Winglet: "Management hit harder in pensions??? Yea sure. Prove it."
spacewaitress: "Where's the beef?"
Alright, here's the link yet again:
http://www.pbgc.gov/services/descriptions/...antee_table.htm
Imagine you're a "mangement" employee who spent a career at UAL making in the mid to high 5 figures and you retire at say, 62. Let's say that after a lifetime of work, you're eligible for a $4,000/month pension. But alas, assuming the pensions are terminated in 2004, the maximum guarantee is only $2900/month. This employee just took a 28% haircut.
Now imagine you're a flight attendant who spent a career at UAL topping out at around $40,000/year and you retire at say, 62, just like the management guy. You don't earn what a management guy earns, so therefore you will not be entitled to as high a pension. So let's say that 62 year old flight attendant's pension was $2000/month. Well, again looking at the same table, the max guarantee is $2900/month. All of your pension is covered, and you can continue to collect your $2000/month from the US government instead of UAL. You've lost little or nothing as far as your pension is concerned.
Now looking at the two above examples, who gets screwed harder when the PBGC takes over the pensions? The high earning management guy or the low earner flight attendant, ramper, or (insert other lower paid employee category here)? Actually it's kind of funny that the groups that are going to get hurt the LEAST by the cancellation of their pensions are the ones complaining the most.
disclaimer: I understand that the calculations that the PBGC makes are far more complicated then me pulling numbers out of the air and my numbers are probably off a bit, but I bet they're close!