PBGC News

[usa1]

PBGC's Gotbaum: There's a place for pension plans other than DB
Pensions & Investments - ‎19 hours ago‎

Mr. Gotbaum referenced the American Airlines Chapter 11 bankruptcy case throughout the 30 minutes he spoke and reiterated the Pension Benefit Guaranty Corp.'s position that the airline has the ability to restructure its way out of bankruptcy without ... http://www.pionline.com/article/20120404/DAILYREG/120409939/pbgcs-gotbaum-theres-a-place-for-pension-plans-other-than-db

Highway Bill's Pension Language Makes Taxpayer Bailout of PBGC More Likely
Heritage.org - ‎21 hours ago‎

Any benefits that the individual retiree was promised above the PBGC cap are lost. Most recently, AMR Corporation, which owns American Airlines, attempted to send its four defined-benefit pension plans to the PBGC as part of its Chapter 11 bankruptcy........... http://www.heritage.org/research/reports/2012/04/pension-funding-issues-hidden-in-transportation-highway-bill

Pension Official Discusses 'Retirement Crisis for Baby Boomers'
C-SPAN - ‎Apr 3, 2012‎

Using American Airlines' pensions as an example, Gotbaum spoke on his group's efforts to protect the nation's pensions. American Airlines filed bankruptcy late last year, which could have put the pensions of 130000 in danger. PBGC pressured the company ... http://www.c-span.org/Events/C-SPAN-Event/10737429627/

 

[UPNAWAY]

The concept of DB is insane. No one can predict the future and they make promises they have no ability to keep. They only work in good times and if the company's employment growth is ever increasing. Just like Social Security it really is a ponzi scheme.

 

[usa1]

The concept of DB is insane. No one can predict the future and they make promises they have no ability to keep. They only work in good times and if the company's employment growth is ever increasing. Just like Social Security it really is a ponzi scheme.

True .... Quote “We think that traditional pension plans serve people better,” he added. “But — and this is where I think it is important to recognize the realities — it is also important to offer alternatives so that, as circumstances change, as companies change, as lifestyles change, we still have those kinds of plans.”

What has happened at US Airways is a large number of agents have worked for 30-35 years. They had their defined pension frozen and taken over by the PBGC. And its not nearly enough to retire on. For the past 15-20 years they have dumped as much of their own money as they could into a 401K, but the company nearly quit contributing after BK 2. This was supposed put you on easy street someday .... it's has not worked out that way ..... not enough to retire on. The 401K dream between 1991 and 2012 is not a dream come true.

In the past, 30-35 year agents, retired and departed shortly after age 55. JR agents moved up in seniority and entry level employees were hired off the street, helping reduce cost. Today NO ONE can retire, ever. Topped out agents have to stay well into their 60's, some into their 70's. No movement at all, and the older we get the slower WE move ..... lol lol.

If a US/AA merger occurs the PBGC should look at what their obligations to us are and return that amount to the company AND responsibly for our retirement. We do not want to live in a country were everything come from the government. The government seems to have realized what their poor oversight did to the business models in our industry since 1978. It's time to right the some wrongs?

 

[AAviator]

If a US/AA merger occurs the PBGC should look at what their obligations to us are and return that amount to the company AND responsibly for our retirement. We do not want to live in a country were everything come from the government. The government seems to have realized what their poor oversight did to the business models in our industry since 1978. It's time to right the some wrongs?

:blink: :blink:

 

[usa1]

:blink: :blink:

What's your hire date .... where were you in 1978? In your mother womb?

They helped turned GM around and looked out for career employees? We are no different.

 

[AAviator]

What other problems of yours would you like AA to solve for you?

 

[usa1]

By themselves AA is not in a position to solve their own problems .... but maybe US/AA and the PBGC together might ... and be fair to labor at the same time, especially to those who have contributed a lifetime to the industry. You have a problem with that MR RAW RAW American Airline?

The fact that you can't get a grip ... that you're nothing more than cheap labor to these corporations tells me all I need to know about you. Who cares which airline signs the check MR RAW RAW Aviator

 

[AAviator]

By themselves AA is not in a position to solve their own problems .... but maybe US/AA and the PBGC together might ... and be fair to labor at the same time, especially to those who have contributed a lifetime to the industry. You have a problem with that MR RAW RAW American Airline? The fact that you can't get a grip on the fact that you're nothing more than cheap labor to these corporations tells me all I need to know about you. Who cares which airline signs the check MR RAW RAW Aviator

Somebody needs to get over themselves...

I'm well aware of the fact I'm just a blip on a spread sheet. So are you sunshine, so don't expect to be anything more..

Some reading for you..

http://www.forbes.com/sites/stevedenning/2011/10/19/retirement-heist-how-firms-plunder-workers-nest-eggs/

As for being Rah Rah, well lets just say I'm in the camp of "LCC + AA" would be a disaster, and your desire to pile even more costs on to a possible combination confirms that belief.

If USAirways liquidated years ago vs. providing a mediocre job for you in this industry, the industry would probably be in better health than it is now. You might even be working for someone like WN right now....

The industry is business.. Not a social experiment.

 

[FlyUs]

Somebody needs to get over themselves...

I'm well aware of the fact I'm just a blip on a spread sheet. So are you sunshine, so don't expect to be anything more..

Some reading for you..

http://www.forbes.com/sites/stevedenning/2011/10/19/retirement-heist-how-firms-plunder-workers-nest-eggs/

As for being Rah Rah, well lets just say I'm in the camp of "LCC + AA" would be a disaster, and your desire to pile even more costs on to a possible combination confirms that belief.

If USAirways liquidated years ago vs. providing a mediocre job for you in this industry, the industry would probably be in better health than it is now. You might even be working for someone like WN right now....

The industry is business.. Not a social experiment.

The same could also be said if AA were to liquidate right now the industry would get healthier. AA should've filed for chap 11 years ago and they wouldn't find themselves in this situation. No turning back the clock. It is US who has the upper hand now

 

[Move2CLT]

The same could also be said if AA were to liquidate right now the industry would get healthier. AA should've filed for chap 11 years ago and they wouldn't find themselves in this situation. No turning back the clock. It is US who has the upper hand now

Very well put.

AA doesn't have an exit strategy. They'll be in bankruptcy again within 5 years of exiting this one if they try to go it alone.

I fully believe that the creditors understand this and that Parker is showing them a better plan. US does have the upper hand because Horton has no place to go.

 

[fatherabraham]

Very well put.

AA doesn't have an exit strategy. They'll be in bankruptcy again within 5 years of exiting this one if they try to go it alone.

I fully believe that the creditors understand this and that Parker is showing them a better plan. US does have the upper hand because Horton has no place to go.

Hey Boo Boo,

Prolific as ever I see.
Please oh please offer up the board entertainment of splaining to AAviator your actual start date of AWA and how Nic will insert you in relation to him.
Don't forget to splain how your not in BK , so actually in a way YOU might be saving his job.
Or just create a new handle : move2dfw
FA

 

[Move2CLT]

Why don't you tell him boo bio. I seem to remember telling you already.

Remember, I can hold CLT AB Capt and that's what I plan on so AA doesn't need to worrry.

And as for being prolific, you guys keep me busy with all the crap you post.

So relax boo boo.

 

[ebwgs]

The same could also be said if AA were to liquidate right now the industry would get healthier. AA should've filed for chap 11 years ago and they wouldn't find themselves in this situation. No turning back the clock. It is US who has the upper hand now

Right you are. I think they have yet to realize they're a bankrupt airline. They'll realize soon enough.

 

[fatherabraham]

Why don't you tell him boo bio. I seem to remember telling you already.

Remember, I can hold CLT AB Capt and that's what I plan on so AA doesn't need to worrry.

So relax boo boo.

Boo Boo,

Only the likes of you could be bold enuf to broach the subject.
Double Dare Ya !

FA

 

[Move2CLT]

That's OK boo boo. I've got zero issues with the APA.

Its you guys that are the problem.