whatkindoffreshhell
Veteran
UA has been in BK for going on two years now. Why since ATSB rejection have they concocted a justification for skipping pension payments?Fly said:This from Jane Allen: There were a number of inaccurate news reports this week, suggesting that our decision not to make our pension contributions in 2004 is
illegal. The Pension Benefit Guaranty Corporation, or PBGC, a federal
government agency that insures private defined-benefit pension plans,
said that our decision is "inconsistent" with ERISA, the federal
regulations that govern pensions, and that is true. The fact is that
much of what any company does while in Chapter 11 is inconsistent with
normal business practices, but that does not mean the company's actions
are illegal. In this instance, we believe that our status as a debtor
in bankruptcy allows us to not make our pension contributions while we
study all possible options regarding our pending funding obligations.
Back to the topic: DL pilots should consider themselves very lucky to have collected such a pay premium for so long after the market went south.
Sky-gods are still alive and well in Atlanta!