post="279209"][/post]​

It is possible they would also be screwing upper management out of their lump sum retirements and SERP payments. I have maintained all along that if the pensions of upper management were subject to the same negative consequences as the rest of us, things would be a little different.

You know, as cynically declared by ChAAirman AArpey: "LeAAdership by ExAAmple", and "ShAAred SAAcrifice".

I believe that if we were all in the same boat, more would be pulling at the oars.

 

[FWAAA]

It looks pretty good, but AA management and pilots won't like the provisions covering lump sum payouts.

"• Plans less than 80% funded would be blocked from paying lump-sum distributions to retirees. "

[post="279206"][/post]​

Why would management and pilots not like the prohibition on paying lump sums for plans less than 80% funded?

Overall, AA's plans currently are over 80% funded, so this provision wouldn't affect AA. The pilot plan is likely funded at an even higher percentage.

 

[Wretched Wrench]

Why would management and pilots not like the prohibition on paying lump sums for plans less than 80% funded?

[post="279229"][/post]​

If the plans were under 80% funding it would be different, wouldn't it?

Have we ever been under 80% funded?

Could we ever be?

 

[Checking it Out]

Here is a link to make your voice HEARD!!

http://www.unionvoice.org/campaign/Pension_Dump

 

[Buck]

Here is a link to make your voice HEARD!!

http://www.unionvoice.org/campaign/Pension_Dump

[post="279484"][/post]​

It speaks and sometimes it has been seen worrking as of late.

 

[AMFAMAN]

Here is a link to make your voice HEARD!!

http://www.unionvoice.org/campaign/Pension_Dump

[post="279484"][/post]​

The bait and switch of CIO...

Wrench starts a topic in favor of H.R. 2830
CIO gives you a AFL-CIO link to support H.R. 2327

 

[Boomer]

AMFAMAN,

I'm no fan of CIO, but the two bills actually complement each other.

HR2327 prevents more companies from dumping the DBP and prevents the PBGC from actually taking the plans at UAL. It stops and reverses the immediate damage until a diagnosis of the problem and an approach to treatment can be determined.

HR2830 is medicine in the lab, promising but not yet tested. Depending upon the outcome from HR2327, the actual ingredients of HR2830 may need to be tweaked.

 

[Wretched Wrench]

House Committee on Education and the Workforce Approves Pension Protection Act
The House Committee on Education and the Workforce today approved the Pension Protection Act (H.R. 2830). All 27 Republicans on the Committee voted in support of the bill, while Committee Democrats simply voted "present" in protest.





Excerpt from the Associated Press article:

Rep. John Boehner of Ohio, the Republican chairman of the House Committee on Education and the Workforce, said he expected the multi-employer language "to be the rocket fuel that will propel this through the Senate." He also said that if the bill is not folded into larger House retirement security legislation, including Social Security changes, he will seek to have the House vote on a standalone bill.

 

[Hackman]

Why would management and pilots not like the prohibition on paying lump sums for plans less than 80% funded?

Overall, AA's plans currently are over 80% funded, so this provision wouldn't affect AA. The pilot plan is likely funded at an even higher percentage.

[post="279229"][/post]​

Is that like paying 80% of your mortgage?? Ahh, hell its close enough.

 

[FWAAA]

Is that like paying 80% of your mortgage?? Ahh, hell its close enough.

[post="279899"][/post]​

No. It's not.

It's like having a bank account containing enough money so that it and its expected interest earnings equal 80% of your remaining mortgage payments. Do you have a bank account like that to fund your mortgage payments? If not, why not?

Completely ignoring the fact that you still have incoming cash flow from paychecks. AMR has daily incoming cash flow from ticket sales, so future benefit payments will still be made, even if AA doesn't fully fund its DB trusts tomorrow, as you seem to desire.

Interest rates went up again today with the Fed's rate hike, automatically raising the level of AA's DB plan funding. A few more rate hikes, and there won't be an underfunding to discuss anymore.

 

[NewHampshire Black Bears]

A GOOD point FWAAA !!!

NH/BB's

 

[Buck]

A GOOD point FWAAA !!!

NH/BB's

[post="279903"][/post]​

My incoming "cash flow" has been reduce by at least 17.5%.......

 

[TWU informer]

Interest rates went up again today with the Fed's rate hike, automatically raising the level of AA's DB plan funding. A few more rate hikes, and there won't be an underfunding to discuss anymore.

[post="279900"][/post]​

Can we get our concessions back then?